South Carolina § 11-15-220 Collection for sinking fund applied to payment of bonds unnecessary when bonds mature within twelve months.

South Carolina Statutes

§ 11-15-220 — Collection for sinking fund applied to payment of bonds unnecessary when bonds mature within twelve months.

South Carolina § 11-15-220

Title 11PUBLIC FINANCE

Ch. 15BONDS OF POLITICAL SUBDIVISIONS

This text of South Carolina § 11-15-220 (Collection for sinking fund applied to payment of bonds unnecessary when bonds mature within twelve months.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 11-15-220 (2026).

Text

When such collection for a sinking fund is to be applied to the payment of bonds maturing within twelve months from the date of such collection, then such collection to the amount of the bonds so about to mature need not be invested. And such investments need not be made unless the amount on hand for investment shall amount to one thousand dollars, it being the intention of this section and SECTION 11-15-210 that whenever the amount of any sinking fund collected shall be one thousand dollars or more the investment of one thousand dollars or any multiple thereof on hand shall then be made.

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When such collection for a sinking fund is to be applied to the payment of bonds maturing within twelve months from the date of such collection, then such collection to the amount of the bonds so about to mature need not be invested. And such investments need not be made unless the amount on hand for investment shall amount to one thousand dollars, it being the intention of this section and SECTION 11-15-210 that whenever the amount of any sinking fund collected shall be one thousand dollars or more the investment of one thousand dollars or any multiple thereof on hand shall then be made.

Legislative History

HISTORY: 1962 Code SECTION 1-662; 1952 Code SECTION 1-662; 1942 Code SECTION 3884; 1932 Code SECTION 3884; 1925 (34) 289; 1928 (35) 1167; 1931 (37) 95, 132; 1932 (37) 1352, 1363; 1935 (39) 432.