South Carolina Code of Laws
Chapter 115 - State Education Assistance Act
Section 59-115-160. Liability of State and Authority; expenses of Authority.

Bonds issued under the provisions of this chapter shall not be deemed to constitute a debt, liability or obligation of the State or of any political subdivision, but shall be payable solely from the revenues and other funds provided therefor. Each bond issued under this chapter shall contain on the face a statement to the effect that the Authority shall not be obligated to pay the principal of the bond nor the interest thereon except from the revenues, proceeds and other funds pledged therefor and neither the faith and credit nor the taxing power of the State or of any political subdivision is pledged to the payment of the principal of or the interest on such bonds. Expenses incurred by the Authority in carrying out the provisions of this chapter may be made payable from funds provided pursuant to this chapter and no liability or obligations shall be incurred by the Authority beyond the extent to which moneys shall have been so provided.
HISTORY: 1962 Code Section 22-96.15; 1971 (57) 775.

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