South Carolina § 5-31-1600 Certificates of indebtedness against assessments.

South Carolina Statutes

§ 5-31-1600 — Certificates of indebtedness against assessments.

South Carolina § 5-31-1600

Title 5MUNICIPAL CORPORATIONS

Ch. 31ELECTRICITY, WATER, NATURAL GAS AND SEWERAGE SYSTEMS

This text of South Carolina § 5-31-1600 (Certificates of indebtedness against assessments.) 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. § 5-31-1600 (2026).

Text

The city or town council of any such city or town may issue certificates of indebtedness showing the amounts of money due to such city or town by property owners as deferred payments or installments upon such assessments and may sell any such certificates of indebtedness or borrow money by pledging any of them as collateral security for the payment of such debt or debts and, in the event of either a sale or collateral pledge of such certificates, or any of them, may pledge the faith and credit of such city or town for the payment thereof and guarantee the payment thereof for and in the name of such city or town. In any such case it shall not be necessary for a separate certificate of indebtedness to be issued showing the amount due from each property owner, but such certificates may be iss

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The city or town council of any such city or town may issue certificates of indebtedness showing the amounts of money due to such city or town by property owners as deferred payments or installments upon such assessments and may sell any such certificates of indebtedness or borrow money by pledging any of them as collateral security for the payment of such debt or debts and, in the event of either a sale or collateral pledge of such certificates, or any of them, may pledge the faith and credit of such city or town for the payment thereof and guarantee the payment thereof for and in the name of such city or town. In any such case it shall not be necessary for a separate certificate of indebtedness to be issued showing the amount due from each property owner, but such certificates may be issued in denominations of one hundred dollars, or any multiple thereof. Nor shall it be necessary for the maturities of such certificates of indebtedness to correspond exactly to the maturities of such deferred payments or installments of the assessments and such certificates may be issued having fixed dates of maturities, but, in the event of payment of the assessments before the maturity of the certificates, the amount of such assessments so paid shall be placed in a sinking fund and held solely for the payment of the certificates of indebtedness issued against them.

Legislative History

HISTORY: 1962 Code SECTION 59-470; 1952 Code SECTION 59-470; 1945 (44) 256; 1947 (45) 506. ARTICLE 17 Extension of Water and Sewer Systems Beyond Corporate Limits of Towns Between 3,000 and 4,000 Editor's Note Certain limitations on the performance of municipal services outside of corporate limits are prescribed in Chapter 7 of this Title. Articles 15 through 19 of Chapter 31 should be construed with Chapter 7 to understand the applicable limitations.