South Carolina § 59-109-90 - Bond anticipation notes; issuance, terms, form, and execution of bonds and notes.

§ 59-109-90. Bond anticipation notes; issuance, terms, form, and execution of bonds and notes.

(A) In anticipation of the sale of bonds, the authority may issue bond anticipation notes.

(B) The bonds and notes of every issue shall be payable solely out of revenues derived by the authority pursuant to the financing agreement or agreements with respect to the project or projects which such bonds or notes are issued to finance.

Notwithstanding that bonds and notes may be payable from a special fund, they shall be and be deemed to be, for all purposes, negotiable instruments, subject only to the provisions of the bonds and notes for registration.

(C) The bonds may be issued as serial bonds or as term bonds, or both, as determined by the authority. The bonds shall be authorized by resolution of the authority and shall bear such date, mature at such time, not exceeding fifty years from their respective dates, bear interest at such rate, payable at such time, be in denominations, be in such form, either coupon or registered, carry such registration privileges, be executed in such manner, be payable in lawful money of the United States of America at such place, and be subject to such terms of redemption, as the authority shall determine. The bonds or notes may be sold at public or private sale for such price as the authority shall determine.

(D) Neither the members of the authority nor any person executing the bonds or notes shall be liable personally on the bonds or notes or be subject to any personal liability or accountability by reason of the issuance thereof.

HISTORY: 1962 Code SECTION 22-41.8; 1969 (56) 444; 1993 Act No. 167, SECTION 5.