§ 11-15-100 — Requirements for incurring general obligation debt.

South Carolina § 11-15-100

• Jurisdiction: South Carolina
• Title 11: PUBLIC FINANCE
• Ch. 15: BONDS OF POLITICAL SUBDIVISIONS

Text

(A) Counties, municipalities, school districts, and special purpose districts shall not incur any general obligation or revenue obligation indebtedness unless there has been filed in the office of the State Treasurer the following information: (1) date and title issue; (2) type of indebtedness; (3) the purpose of issuance; (4) the original principal to be borrowed; (5) interest rate; (6) annual payments of principal; (7) annual payments of interest. (B) The State Treasurer shall prepare and make available to counties, municipalities, school districts, and special purpose districts blank forms upon which the information required in subsection (A) of this section must be reported. (C) The State Treasurer shall annually survey the counties, municipalities, school districts, and special purpose districts concerning their general obligation and revenue obligation indebtedness so as to maintain a current record of these obligations. The survey must be conducted in such manner and on such forms as the State Treasurer shall prescribe. The survey for counties, school districts, and special purpose districts must be compiled by their respective county treasurers. (D) On or before March thirty-first of each year following the close of the fiscal year, the State Treasurer shall publish a statement of obligations of all political subdivisions showing each municipality, county, special purpose district, and school district in a county-by-county listing.

Legislative History

HISTORY: 1988 Act No. 365, Part II, SECTION 2; 1990 Act No. 404, SECTION 1. ARTICLE 3 Protection of Sinking Funds