South Carolina Code of Laws
Chapter 17 - Revenue Bond Refinancing Act Of 1937
Section 6-17-120. Liability of funds other than pledged revenue of municipality on refunding bonds.

No recourse shall be had for the payment of the refunding bonds, or interest thereon, or any part thereof, against the general fund of any municipality, nor shall the credit or taxing power of any municipality be deemed to be pledged thereto.
The refunding bonds, and interest thereon, shall not be a debt of the municipality, nor a charge, lien or encumbrance, legal or equitable, upon any property of the municipality or upon any income, receipts or revenues of the municipality other than such of the revenues of the enterprise as shall have been pledged to the payment thereof, and every refunding bond shall recite in substance that such bond, including interest thereon, is payable solely from the revenues pledged to the payment thereof and that the municipality is under no obligation to pay the same, except from such revenues.
HISTORY: 1962 Code Section 59-662; 1952 Code Section 59-662; 1942 Code Section 9294; 1937 (40) 313.

Structure South Carolina Code of Laws

South Carolina Code of Laws

Title 6 - Local Government - Provisions Applicable to Special Purpose Districts and Other Political Subdivisions

Chapter 17 - Revenue Bond Refinancing Act Of 1937

Section 6-17-10. Short title.

Section 6-17-20. Definitions.

Section 6-17-30. Borrowing or issuing refunding bonds and additional bonds for refinancing or improving enterprise.

Section 6-17-40. Combination of projects.

Section 6-17-50. Refunding shall be authorized by resolution.

Section 6-17-60. Terms and form of refunding bonds.

Section 6-17-70. Provisions permissible in resolution authorizing issue of bonds.

Section 6-17-80. Exemption from certain taxes.

Section 6-17-90. Lien of bonds on revenues and other security.

Section 6-17-95. Municipalities providing hospital, nursing home, or care facilities; mortgages.

Section 6-17-100. Holders of refunding bonds may be given rights and remedies of owners.

Section 6-17-110. All refunding bonds shall be ratably secured.

Section 6-17-120. Liability of funds other than pledged revenue of municipality on refunding bonds.

Section 6-17-130. Execution by former officers shall be valid.

Section 6-17-140. Effect on validity of bonds of proceedings or contracts for improving enterprise; effect of recital in resolution.

Section 6-17-150. Sale or exchange of bonds.

Section 6-17-160. Purposes for which refunding bonds may be exchanged; payment of accrued interest.

Section 6-17-170. Manner in which refunding bonds shall be sold.

Section 6-17-180. Duties of municipality and officers, agents and employees.

Section 6-17-190. Fiscal agent.

Section 6-17-200. Appointment of receiver of enterprise.

Section 6-17-210. Powers and duties of receiver.

Section 6-17-220. Receiver shall be subject to court orders.

Section 6-17-230. Receiver shall not sell or otherwise dispose of property.

Section 6-17-240. Discharge of receiver.

Section 6-17-250. Rights and remedies of holders of bonds.

Section 6-17-260. Remedies shall be cumulative.

Section 6-17-270. Effect of waiver or delay in invoking remedy.

Section 6-17-280. Effect of abandonment or loss of suit.

Section 6-17-290. Compliance with chapter shall be sufficient for issuance of bonds.

Section 6-17-300. Debts of municipality are not authorized.

Section 6-17-310. Existing rights shall not be impaired by chapter.

Section 6-17-320. Chapter is supplemental and shall be liberally construed.