For the payment of the principal of and interest on the general obligation debt issued and outstanding pursuant to this chapter there is pledged the full faith, credit, and taxing power of this State, and in accordance with the provisions of Section 13(4), Article X of the Constitution of this State, 1895, the General Assembly allocates on an annual basis sufficient tax revenues to provide for the punctual payment of the principal of and interest on the general obligation debt authorized by this chapter.
S.C. Code Ann. § 11-51-150
Pledge of full faith, credit, and taxing power of State; allocation of tax revenues for payment of principal and interest
Known as the South Carolina Research University Infrastructure Act
The act spans §§ 11-51-10 to 11-51-90 (20 sections).
2004 Act No. 187, SECTION 9.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.