If the annual principal payment on account of outstanding bonds be less than five per cent of the aggregate of all bonds outstanding, there shall be placed in the sinking fund hereby established for the retirement of State school bonds such sum as is the difference between five per cent of the outstanding State school bonds and the amount retired by way of principal of such outstanding bonds during such year. The sinking fund shall be duly apportioned between debt existing by reason of borrowings for advances to the school districts or operating units of the several counties and debt existing by reason of borrowings to defray the cost of acquiring school bus equipment, in the proportion that each bears to the total of State school bonds outstanding.
Notwithstanding the preceding paragraph, the remaining balance in the Sinking Fund as of July first, 1981, shall be remitted to the General Fund of the State.
HISTORY: 1962 Code Section 21-1000.2; 1952 Code Section 21-1000.2; 1951 (47) 546; 1981 Act No. 178, Part II, Section 12.
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.