South Carolina Code of Laws
Chapter 25 - Joint Authority Water And Sewer Systems Act
Section 6-25-110. Authorization to incur debt and issue bonds.

A joint system may incur debt for any of its purposes and may issue bonds pledging to the payment as to both principal and interest the revenues, or any portion, derived or to be derived from all or any of its projects and any additions and betterments or extensions or contributions or advances from its members or other sources of funds available to it. A joint system may not undertake a project required to be financed, in whole or in part, with the proceeds of bonds without the approval of the governing bodies of each member which is obligated or to be obligated under any contract for the payment of amounts to be pledged as security therefore and a favorable vote of two-thirds of all commissioners. A joint system formed only for the purpose of creating a financing pool may issue notes in anticipation of the issuance of bonds by its members to the government.
HISTORY: 1983 Act No. 82, Section 2; 1997 Act No. 74, Section 4; 1999 Act No. 113, Section 14; 2007 Act No. 59, Section 1, eff June 6, 2007.
Effect of Amendment
The 2007 amendment made nonsubstantive changes.

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 25 - Joint Authority Water And Sewer Systems Act

Section 6-25-5. Legislative findings.

Section 6-25-10. Short title.

Section 6-25-20. Definitions.

Section 6-25-25. Authority to purchase, construct, etc., facilities.

Section 6-25-30. Creation of joint systems.

Section 6-25-35. Extension of provisions applicable to water.

Section 6-25-40. Notice of ordinance or resolution creating system; objections; exception.

Section 6-25-50. Agreement as to number of commissioners each member may appoint; application filed with Secretary of State; corporate certificate.

Section 6-25-60. Joint system to be managed and controlled by commission; appointment of commissioners; oath; records; seal; quorum; vacancies; expenses.

Section 6-25-70. Change in membership of joint system.

Section 6-25-80. Dissolution of system.

Section 6-25-90. Executive committee; composition; powers; terms of office; vacancies; filing notice of change with Secretary of State.

Section 6-25-100. Powers of joint system.

Section 6-25-110. Authorization to incur debt and issue bonds.

Section 6-25-111. Issuance, sale, and execution of bonds; use of proceeds; issuance of temporary bonds; replacement of bonds.

Section 6-25-112. Trust agreements or resolutions providing for issuance of bonds.

Section 6-25-113. Revenues from which bonds payable; statement of restriction.

Section 6-25-114. Issuance of refunding bonds.

Section 6-25-115. Financing pools and construction notes.

Section 6-25-120. Repayment of notes, obligations, or bonds.

Section 6-25-125. Charges for services; pledges.

Section 6-25-126. Temporary investment of funds pending disbursements.

Section 6-25-127. Enforcement of bondholder and construction note holder rights.

Section 6-25-128. Contracts between authority and joint system; duration.

Section 6-25-129. Governmental functions; state tax exemption.

Section 6-25-130. Employment or appointment of personnel; rights, privileges, and benefits.

Section 6-25-131. Restriction as to who may benefit from joint system income, profit or assets; exception.

Section 6-25-140. Annual system audit; reports.

Section 6-25-145. Investment by fiduciaries in bonds and construction notes.

Section 6-25-150. Contracts with federal and state government and agencies.

Section 6-25-155. Bonds, interest coupons and construction notes as investment securities.

Section 6-25-160. Tax status of evidences of indebtedness issued by joint system.

Section 6-25-170. Construction of chapter.