State school facilities bonds must be sold by the Governor and the State Treasurer upon sealed proposals, after publication of notice of the sale one or more times at least seven days before the sale, in a financial paper published in New York City which regularly publishes notices of sale of state or municipal bonds. The state school facilities bonds may be awarded only to the lowest interest cost bidder, but the right is reserved to reject all bids and to readvertise the state school facilities bonds for sale. For the purpose of bringing about successful sales of the bonds, the State Fiscal Accountability Authority may do all things ordinarily and customarily done in connection with the sale of state or municipal bonds. All expenses incident to the sale of the bonds must be paid from the proceeds of the sale of the bonds.
HISTORY: 1999 Act No. 28, Section 1.
Structure South Carolina Code of Laws
Chapter 146 - State School Facilities Bonds Act
Section 59-146-10. Short title.
Section 59-146-20. Purpose of chapter to assist school districts to provide educational facilities.
Section 59-146-30. Definitions.
Section 59-146-40. School facilities bonds.
Section 59-146-60. State Board of Education notification to State Fiscal Accountability Authority.
Section 59-146-90. Terms of state school facilities bonds.
Section 59-146-100. Tax exemption of state school facilities bonds.
Section 59-146-110. Execution and authentication of state school facilities bonds.
Section 59-146-120. Payment of principal and interest.
Section 59-146-130. Sale of state school facilities bonds.
Section 59-146-140. Proceeds of sale of state school facilities bonds.
Section 59-146-150. Investment in state school facilities bonds by fiduciaries.
Section 59-146-160. Allocation of proceeds of sale of state school facilities bonds.
Section 59-146-180. Qualification of school districts for funds.