Upon receiving the approval of the State Fiscal Accountability Authority or Department of Administration, as appropriate, the commission shall obligate itself to apply all monies derived from its revenues to the payment of the principal and interest of its outstanding obligations and those to be issued and to deliver to the board its obligations.

HISTORY: 1990 Act No. 496, Section 1; 1993 Act No. 181, Section 1078; 2011 Act No. 47, Section 2, eff June 7, 2011.

Code Commissioner's Note

At the direction of the Code Commissioner, references in this section to the offices of the former State Budget and Control Board, Office of the Governor, or other agencies, were changed to reflect the transfer of them to the Department of Administration or other entities, pursuant to the directive of the South Carolina Restructuring Act, 2014 Act No. 121, Section 5(D)(1), effective July 1, 2015.

Editor's Note

2011 Act No. 47, Section 13, provides as follows:

"SECTION 13. In Sections 1 through 6 of this act, the terms 'intellectual disability' and 'person with intellectual disability' have replaced and have the same meanings as the former terms 'mental retardation' and 'mentally retarded'."

Effect of Amendment

The 2011 amendment reenacted this section with no apparent change.