Limits on aggregates of indebtedness; maturity date.

S.C. Code Ann. § 59-71-420
in effect
Sign in to generate a plain English summaryAsk Belisarius Agent
The aggregate outstanding principal indebtedness on account of bonds issued for capital improvements and other purposes, after deducting that part of any sinking fund applicable to the retirement of bonds issued for such purposes, shall never exceed one hundred thirty-seven million, five hundred thousand dollars. The aggregate outstanding principal indebtedness on account of bonds issued to acquire the school bus equipment authorized by the provisions of Article 3 of Chapter 67 of this Title, after deducting that part of any sinking fund applicable to the retirement of bonds issued for such purpose, shall never exceed nine million dollars. Within such limits, State school bonds may be issued from time to time under the conditions prescribed by this article, but in no event to mature later than July 1, 1991.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.scstatehouse.gov/code/t59c071.phpFetched: 10/17/2026

Starting a business in South Carolina? South Carolina LLC guide: costs and requirements