Question: When it comes to Santee Cooper, whose debt is it, anyway?
Answer: The debt belongs to Santee Cooper, to the customers. The debt was incurred by the decision of Santee Cooper.
Check this. From the South Carolina Code about the SC Public Service Authority (Santee Cooper): “Credit and taxing power of the State and its subdivisions shall not be involved; liability for payment of securities: Nothing contained in the provisions of this chapter shall, at any time or in any manner, involve the credit and taxing power of the State, or of any of its political subdivisions; nor shall any of the securities or other evidences of indebtedness authorized to be issued in and by this chapter ever be or constitute obligations of the State or of any of its political subdivisions; nor shall the State or any of its political subdivisions ever be liable or responsible, in any way, for the payment of the principal or interest of or on such security or other evidences of indebtedness.”
As a Santee Cooper spokesperson told WMBF-TV (Myrtle Beach) News recently, “Santee Cooper taxpayers are not responsible for Santee Cooper debt. We are able to recoup that through rates…” The video clip has the complete comments.
Santee Cooper owns the debt…customers, not South Carolina taxpayers, own the debt.