In the discretion of the board of directors of the joint agency, any bonds issued under the provisions of this chapter may be secured by a trust agreement by and between the joint agency and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the State. Such trust agreement or the resolution providing for the issuance of such bonds may contain such provisions for protecting and enforcing the rights and remedies of the bondholders and of the trustee as may be reasonable and proper and not in violation of law, and may restrict the individual right of action by bondholders. The trust agreement or the resolution providing for the issuance of such bonds may contain covenants including, but not limited to, the following:
(a) The pledge of all or any part of the revenues derived or to be derived from the project or projects to be financed by the bonds or from the electric system or facilities of a joint agency.
(b) The rents, rates, fees and charges to be established, maintained, and collected, and the use and disposal of revenues, gifts, grants and funds received or to be received by the joint agency.
(c) The setting aside of reserves and the investment, regulation and disposition thereof.
(d) The custody, collection, securing, investment, and payment of any moneys held for the payment of bonds.
(e) Limitations or restrictions on the purposes to which the proceeds of sale of bonds then or thereafter to be issued may be applied.
(f) Limitations or restrictions on the issuance of additional bonds; the terms upon which additional bonds may be issued and secured; or the refunding of outstanding or other bonds.
(g) The procedure, if any, by which the terms of any contract with bondholders may be amended, the percentage of bonds the bondholders of which must consent thereto, and the manner in which such consent may be given.
(h) Events of default and the rights and liabilities arising thereupon, the terms and conditions upon which bonds issued under this chapter shall become or may be declared due before maturity, and the terms and conditions upon which such declaration and its consequences may be waived.
(i) The preparation and maintenance of a budget.
(j) The retention or employment of conducting engineers, independent auditors and other technical consultants.
(k) Limitations on or the prohibition of free service to any person, firm or corporation, public or private.
(l) The acquisition and disposal of property, provided that no project or part thereof shall be mortgaged by such trust agreement or resolution.
(m) Provisions for insurance and for accounting reports and the inspection and audit thereof.
(n) The continuing operation and maintenance of the project.
HISTORY: 1978 Act No. 473, Section 16.
Structure South Carolina Code of Laws
Chapter 23 - Joint Municipal Electric Power And Energy Act
Section 6-23-30. Planning, construction, and ownership of electric distribution facilities.
Section 6-23-50. Formation of joint agency; certificate as proof of existence.
Section 6-23-60. Filing of petition prior to acquisition of project; action by Commission; appeal.
Section 6-23-80. Executive committee.
Section 6-23-90. Rights and powers of joint agency.
Section 6-23-130. Issuance of bonds authorized.
Section 6-23-150. Trust agreements.
Section 6-23-160. Rents, rates, fees and charges; validity and lien of pledge.
Section 6-23-170. Investment of moneys pending disbursement.
Section 6-23-180. Legal action by bond holder and trustee.
Section 6-23-190. Bonds and interest coupons designated investment securities.
Section 6-23-200. Investment in bonds lawful.
Section 6-23-210. Bonds to be special obligations; payment thereof.
Section 6-23-220. Issuance of refunding bonds authorized.
Section 6-23-230. Bonds tax exempt.
Section 6-23-235. Applicability of franchise and permit requirements.
Section 6-23-240. Certification required.
Section 6-23-250. Projects and power as subject to taxation.
Section 6-23-260. Rights and privileges of personnel.
Section 6-23-270. Annual reports; audits.
Section 6-23-280. Participation of joint agency in grant-in-aid and loan programs.
Section 6-23-290. Eminent domain.
Section 6-23-300. Immunity of directors, officers and their agents.
Section 6-23-310. Immunity of joint agencies waived and withdrawn.
Section 6-23-320. Powers cumulative; bonds for financing private facilities not authorized.
Section 6-23-330. Liberal construction; savings clause.
Section 6-23-340. Legal and binding effect of existing contracts.