As a condition precedent to the issuance of any bonds under this chapter, the governing body shall provide for either:
(a) The levy and collection of an annual ad valorem tax within the service areas where fire protection services will be furnished from the proceeds of the bonds to be issued which will be sufficient to provide for the payment of the principal and interest on the bonds to be issued; or
(b) The imposition of rates and charges for the furnishing of fire protection services within each service area where fire protection services will be furnished from the proceeds of the bonds to be issued which will be sufficient to provide for the payment of the principal and interest on the bonds to be issued.
The finding by the governing body that one of these conditions precedent to the issuance of bonds hereunder has been met shall be conclusive.
HISTORY: 1962 Code Section 14-700.203; 1974 (58) 2681; 1984 Act No. 408, Section 2.
Structure South Carolina Code of Laws
Chapter 19 - Fire Protection Services
Section 4-19-10. Powers of governing body generally.
Section 4-19-25. Creation of fire protection districts validated.
Section 4-19-30. Conditions precedent to issuance of bonds.
Section 4-19-40. No further action required for issuance of bonds.
Section 4-19-50. Power to issue bonds.
Section 4-19-60. Maturity of bonds.
Section 4-19-70. Redemption of bonds.
Section 4-19-80. Form and negotiability of bonds; registration.
Section 4-19-90. Place of payment.
Section 4-19-100. Interest on bonds.
Section 4-19-110. Execution of bonds.
Section 4-19-120. Advertisement and sale of bonds.
Section 4-19-130. Additional security for payment of bonds.
Section 4-19-150. Bonds exempt from taxation.
Section 4-19-160. Disposition of proceeds from sale of bonds; use of balance in bond account.
Section 4-19-170. Powers to be additional and may be exercised at regular or special meeting.