The town council of any municipality as provided in this article may issue certificates of indebtedness showing the amounts of money due to such municipality by property owners as deferred payments or installments upon such assessments and may sell any such certificates of indebtedness or borrow money by pledging any of them as collateral security for the payment of such debt or debts, and, in the event of either a sale or collateral pledge of such certificates, or any of them, may pledge the faith and credit of such municipality for the payment thereof and guarantee the payment thereof for and in the name of such city or town. In any such case it shall not be necessary for a separate certificate of indebtedness to be issued showing the amount due from each property owner, but such certificates may be issued in denominations of one hundred dollars, or any multiple thereof. Nor shall it be necessary for the maturities of such certificates of indebtedness to correspond exactly to the maturities of such deferred payments or installments of the assessments and such certificates may be issued having fixed dates of maturities, but, in the event of payment of the assessments before the maturity of the certificates, the amount of such assessments so paid shall be placed in a sinking fund and held solely for the payment of the certificates of indebtedness issued against them.
HISTORY: 1962 Code Section 59-540.7; 1957 (50) 525.
Structure South Carolina Code of Laws
Title 5 - Municipal Corporations
Chapter 31 - Electricity, Water, Natural Gas And Sewerage Systems
Section 5-31-10. Laying water pipes under streams or highways.
Section 5-31-20. Interference with sewers, waterworks and the like prohibited.
Section 5-31-40. Powers under certain sections cumulative.
Section 5-31-50. Exclusive municipal franchises for furnishing water or waste disposal service.
Section 5-31-210. Election and terms of commissioners of public works in municipalities.
Section 5-31-215. Ex officio commissioners of public works in certain cities.
Section 5-31-220. Special provisions for cities over 50,000.
Section 5-31-230. Municipalities in which there are no board of commissioners of public works.
Section 5-31-235. Abolition of commissions of public works.
Section 5-31-240. Qualification; organization; officers; vacancies.
Section 5-31-260. Incurring indebtedness.
Section 5-31-270. Monthly financial report.
Section 5-31-410. Purchase of lands for public works within corporate limits.
Section 5-31-420. Condemnation upon refusal to sell land desired.
Section 5-31-440. Condemnation of land for waterworks and to protect watersheds.
Section 5-31-450. Drains for surface water.
Section 5-31-460. Condemnation for use of another corporation.
Section 5-31-610. Construction and operation of municipal utilities.
Section 5-31-620. Election prerequisite to action under article.
Section 5-31-630. Election prerequisite to condemnation of waterworks.
Section 5-31-640. Petition prerequisite to election.
Section 5-31-650. Question may refer to issue of revenue bonds.
Section 5-31-660. Action if election result is favorable.
Section 5-31-670. Furnishing water for compensation; sewerage charge.
Section 5-31-680. Sale, lease or other disposition of municipally owned natural gas system.
Section 5-31-810. Establishment of municipal sewerage system.
Section 5-31-820. Sewerage commission; composition.
Section 5-31-840. Sewerage commission; duties.
Section 5-31-850. Sewerage commission; contracts with member.
Section 5-31-860. Sewerage commission; expenditures.
Section 5-31-870. Sewerage commission; records.
Section 5-31-880. Use of streets, highways and public buildings for sewerage purposes.
Section 5-31-890. Contracts as to systems of sewage disposal.
Section 5-31-900. General ordinances, rules and regulations.
Section 5-31-1110. Interfering with or opening fire hydrants.
Section 5-31-1120. Interfering with property or appurtenances.
Section 5-31-1130. Injury or obstructions to systems; pollution of water.
Section 5-31-1140. Unauthorized use of water.
Section 5-31-1150. Use of water without contract is a misdemeanor.
Section 5-31-1160. Tapping water main without permit.
Section 5-31-1170. Violations.
Section 5-31-1310. Election to consider sale of light or water plants.
Section 5-31-1320. Security from proposed purchaser.
Section 5-31-1330. Notice of election.
Section 5-31-1340. Persons entitled to vote; conduct of election.
Section 5-31-1350. Sale if majority favors.
Section 5-31-1360. Operating agreement with purchaser; maximum rates.
Section 5-31-1370. Grant of franchise.
Section 5-31-1510. Extension and assessment therefor.
Section 5-31-1520. Extension beyond city limits.
Section 5-31-1530. Ordinance to provide for payment of costs.
Section 5-31-1540. Entry of assessments.
Section 5-31-1550. Entry of assessments when extensions are beyond city limits.
Section 5-31-1560. Lien of assessments.
Section 5-31-1570. Effect of default in payment of installment.
Section 5-31-1580. Entry of satisfaction of assessments.
Section 5-31-1590. Deposit and use of receipts.
Section 5-31-1600. Certificates of indebtedness against assessments.
Section 5-31-1720. Assessments for costs of extensions.
Section 5-31-1730. Assessment book.
Section 5-31-1740. Lien of assessments.
Section 5-31-1750. Effect of default in payment of installment.
Section 5-31-1760. Entry of satisfaction of assessments.
Section 5-31-1770. Deposit and use of receipts.
Section 5-31-1780. Certificates of indebtedness against assessments.
Section 5-31-1920. Special provision for cities over 70,000, 1940 census.
Section 5-31-1930. Special provision for cities of 50,000 to 60,000, 1950 census.
Section 5-31-2010. Declaration of legislative findings and intent.
Section 5-31-2020. Definitions.
Section 5-31-2030. Powers of municipalities enumerated.
Section 5-31-2040. Lien on real estate for sewer service charges; collection of past-due charges.
Section 5-31-2310. "Political subdivision" defined.
Section 5-31-2330. Application of funds to maintenance, repair and replacement of lines; conditions.
Section 5-31-2340. Requirements on political subdivision prior to expenditure of funds.
Section 5-31-2510. Definitions.
Section 5-31-2520. Termination procedures; contents.
Section 5-31-2530. Third party notification program.
Section 5-31-2540. Disconnection when public safety emergency exists.