The bank may pledge any of its revenue or funds to the payment of its bonds, subject only to any prior agreements with the holders of particular bonds which may have pledged specific money or revenue. Bonds may be secured by a pledge of any loan obligation owned by the bank, any grant, contribution, or guaranty from the United States, the State, or any corporation, association, institution, or person, any other property or assets of the bank, or a pledge of any money, income, or revenue of the bank from any source.
S.C. Code Ann. § 11-43-320
Pledges of revenue or funds to bond payment; bonds secured by pledge
Known as the South Carolina Transportation Infrastructure Bank Act
The act spans §§ 11-43-110 to 11-43-630 (46 sections).
1997 Act No. 148, SECTION 2.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.