Such bonds shall be sold in such manner and upon such terms as the governing body shall deem for the best interest of the borrower. In no event shall any of the bonds be sold on a basis to yield more than six per cent per annum from the date of sale to the date of average maturity of the bonds sold.
In any contract for the purchase or construction of any system or project named in Section 6-21-50 or for the improvement, enlargement, extension or repair of any such system or project provision may be made that payment therefor shall be made in such bonds.
HISTORY: 1962 Code Section 59-386; 1952 Code Section 59-386; 1942 Code Section 9249; 1933 (38) 411; 1937 (40) 483; 1939 (41) 153, 344.
Structure South Carolina Code of Laws
Chapter 21 - Revenue Bond Act For Utilities
Section 6-21-5. Transportation authorities; power to establish and finance.
Section 6-21-10. "Borrower" defined.
Section 6-21-20. "Governing body" defined.
Section 6-21-30. "Municipality" defined.
Section 6-21-40. "System" defined.
Section 6-21-45. Definition of "hospitals, nursing home and care facilities".
Section 6-21-50. Authorized public works which may be purchased or constructed.
Section 6-21-70. Joint projects.
Section 6-21-80. Improvement of existing system.
Section 6-21-90. Construction on private property.
Section 6-21-100. Construction and operation of works; acquisition of property.
Section 6-21-110. Condemnation of property.
Section 6-21-130. Option or contract of purchase.
Section 6-21-140. Estimate of cost of system.
Section 6-21-150. Estimate of repairs and betterments when existing works acquired.
Section 6-21-160. Ordinances or resolutions which may be adopted for purposes of chapter.
Section 6-21-180. Acceptance of Federal loans and grants.
Section 6-21-190. Bond issues authorized.
Section 6-21-200. Bonds shall not be subject to certain limitations.
Section 6-21-210. Bond issue must be authorized by ordinance or resolution.
Section 6-21-220. Terms, form and execution of bonds.
Section 6-21-230. Additional provisions as to form of bonds.
Section 6-21-250. Undelivered bonds executed by ex-officers shall be valid.
Section 6-21-260. Bonds shall be negotiable.
Section 6-21-270. Bonds shall be tax exempt.
Section 6-21-280. Sale of bonds.
Section 6-21-290. Bonds shall be legal investments.
Section 6-21-300. Deposit of and security for proceeds from bonds.
Section 6-21-310. Use of proceeds from bonds.
Section 6-21-320. Payment of bonds before maturities.
Section 6-21-330. Statutory lien of bondholders on system or project.
Section 6-21-340. Pledge of water revenues for water and sewer system.
Section 6-21-350. Enforcement of lien of bondholders.
Section 6-21-360. Appointment and powers of receiver.
Section 6-21-370. Additional bonds for further improvements.
Section 6-21-380. Revenue refunding bonds.
Section 6-21-390. Rates for service.
Section 6-21-400. Rates shall not be subject to regulations; permits shall not be required.
Section 6-21-410. Payment for service by borrower.
Section 6-21-420. Accounting basis of system or project.
Section 6-21-430. Custodian of Gross Revenues; Funds shall be In Form of Trust.
Section 6-21-440. Segregation of revenues to several funds.
Section 6-21-450. Payment of expenses of operation or maintenance from other funds.
Section 6-21-460. Bonds payable only from bond and interest redemption fund.
Section 6-21-470. Excess contributions to bond and interest redemption fund.
Section 6-21-480. Disposition of surplus in operation and maintenance fund.
Section 6-21-490. Disposition of surplus in depreciation fund.
Section 6-21-500. Disposition of surplus in contingent fund.
Section 6-21-510. Books and accounts; annual report; inspection.
Section 6-21-520. Limitation on obligation which may be incurred by municipality.
Section 6-21-530. Issuance of bonds without election or notice.
Section 6-21-540. Effect of former Public Works Administration Act.
Section 6-21-550. Effect of chapter on existing contracts and liens.