If bonds of the issue for which the sinking fund is established are offered at a price not in excess of par and accrued interest or at a price not in excess of the lowest price at which the bonds of any other political subdivision of this State are offered, then the sinking fund shall be invested in such bonds. Otherwise it shall be invested in such other bonds as are offered at the lowest price, due regard being had, however, to the legality of such issue and the solvency of the maker or, in the discretion of the custodian, in bonds of the United States of America or of this State. In the purchase of bonds the custodian shall, if possible, purchase bonds with maturities coincident, or as nearly as possible coincident, with the maturities of the bonds for which the sinking fund was established.
HISTORY: 1962 Code Section 1-667; 1952 Code Section 1-667; 1942 Code Section 3884; 1932 Code Section 3884; 1925 (34) 289; 1928 (35) 1167; 1931 (37) 95, 132; 1932 (37) 1352, 1363; 1935 (39) 432.
Structure South Carolina Code of Laws
Chapter 15 - Bonds Of Political Subdivisions
Section 11-15-10. Record of public bond issues to be kept and filed.
Section 11-15-30. Bonds incontestable from twenty days after filing and indexing.
Section 11-15-90. Failure to make payment or remit funds for payment of obligations.
Section 11-15-100. Requirements for incurring general obligation debt.
Section 11-15-230. Deposit of collections for sinking fund.
Section 11-15-240. Holding of sinking fund investments.
Section 11-15-250. Advertisements for purchase of securities.
Section 11-15-260. Choice of investments.
Section 11-15-270. Sale of bonds in sinking fund.
Section 11-15-280. Statements to be filed in the office of the clerk of court.
Section 11-15-290. Failure to make investments in accordance with article; penalties.
Section 11-15-300. Provisions not applicable to certain counties.
Section 11-15-410. Short title.
Section 11-15-420. Declaration of purpose.
Section 11-15-430. Definitions.
Section 11-15-440. Extent to which refunding bonds may be issued.
Section 11-15-450. Time when refunding bonds may be issued.
Section 11-15-460. Interest rate.
Section 11-15-470. Maturities.
Section 11-15-480. Redemption privilege.
Section 11-15-490. Negotiability; registration.
Section 11-15-500. Place of payment.
Section 11-15-510. Execution of bonds.
Section 11-15-520. Sale of bonds.
Section 11-15-530. Sales price.
Section 11-15-540. Pledges and covenants to ensure payment; ad valorem tax.
Section 11-15-550. Exemption from taxes.
Section 11-15-560. Bonds legal for fiduciary and sinking fund commission investment.
Section 11-15-570. Use of bonds to pay taxes.
Section 11-15-580. Holder of bonds may require levying of taxes and enforce covenants.