South Carolina Statutes
§ 11-21-40 — Findings to be made by governing board.
Prior to any advanced refunding the governing board of any public agency which shall have outstanding bonds shall find either:
(a)That a savings can be effected through advanced refunding;
(b)That existing covenants and agreements in the proceedings authorizing the outstanding bonds payable from revenue-producing projects hamper or impede the ability of the public agency to borrow monies which are then or thereafter required to provide for improvements, enlargements and extensions to such revenue-producing projects. In the event any governing board shall undertake to effect an advanced refunding pursuant to Chapter 17, Title 6 and this chapter, and at the same time to borrow for the purpose of constructing improvements to its revenue-producing project, it shall likewise have found that s
Free access — add to your briefcase to read the full text and ask questions with AI
South Carolina § 11-21-40 (Findings to be made by governing board.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 1-634; 1965 (54) 551; 1967 (55) 489; 1981 Act No. 50, SECTION 2.
Nearby Sections
7
§ 11-21-10
Definitions.§ 11-21-30
Time of issuance.§ 11-21-40
Findings to be made by governing board.§ 11-21-80
Effect of partial invalidity of chapter.