South Carolina § 5-21-400 Pledge of credit for payment and tax therefor; sinking fund.

South Carolina Statutes

§ 5-21-400 — Pledge of credit for payment and tax therefor; sinking fund.

South Carolina § 5-21-400

Title 5MUNICIPAL CORPORATIONS

Ch. 21FINANCIAL MATTERS GENERALLY

This text of South Carolina § 5-21-400 (Pledge of credit for payment and tax therefor; sinking fund.) 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. § 5-21-400 (2026).

Text

For the payment of the principal and interest of the bonds as they respectively mature and for the creation of a sinking fund to aid in the retirement and payment thereof the full faith, credit and taxing power of the municipality shall be irrevocably pledged, and there shall be levied and collected annually upon all taxable property in the municipality an ad valorem tax, without limitation as to rate or amount, sufficient for such purposes.

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For the payment of the principal and interest of the bonds as they respectively mature and for the creation of a sinking fund to aid in the retirement and payment thereof the full faith, credit and taxing power of the municipality shall be irrevocably pledged, and there shall be levied and collected annually upon all taxable property in the municipality an ad valorem tax, without limitation as to rate or amount, sufficient for such purposes.