The bonds shall be special obligations of the joint agency issuing them. The principal of, premium, if any, and interest on the bonds shall not be payable from the general funds of the joint agency, nor shall they constitute a legal or equitable pledge, charge, lien, or encumbrance upon any of its property or upon any of its income, receipts, or revenues, except the funds which are pledged under the resolution authorizing the bonds or the trust agreement securing the bonds. Neither the faith and credit nor the taxing power of the State or any municipality is, or may be, pledged for the payment of the principal of or interest on the bonds, and no holder of the bonds shall have the right to compel the exercise of the taxing power by the State or any municipality or the forfeiture of any of its property in connection with any default thereon. Every bond shall recite in substance that the principal of and interest on the bond is payable solely from the revenues pledged to its payment and that the joint agency is not obligated to pay the principal or interest except from such revenues.
HISTORY: 1978 Act No. 473, Section 22.
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.