S.C. Code § 11-51-150

Current through 2024 Act No. 225.

Section 11-51-150 - Pledge of full faith, credit, and taxing power of State; allocation of tax revenues for payment of principal and interest

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.

2004 Act No. 187, Section 9.