South Carolina § 59-71-420 Limits on aggregates of indebtedness; maturity date.

South Carolina Statutes

§ 59-71-420 — Limits on aggregates of indebtedness; maturity date.

South Carolina § 59-71-420

Title 59EDUCATION

Ch. 71SCHOOL BONDS

This text of South Carolina § 59-71-420 (Limits on aggregates of indebtedness; maturity date.) 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. § 59-71-420 (2026).

Text

The aggregate outstanding principal indebtedness on account of bonds issued for capital improvements and other purposes, after deducting that part of any sinking fund applicable to the retirement of bonds issued for such purposes, shall never exceed one hundred thirty-seven million, five hundred thousand dollars. The aggregate outstanding principal indebtedness on account of bonds issued to acquire the school bus equipment authorized by the provisions of Article 3 of Chapter 67 of this Title, after deducting that part of any sinking fund applicable to the retirement of bonds issued for such purpose, shall never exceed nine million dollars. Within such limits, State school bonds may be issued from time to time under the conditions prescribed by this article, but in no event to mature later 

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The aggregate outstanding principal indebtedness on account of bonds issued for capital improvements and other purposes, after deducting that part of any sinking fund applicable to the retirement of bonds issued for such purposes, shall never exceed one hundred thirty-seven million, five hundred thousand dollars. The aggregate outstanding principal indebtedness on account of bonds issued to acquire the school bus equipment authorized by the provisions of Article 3 of Chapter 67 of this Title, after deducting that part of any sinking fund applicable to the retirement of bonds issued for such purpose, shall never exceed nine million dollars. Within such limits, State school bonds may be issued from time to time under the conditions prescribed by this article, but in no event to mature later than July 1, 1991.

Legislative History

HISTORY: 1962 Code SECTION 21-996; 1952 Code SECTION 21-996; 1951 (47) 546; 1954 (48) 1530; 1955 (49) 125, 595; 1956 (49) 1773; 1961 (52) 480; 1966 (54) 2044; 1967 (55) 719.