South Carolina § 59-53-485 - Issuance of bonds.

§ 59-53-485. Issuance of bonds.

(A) The authority may issue bonds in the same manner and for the same purposes, including the purposes of the authority, pursuant to the provisions of the Higher Education Revenue Bond Act, as provided in Chapter 147, Title 59.

(B) The issuance by the authority of bonds, notes, or other obligations or indebtedness is subject to the approval of them by resolution of the State Fiscal Accountability Authority.

(C) Bonds, notes, or other obligations or indebtedness of the authority are not a debt or a pledge of the faith and credit of the State of South Carolina, the commission, or of the state's political subdivisions other than the authority, and are payable only from the revenue, money, or property of the authority as provided in this subarticle. The bonds, notes, or other obligations or indebtedness of the authority are not an indebtedness of the State within the meaning of a state constitutional or statutory limitation. A member of the board or a person executing bonds, notes, or other obligations or indebtedness of the authority is not liable personally on the bonds, notes, or other obligations or indebtedness by reason of their issuance or execution. Each bond, note, or other obligation or indebtedness must contain on its face a statement to the effect that:

(1) neither the State, the commission, the state's political subdivisions, nor the authority is obligated to pay the principal of or interest on the bond or other costs incident to the bond except from the revenue, money, or property of the authority pledged;

(2) neither the full faith and credit, nor the taxing power of the State, or its political subdivisions, is pledged to the payment of the principal of or interest on the bond, note, or other obligation or indebtedness; and

(3) the authority does not have taxing power.

HISTORY: 2006 Act No. 368, SECTION 4, eff June 12, 2006.