The state institution bonds must be in the denomination of one thousand dollars or in any multiple thereof. They shall bear interest, payable semiannually, at a rate or rates not exceeding the maximum interest rate specified in the State Fiscal Accountability Authority's request for the issuance of the state institution bonds. Each issue of state institution bonds shall mature in annual series or installments, the last of which shall mature not more than twenty years after the date of the bonds. The installments or series may be equal or unequal in amount. The state institution 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 may approve, and on such occasions as may be specified in the request for the issuance of the state institution bonds. State institution bonds may not be redeemable before maturity unless they contain a statement to that effect.
HISTORY: 1962 Code Section 22-32; 1953 (48) 169; 1957 (50) 138, 404; 1961 (52) 476; 1966 (54) 2263; 1984 Act No. 337, Section 1.
Structure South Carolina Code of Laws
Chapter 107 - State Institution Bonds
Section 59-107-10. Institutions to which chapter is applicable; "state institution" defined.
Section 59-107-20. Tuition fees required at state institutions.
Section 59-107-30. Remittance and application of tuition fees.
Section 59-107-50. Authority of State Fiscal Accountability Authority as to applications.
Section 59-107-60. Request for issuance of state institution bonds.
Section 59-107-70. Governor and State Treasurer empowered to authorize issuance of bonds.
Section 59-107-80. Single issue of bonds may cover several applications.
Section 59-107-90. Maximum amount of outstanding bonds.
Section 59-107-100. Full faith, credit, and taxing power of State pledged to pay bonds.
Section 59-107-110. Negotiability and registration.
Section 59-107-120. Denominations of bonds; interest rate; maturity; redemption.
Section 59-107-140. Bonds exempt from taxes.
Section 59-107-150. Bonds as legal investments.
Section 59-107-160. Sale of bonds.
Section 59-107-170. Deposit and use of proceeds of bonds.
Section 59-107-180. Tuition fees placed in special fund to pay bonds; application of surplus.
Section 59-107-190. Declaration of sufficiency of tuition fees to pay bonds.
Section 59-107-200. Defeasance of bonds; trust fund established.