The authority may issue bonds only for the purpose of refunding bonds of the authority issued before December 31, 1992, or for the purpose of refunding these refunding bonds. The total principal amount of bonds of the authority outstanding at any one time may not exceed the sum of sixty million dollars.
S.C. Code Ann. § 11-37-60
Authority only to issue refunding bonds; maximum amount of bonds
Known as the South Carolina Resources Authority Act
The act spans §§ 11–11 (28 sections).
1988 Act No. 682, SECTION 2; 1994 Act No. 525, SECTION 3.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.