South Carolina Statutes
§ 6-21-500 — Disposition of surplus in contingent fund.
South Carolina·Title 6 LOCAL GOVERNMENT—PROVISIONS APPLICABLE TO SPECIAL PURPOSE DISTRICTS AND OTHER POLITICAL SUBDIVISIONS·Ch. 21 REVENUE BOND ACT FOR UTILITIES
If any surplus shall be accumulated in the contingent fund over and above that which the governing body shall find may be necessary for reasonable and proper improvements, betterments and extensions to the existing system, project or combined system during the current calendar, operating or fiscal year and the next ensuing calendar, operating or fiscal year, any such excess may be transferred to the bond and interest redemption fund or may be applied, in so far as possible, in the purchase or retirement of outstanding bonds issued under the provisions of this chapter and for that purpose the governing body may purchase bonds not due in the open market at not more than the fair market value thereof. When such bonds are purchased for investment the income from such investment shall be carrie
Free access — add to your briefcase to read the full text and ask questions with AI
South Carolina § 6-21-500 (Disposition of surplus in contingent fund.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 59-408; 1952 Code SECTION 59-408; 1942 Code SECTION 9269; 1933 (38) 411.
Nearby Sections
15
§ 6-21-10
"Borrower" defined.§ 6-21-110
Condemnation of property.§ 6-21-130
Option or contract of purchase.§ 6-21-140
Estimate of cost of system.§ 6-21-180
Acceptance of Federal loans and grants.§ 6-21-185
Special purpose districts providing hospital, nursing home, or care facilities; mortgages.§ 6-21-190
Bond issues authorized.§ 6-21-20
"Governing body" defined.