Bonds issued hereunder shall mature in such annual series or instalments, equal or unequal in amount, as the municipal council shall provide, except that:
(1) The first maturing bonds shall mature within five years from the date as of which they are issued;
(2) Not less than two per cent of the aggregate of the issue shall mature in any year; and
(3) No bonds shall mature later than forty years from the date as of which they are issued.
HISTORY: 1962 Code Section 47-844; 1952 Code Section 47-844; 1951 (47) 771.
Structure South Carolina Code of Laws
Title 5 - Municipal Corporations
Chapter 21 - Financial Matters Generally
Section 5-21-20. Exceptions to 5-21-10.
Section 5-21-30. Municipal officers prohibited from contracting with municipality; exceptions.
Section 5-21-40. Officers required to account to municipality for interest collected on deposits.
Section 5-21-50. Towns over 200 required to publish financial statements.
Section 5-21-110. Property subject to municipal taxes.
Section 5-21-120. Cities and towns authorized to collect taxes in installments.
Section 5-21-130. Unlawful for proceeds of tax specially levied to be applied for other purposes.
Section 5-21-210. Short title.
Section 5-21-220. Definitions.
Section 5-21-230. Declaration of purpose.
Section 5-21-240. Municipal councils authorized to issue bonds; extent of issue.
Section 5-21-250. Petition for election on issuance.
Section 5-21-260. Notice of filing of petition.
Section 5-21-270. Action on petition.
Section 5-21-280. Time for holding election.
Section 5-21-290. Notice of the holding of the election.
Section 5-21-300. Qualified voters.
Section 5-21-320. Declaration of result of election; effect when filed.
Section 5-21-340. Maturity of bonds.
Section 5-21-350. Redemption privilege.
Section 5-21-360. Negotiability; registration.
Section 5-21-370. Place of payment.
Section 5-21-380. Interest rate.
Section 5-21-390. Execution of bonds.
Section 5-21-400. Pledge of credit for payment and tax therefor; sinking fund.
Section 5-21-410. Additional pledge of utility revenues.
Section 5-21-420. Covenants permissible if revenues are pledged.
Section 5-21-430. Sale of bonds.
Section 5-21-440. Minimum sale price.
Section 5-21-450. Deposit and use of proceeds.
Section 5-21-460. Bonds are legal investments for fiduciaries and sinking funds commissions.
Section 5-21-470. Exemption from taxes.
Section 5-21-480. Use of bonds in payment of taxes.
Section 5-21-490. Bond holder's right to require levying of taxes and to enforce covenants.
Section 5-21-500. Diversion of and payment of funds; penalties.
Section 5-21-610. Short title.
Section 5-21-620. Definitions.
Section 5-21-630. Declaration of purpose.
Section 5-21-650. Maturities of bonds.
Section 5-21-660. Redemption privilege.
Section 5-21-670. Denominations of bonds.
Section 5-21-680. Coupons, registrations and negotiability.
Section 5-21-690. Place of payment.
Section 5-21-700. Interest rates.
Section 5-21-710. Execution of bonds.
Section 5-21-720. Exemption from taxes.
Section 5-21-730. Sale of bonds.
Section 5-21-740. Minimum sale price.
Section 5-21-750. Deposit and use of proceeds.
Section 5-21-760. Bonds are legal investments for fiduciaries and sinking fund commissions.
Section 5-21-770. Use of bonds in payment of taxes.
Section 5-21-780. Credit pledged for payment; levy of taxes to pay.
Section 5-21-790. Use and pledge of assessments collected.
Section 5-21-800. Bond holder's right to require levying of taxes and to enforce covenants.