The authority may create an insurance fund consisting solely of program funds which must be held as security for the holders of bonds issued under this act. Such funds shall be held in the custody of the State Treasurer, or with his approval may be held in the custody of one or more commercial banks or trust companies having a principal place of business in this State. The authority also may use program funds to purchase insurance to be pledged for the security of the holders of any bonds issued under this act.
In any case in which insurance is pledged as security, whether obtained through the insurance funds authorized to be created under this section or purchased with program funds, it must expressly state the limitation of the liability of the authority and further that neither the credit nor taxing power of the State or any political subdivision thereof is available to satisfy any obligations with respect thereto.
HISTORY: 1983 Act No. 145 Section 15.
Structure South Carolina Code of Laws
Title 41 - Labor and Employment
Chapter 43 - South Carolina Jobs - Economic Development Fund Act
Section 41-43-10. Citation of chapter.
Section 41-43-20. Definitions.
Section 41-43-40. Appointment and qualifications of directors; ex officio members; terms.
Section 41-43-70. Functions and duties of the authority generally.
Section 41-43-80. Implementation of programs; delegation of authority; responsibility for programs.
Section 41-43-90. Corporate and other powers of the authority.
Section 41-43-100. Industrial development projects.
Section 41-43-110. Issuance of bonds; utilization of proceeds.
Section 41-43-120. Authority bonds to constitute lawful fiduciary investment.
Section 41-43-140. Insurance fund; use as security for holders of bonds.
Section 41-43-160. Loan programs; authorized purposes; authority's powers as to loans.
Section 41-43-170. Guaranty fund authorized; purposes.
Section 41-43-180. Determination of economically distressed areas; criteria.
Section 41-43-190. Expert programs; purposes; criteria for assistance.
Section 41-43-200. Collection and dissemination of information and data.
Section 41-43-210. Funds for administrative purposes.
Section 41-43-220. Administrative funds not to be obligated except for administrative expenses.
Section 41-43-230. Disposition of property; authority not required to advertise or take bids.
Section 41-43-240. Creation of other corporations.
Section 41-43-250. Protection of confidential information.
Section 41-43-260. Annual audit and report.
Section 41-43-270. Application of Administrative Procedures Act.