A joint system may not pledge the full faith, credit, or taxing power of its members when borrowing money or issuing a bond, note, or other obligation. Only revenues and other funds available to the joint system may be used to pay or pledged to the repayment of any notes, obligations, or bonds.
S.C. Code Ann. § 6-25-120
Repayment of notes, obligations, or bonds
Known as the Joint Authority Water and Sewer Systems Act
The act spans §§ 6-25-10 to 6-25-90 (33 sections).
1983 Act No. 82, SECTION 2; 1997 Act No. 74, SECTION 7; 1999 Act No. 113, SECTION 15; 2007 Act No. 59, SECTION 1, eff June 6, 2007.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.