South Carolina § 6-21-470 Excess contributions to bond and interest redemption fund.

South Carolina Statutes

§ 6-21-470 — Excess contributions to bond and interest redemption fund.

South Carolina § 6-21-470

Title 6LOCAL GOVERNMENT—PROVISIONS APPLICABLE TO SPECIAL PURPOSE DISTRICTS AND OTHER POLITICAL SUBDIVISIONS

Ch. 21REVENUE BOND ACT FOR UTILITIES

This text of South Carolina § 6-21-470 (Excess contributions to bond and interest redemption 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. § 6-21-470 (2026).

Text

In the segregation and separation of the gross revenues into the several funds in SECTION 6-21-440 stated, the governing body may prescribe a reasonable excess amount to be placed in the bond and interest redemption fund from time to time during the earlier years of maturities of such bonds so as thereby to produce and provide a cushion fund to meet any possible deficiencies therein in maturities of future years. If such excess amounts are thus provided provision may be made in the ordinance for the scaling down of such amounts in future years if the surplus so provided in the earlier years may then be found to have been accumulated and to be available.

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In the segregation and separation of the gross revenues into the several funds in SECTION 6-21-440 stated, the governing body may prescribe a reasonable excess amount to be placed in the bond and interest redemption fund from time to time during the earlier years of maturities of such bonds so as thereby to produce and provide a cushion fund to meet any possible deficiencies therein in maturities of future years. If such excess amounts are thus provided provision may be made in the ordinance for the scaling down of such amounts in future years if the surplus so provided in the earlier years may then be found to have been accumulated and to be available.