South Carolina Statutes
§ 59-71-420 — Limits on aggregates of indebtedness; maturity date.
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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South Carolina § 59-71-420 (Limits on aggregates of indebtedness; maturity date.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
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.
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.