All bonds maturing subsequent to fifteen years from their date shall be subject to redemption not later than fifteen years from their date and on all subsequent interest payment dates prior to their respective maturities. Bonds may be issued with a provision permitting their redemption on any interest payment date prior to their respective maturities. Bonds made subject to redemption prior to their stated maturities may contain a provision requiring the municipality to pay a premium for the privilege of exercising the right of redemption, in such amount as the municipal council shall have prescribed in the proceedings taken to authorize the issuance of such bonds. All bonds that are subject to redemption shall contain a statement to that effect on the face of each bond. In the proceedings authorizing the issuance of such bonds, provision shall be made specifying the manner of call and the notice thereof that must be given.
HISTORY: 1962 Code Section 47-845; 1952 Code Section 47-845; 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.