In no event under any plan or otherwise may the obligation between the district and its general obligation bondholders or, in the case of a special tax or assessment district, the obligation between the district and the holders of the county bonds issued on its behalf, be disturbed. If adequate provision is not made for the levy of taxes or for payment of the principal and interest on such bonds, it is the duty of the auditor of the county to levy, and of the treasurer of the county to collect, an ad valorem tax, without limit as to rate or amount, upon all taxable property within the district as it was constituted on the dates those bonds were issued sufficient to pay principal and interest as they become due. Only bondholders or agents or trustees acting on their behalf may proceed at law or in equity to enforce this requirement.
HISTORY: 1988 Act No. 626, Section 6; 2000 Act No. 250, Section 3.
Structure South Carolina Code of Laws
Title 5 - Municipal Corporations
Chapter 3 - Change Of Corporate Limits
Section 5-3-10. Power to extend corporate limits.
Section 5-3-15. Municipality may not annex certain property.
Section 5-3-20. Municipality may not annex real property owned by professional sports team.
Section 5-3-30. Consolidation of two or more municipal corporations without petition.
Section 5-3-40. Agreement upon terms of consolidation.
Section 5-3-100. Alternate method when entire area owned by annexing municipality or county.
Section 5-3-115. Annexation of property within a multicounty park.
Section 5-3-120. Alternate method when entire area proposed to be annexed owned by corporation.
Section 5-3-130. Alternate method when entire area proposed to be annexed owned by school district.
Section 5-3-155. Rules for annexation of certain properties by municipalities.
Section 5-3-210. Subsequent election after defeat of annexation election.
Section 5-3-240. "Freeholder" defined for purposes of pertinent provisions.
Section 5-3-250. Extension of corporate limits to include cemeteries.
Section 5-3-260. Annexation of church property.
Section 5-3-270. Time within which contest on extension of municipal limits must be instituted.
Section 5-3-280. Reduction of corporate limits.
Section 5-3-285. Removal of territory from within corporate limits of municipality.
Section 5-3-290. "Municipality" defined.
Section 5-3-300. Annexation procedure.
Section 5-3-305. Contiguous property defined.
Section 5-3-310. Annexation of special purpose district.
Section 5-3-311. Committee to formulate plan in absence of agreement.
Section 5-3-312. Plan to balance equities and interest.
Section 5-3-313. Auditor and treasurer to conform to plan.