State highway bonds shall bear interest, payable on such occasions as shall be prescribed by the State Fiscal Accountability Authority. Each issue of state highway bonds shall mature in annual series or installments, which shall mature not more than twenty-five years after such date. Such installments or series may be equal or unequal in amount. State highway bonds may, in the discretion of the State Fiscal Accountability Authority, be made subject to redemption at par and accrued interest, plus such redemption premium as it shall approve and on such occasions as it may prescribe. State highway bonds shall not be redeemable before maturity unless they contain a statement to that effect.
HISTORY: 1962 Code Section 33-280.3; 1972 (57) 3088; 1993 Act No. 181, Section 1524.
Structure South Carolina Code of Laws
Title 57 - Highways, Bridges and Ferries
Chapter 11 - Financial Matters
Section 57-11-10. "Accident claims" and "gasoline user fee" defined.
Section 57-11-80. Department to adopt budget in accordance with Chapters 9 and 11 of Title 11.
Section 57-11-210. Definitions.
Section 57-11-220. Request by commission for issuance of state highway bonds; requirements.
Section 57-11-235. Issuance of highway bonds.
Section 57-11-250. Pledge for payment of bonds.
Section 57-11-270. Revision of taxes included in sources of revenue.
Section 57-11-280. Bond resolution.
Section 57-11-290. Issuance of bonds by Governor and State Treasurer.
Section 57-11-300. Form of bonds; time, place, and medium of payment.
Section 57-11-320. State highway bonds to be issued as fully registered bonds; transfer.
Section 57-11-330. Interest on bonds; maturity.
Section 57-11-340. Exemption of bonds from taxation.
Section 57-11-360. Sale of bonds.
Section 57-11-370. Bonds constitute legal investments.
Section 57-11-380. Disposition of proceeds of sale of bonds.
Section 57-11-390. Application of proceeds to purposes for which bonds issued.