South Carolina Statutes
§ 11-11-430 — State bonds.
(A)In order to continue to maintain the fiscal integrity of the State, the proceeds of the state bonds must not be used to fund operating expenses of state government and such proceeds must be used only for capital improvements.
(B)In order to continue the policy of the State to maintain the full faith and credit of the State with respect to any existing or future bonded indebtedness, the principal and interest payments on general obligation bonds shall constitute priority state expenditures.
(C)The issuance of general obligation bonds of the State must be limited so that the maximum annual debt service on all general obligation bonds of the State (excluding highway bonds, state institution bonds, tax anticipation notes, and bond anticipation notes) may not exceed five percent of the ge
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South Carolina § 11-11-430 (State bonds.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1984 Act No. 487, SECTION 3; 1985 Act No. 201, Part II, SECTION 64; 1986 Act No. 540, Part II, SECTION 24.
Nearby Sections
15
§ 11-11-10
Duties of Executive Budget Office and Revenue and Fiscal Affairs Office, and Department of Revenue.§ 11-11-100
General Assembly may amend budget bill.§ 11-11-155
Homestead Exemption Fund established.§ 11-11-157
Reallocation of local option sales tax.§ 11-11-160
Transfers of appropriations; reduction of authorized spending when receipts less than estimated.§ 11-11-180
Declaration of operating deficit; meeting to address deficit; borrowing of surpluses authorized.§ 11-11-190
Transfer of funds to offset deficits.§ 11-11-20
Information to be secured by Governor.§ 11-11-220
Contingency Reserve Fund established.