The authority must not incur any obligations, other than obligations related to administrative expenses, payable out of administrative funds. All other obligations are payable solely from program funds which limitation is clearly stated on the face of any bonds and in the text of any other obligation or contract. However, program funds may be used to pay administrative expenses.
S.C. Code Ann. § 41-43-220
Administrative funds not to be obligated except for administrative expenses
Known as the South Carolina Jobs - Economic Development Fund Act
The act spans §§ 41–41 (30 sections).
1983 Act No. 145 SECTION 23; 1992 Act No. 404, SECTION 8, eff July 1, 1992.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.