If the following shall appear to the satisfaction of the Governor and the State Treasurer from the foregoing request:
(a) That the amount of revenues derived from the retail sales tax received during the next preceding fiscal year will, if received annually thereafter, be sufficient to pay as they fall due the principal and interest on such proposed State school bonds and all other State school bonds theretofore issued;
(b) that the amount of revenues estimated by the State Board of Education to be received during the term for which such proposed State school bonds will be outstanding will be sufficient to pay, as the same respectively mature, the principal and interest of such bonds and of all other State school bonds theretofore issued;
(c) that the estimate by the State Board of Education of its needs as shown pursuant to Section 59-71-430 requires bonds to be issued in the amount requested;
(d) that the issue will be within the limitations prescribed by Section 59-71-420; it shall be the duty of the Governor and the State Treasurer to issue State school bonds in accordance with such request.
HISTORY: 1962 Code Section 21-998; 1952 Code Section 21-998; 1951 (47) 546; 1967 (55) 719.
Structure South Carolina Code of Laws
Section 59-71-10. Short title.
Section 59-71-20. Definitions.
Section 59-71-50. Notice of election.
Section 59-71-70. Maturity of bonds.
Section 59-71-80. Provision for redemption.
Section 59-71-90. Negotiability and registration.
Section 59-71-100. Place of payment.
Section 59-71-110. Interest rate.
Section 59-71-120. Execution of bonds.
Section 59-71-130. Sale of bonds.
Section 59-71-140. Minimum sales price.
Section 59-71-150. Credit pledged for payment; tax.
Section 59-71-160. Exemption of bonds from taxes.
Section 59-71-170. Bonds as legal investments.
Section 59-71-180. Deposit and use of proceeds.
Section 59-71-190. Investment of sinking funds in defense securities.
Section 59-71-310. Resolution of school district concerning bonds in default.
Section 59-71-320. Duties of State Treasurer.
Section 59-71-330. Rules and regulations.
Section 59-71-340. Levy of additional tax.
Section 59-71-410. Authority to issue State school bonds.
Section 59-71-420. Limits on aggregates of indebtedness; maturity date.
Section 59-71-430. Request for issuance of bonds.
Section 59-71-440. Conditions warranting issuance of bonds.
Section 59-71-450. Form of bonds; time, place, and medium of payment.
Section 59-71-460. Denomination of bonds.
Section 59-71-470. Form of bonds; registration.
Section 59-71-480. Interest; maturities; redemption.
Section 59-71-490. Exemption of bonds from taxes or assessments.
Section 59-71-510. Pledge of credit and revenues for payment of bonds.
Section 59-71-520. Revision of retail sales tax not precluded by pledge.
Section 59-71-530. Sale of bonds.
Section 59-71-540. Bonds as lawful investments.
Section 59-71-550. Disposition of proceeds of sale.
Section 59-71-560. Use of proceeds; segregation for different uses.
Section 59-71-570. Sinking fund payments.
Section 59-71-580. Retail sales tax provisions as part of contract with bondholders.