Every loan agreement shall contain a covenant obligating the industry to effect the completion of the pollution control facilities if the proceeds of the bonds prove insufficient, and each such loan agreement shall obligate the industry to make payments which shall be sufficient (a) to pay the principal of and interest on the bonds issued for such pollution control facilities, (b) to build up and maintain any reserves deemed by the governing board to be advisable in connection therewith, and (c) to pay the costs of maintaining the pollution control facilities in good repair and the cost of keeping it properly insured. The loan agreement may provide for the issuance of additional parity bonds as required in order to complete the pollution control facility.
HISTORY: 1962 Code Section 63-195.57; 1971 (57) 134.
Structure South Carolina Code of Laws
Title 48 - Environmental Protection and Conservation
Chapter 3 - Pollution Control Facilities
Section 48-3-20. Powers of counties and incorporated municipalities generally.
Section 48-3-30. Terms, form, execution, and sale of bonds; bond anticipation notes.
Section 48-3-40. Security for bonds.
Section 48-3-50. Letting of contracts for construction of pollution control facilities.
Section 48-3-70. Required provisions in loan agreements; provision for additional parity bonds.
Section 48-3-80. Optional provisions in loan agreements.
Section 48-3-90. Use of proceeds from sale of bonds.
Section 48-3-100. Refunding bonds.
Section 48-3-110. Investment in bonds legal.
Section 48-3-120. Exemptions from taxation generally.
Section 48-3-130. Exemption from taxation of pollution control facilities.
Section 48-3-150. Chapter to be construed as cumulative; execution of authorization.
Section 48-3-160. Existing powers of incorporated municipalities not affected.