For the payment of the principal and interest on all State school bonds at any time issued and outstanding pursuant to this article as now constituted or hereafter amended, there shall be pledged the full faith, credit and taxing power of the State and, in addition thereto, but subject to the provisions of Section 59-71-520, the entire amount of revenue derived from the retail sales tax levied by Chapter 35 of Title 12. The revenues derived from such retail sales tax during each fiscal year shall be discharged from the foregoing pledge when payment or provision for payment has been made for the principal and interest of all State school bonds maturing in such fiscal year and when the requirements of Section 59-71-570 as to payments into the sinking fund have been met.
HISTORY: 1962 Code Section 21-999.6; 1952 Code Section 21-999.6; 1951 (47) 546; 1961 (52) 480; 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.