For the payment of the principal and interest of such bonds as they respectively mature and for the creation of such sinking fund as may be necessary to provide for the prompt payment thereof, the full faith, credit, taxing power and resources of the issuer shall be irrevocably pledged, and there shall be levied and collected annually upon all taxable property of the issuer an ad valorem tax, without limitation as to rate or amount, sufficient for such purposes. The governing body of the issuer may, in its discretion, additionally secure the refunding bonds by a pledge of such revenues as were pledged to secure additionally the outstanding bonds. If such refunding bonds be additionally secured, covenants similar to those made in issuing the outstanding bonds may be made.
HISTORY: 1962 Code Section 1-694; 1952 Code Section 1-694; 1951 (47) 755.
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.