Whenever any city or town in this State had prior to February 7 1927 issued bonds for the acquisition, by construction, purchase or otherwise, of any waterworks, lighting plant or other public utility and sells such utility prior to the maturity of such bonds, the governing body of such city or town may invest an amount of the proceeds of sale of such utility equal to the amount of outstanding bonds in duly secured notes of the purchaser of such utility or otherwise, as the governing body may determine. Upon any such investment being made, such governing body may, by resolution, set apart such investment as a sinking fund for the retirement of such outstanding bonds and when such investment is so made and set apart any other sinking funds on hand for the retirement of such bonds shall become freed of their character as sinking funds and may be lawfully diverted to any other legal municipal purpose; and no further annual tax levy for the repayment of such bonds shall be necessary.
HISTORY: 1962 Code Section 59-153; 1952 Code Section 59-153; 1942 Code Section 7279; 1932 Code Section 7279; 1927 (35) 42.
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.