ATLANTA -- South Carolina's legislative watchdog agency issued a scathing report last week on an infrastructure bond program managed by the state Resources Authority.

In its report, the Legislative Audit Council said the South Carolina Resources Authority failed to. properly monitor the program, for which it issued $50.7 million of bonds between 1989 and 1991. Proceeds were used to buy $48.4 million of wastewater revenue debt sold by 34 local governments.

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