S.C. Code Ann. § 48-3-70
This is the official text of S.C. Code Ann. § 48-3-70, part of South Carolina’s Code Ann — part of the compiled statutory law of South Carolina, published by the state as "Code Ann." Browse the sections below, each linked to its official government source.
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SECTION 48-3-70. Required provisions in loan agreements; provision for additional parity bonds.
Official statutory text
Every loan agreement shall contain a covenant obligating the industry to effect the completion of the pollution control facilities if the proceeds of the bonds prove insufficient, and each such loan agreement shall obligate the industry to make payments which shall be sufficient (a) to pay the principal of and interest on the bonds issued for such pollution control facilities, (b) to build up and maintain any reserves deemed by the governing board to be advisable in connection therewith, and (c) to pay the costs of maintaining the pollution control facilities in good repair and the cost of keeping it properly insured. The loan agreement may provide for the issuance of additional parity bonds as required in order to complete the pollution control facility.
Status: in_force · Read it on the official government site
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