South Carolina § 11-1-85 - Covenant required.
Full text of South Carolina South Carolina Code of Laws § 11-1-85 — Covenant required., with citation guidance and answers to common questions.
§ 11-1-85. Covenant required.
Notwithstanding any other provision of law, a tax-exempt bond issued by or on behalf of any public or private body or entity must include in the issuing indenture, ordinance, or resolution a covenant requiring the issuer to file with a central repository for availability in the secondary bond market when requested:
(1) an annual independent audit, within thirty days of the issuer's receipt of the audit, and
(2) event specific information, within thirty days of an event adversely affecting more than five percent of revenue or its tax base.
HISTORY: 1994 Act No. 442, SECTION 1.
Editor's Note
1994 Act No. 442, SECTION 2, provides as follows:
"This act takes effect on the first day of the second month following approval by the Governor [approved June 16, 1994] and applies with respect to tax-exempt bond indentures executed on or after that date."
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 11-1-85
What does South Carolina Code of Laws § 11-1-85 cover?
Section 11-1-85 ("Covenant required.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Carolina § 11-1-85?
A common citation format is "South Carolina Code of Laws § 11-1-85" (South Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 11-1-85 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Carolina.