To effect the issuance of general obligation debt, the state board shall adopt a resolution providing for the issuance of general obligation debt pursuant to the provisions of this chapter. The authorizing resolution must include:
(1) a schedule showing the aggregate principal amount of general obligation debt issued, the annual principal payments required to retire the general obligation debt, and the interest on the general obligation debt;
(2) the amount of general obligation debt proposed to be issued;
(3) a schedule showing future annual principal requirements and estimated annual interest requirements on the general obligation debt to be issued;
(4) a certificate evidencing that the provisions of Section 11-51-70 of this chapter have been or will be met; and
(5) a certificate of the State Auditor as to the general fund revenues of the State for the fiscal year next preceding, excluding revenues pledged to the payment of state highway bonds and state institution bonds.
HISTORY: 2004 Act No. 187, Section 9.
Structure South Carolina Code of Laws
Chapter 51 - South Carolina Research University Infrastructure Act
Section 11-51-10. Short title.
Section 11-51-20. Legislative findings and purpose.
Section 11-51-30. Definitions.
Section 11-51-40. Issuance of general obligation debt authorized; limitations.
Section 11-51-50. Maximum annual debt service at time of issuance.
Section 11-51-90. Principal amount of general obligation debt provided on a competitive basis.
Section 11-51-100. Issuance of general obligation debt or anticipation notes.
Section 11-51-120. Maturity, payment, and interest rates.
Section 11-51-130. General obligation debt exempt from taxation.
Section 11-51-140. Executive signature, attestation, and state seal requirements.
Section 11-51-170. Application of sale proceeds; liability of purchaser.
Section 11-51-180. Investment by executors, administrators, and other fiduciaries.
Section 11-51-190. Exemption from state procurement process; alternative procurement procedures.