The authority and the board have no power to incur debt or obligations or in any way to encumber their assets except by the issuance of bonds, including the making of covenants in relation to the issuing of bonds and notes in anticipation of the issuance of the bonds, and the incurring of expenses and obligations as authorized in Section 11-49-60.
S.C. Code Ann. § 11-49-90
Power to incur debt
Known as the Tobacco Settlement Revenue Management Authority Act
The act spans §§ 11–11 (17 sections).
2000 Act No. 387, Part II, SECTION 69A.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.