Current StatusView additional legislative information at the LPITS web site.Bill Number: 4011 Ratification Number: 643 Act Number 636 Introducing Body: House Subject: Commission may borrow money, issue bonds, etc.
(A636, R643, H4011)
AN ACT TO AMEND ACT 919 OF 1928, AS AMENDED, RELATING TO THE POWERS AND DUTIES OF THE GREENVILLE AIRPORT COMMISSION, SO AS TO PROVIDE THAT THE COMMISSION MAY BORROW MONEY, ISSUE BONDS OR NOTES AND MORTGAGE ITS ASSETS.
Be it enacted by the General Assembly of the State of South Carolina:
Commission may borrow money, issue bonds, etc.
Section 1. Section 4 of Act 919 of 1928, as last amended by Act 844 of 1954, is further amended by adding at the end:
"The Commission may borrow money, issue negotiable bonds, notes and other evidences of indebtedness payable solely from the revenue derived from the operation of any revenue-producing facility under its jurisdiction and may mortgage or pledge any assets owned by the Commission in connection with such indebtedness. The money may be borrowed to pay costs incident to the operation and maintenance of the airport facility or for any extension, addition or improvement to its facility. Neither the faith and credit of the State nor of the City or County of Greenville shall be pledged for the payment of any such obligations and neither the members of the Commission nor any person signing such obligations shall be personally liable therefor. The total indebtedness authorized by the section shall not exceed one million dollars."
Time Effective
Section 2. This act shall take effect upon approval by the Governor.