S.C. Code § 11-1-85

Current through 2024 Act No. 225.

Section 11-1-85 - Covenant required

Notwithstanding any other provision of law, a tax-exempt bond issued by or on behalf of any public or private body or entity must include in the issuing indenture, ordinance, or resolution a covenant requiring the issuer to file with a central repository for availability in the secondary bond market when requested:

(1) an annual independent audit, within thirty days of the issuer's receipt of the audit, and

(2) event specific information, within thirty days of an event adversely affecting more than five percent of revenue or its tax base.

S.C. Code § 11-1-85

1994 Act No. 442, Section 1.

1994 Act No. 442, Section 2, provides as follows:

"This act takes effect on the first day of the second month following approval by the Governor [approved June 16, 1994] and applies with respect to tax-exempt bond indentures executed on or after that date."