South Carolina § 48-3-70 - Required provisions in loan agreements; provision for additional parity bonds.
Full text of South Carolina South Carolina Code of Laws § 48-3-70 — Required provisions in loan agreements; provision for additional parity bonds., with citation guidance and answers to common questions.
§ 48-3-70. Required provisions in loan agreements; provision for additional parity bonds.
Every loan agreement shall contain a covenant obligating the industry to effect the completion of the pollution control facilities if the proceeds of the bonds prove insufficient, and each such loan agreement shall obligate the industry to make payments which shall be sufficient (a) to pay the principal of and interest on the bonds issued for such pollution control facilities, (b) to build up and maintain any reserves deemed by the governing board to be advisable in connection therewith, and (c) to pay the costs of maintaining the pollution control facilities in good repair and the cost of keeping it properly insured. The loan agreement may provide for the issuance of additional parity bonds as required in order to complete the pollution control facility.
HISTORY: 1962 Code SECTION 63-195.57; 1971 (57) 134.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 48-3-70
What does South Carolina Code of Laws § 48-3-70 cover?
Section 48-3-70 ("Required provisions in loan agreements; provision for additional parity bonds.") 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 § 48-3-70?
A common citation format is "South Carolina Code of Laws § 48-3-70" (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 § 48-3-70 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.