Bonds issued by a school district under the bonded indebtedness limitation of Article X, Section 15(7)(a) of the South Carolina Constitution and called before the maturity date only may be reissued if the amount required to service the reissuance and to pay off the called bonds does not:
(1) increase by more than eight percent in any one year the amount of the district's budget needed to service the original bonded indebtedness; or
(2) exceed the debt limit of the district.
HISTORY: 1995 Act No. 55, Section 2.
Structure South Carolina Code of Laws
Section 59-17-10. School districts as bodies politic and corporate.
Section 59-17-20. Alteration or division of school districts.
Section 59-17-50. Consolidation of schools and school districts by county board of education.
Section 59-17-60. Filing order of consolidation.
Section 59-17-70. Effect of consolidation.
Section 59-17-80. Dissolution of school districts in adjoining counties.
Section 59-17-90. Purposes for which school districts may combine.
Section 59-17-100. School districts to provide Department of Education with copies of audit reports.
Section 59-17-120. Reissue of school bonds subject to debt service budget and debt limit.
Section 59-17-135. Character education.
Section 59-17-140. Religion and public schools training for teachers and administrators.
Section 59-17-150. Promotion of walking or bicycling to school safety.
Section 59-17-160. Model fire and safety policy and program guidelines.