South Carolina Statutes
§ 59-71-150 — Credit pledged for payment; tax.
For the payment of the principal and interest on such bonds as they respectively mature and for the creation of such sinking fund as may be necessary therefor the full faith, credit and resources of the operating school unit are irrevocably pledged and there shall be levied annually by the auditor of each county wherein such operating school unit is located, and collected by the treasurer of such county in the same manner as county taxes are levied and collected, a tax, without limit, on all taxable property in such operating school unit sufficient to pay the principal and interest of such bonds as they respectively mature and to create such sinking fund as may be necessary therefor.
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South Carolina § 59-71-150 (Credit pledged for payment; tax.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 21-985; 1952 Code SECTION 21-985; 1951 (47) 759.
Nearby Sections
15
§ 59-71-10
Short title.§ 59-71-100
Place of payment.§ 59-71-110
Interest rate.§ 59-71-120
Execution of bonds.§ 59-71-130
Sale of bonds.§ 59-71-140
Minimum sales price.§ 59-71-150
Credit pledged for payment; tax.§ 59-71-160
Exemption of bonds from taxes.§ 59-71-170
Bonds as legal investments.§ 59-71-180
Deposit and use of proceeds.§ 59-71-20
Definitions.