South Carolina § 11-15-540 - Pledges and covenants to ensure payment; ad valorem tax.
Full text of South Carolina South Carolina Code of Laws § 11-15-540 — Pledges and covenants to ensure payment; ad valorem tax., with citation guidance and answers to common questions.
§ 11-15-540. Pledges and covenants to ensure payment; ad valorem tax.
For the payment of the principal and interest of such bonds as they respectively mature and for the creation of such sinking fund as may be necessary to provide for the prompt payment thereof, the full faith, credit, taxing power and resources of the issuer shall be irrevocably pledged, and there shall be levied and collected annually upon all taxable property of the issuer an ad valorem tax, without limitation as to rate or amount, sufficient for such purposes. The governing body of the issuer may, in its discretion, additionally secure the refunding bonds by a pledge of such revenues as were pledged to secure additionally the outstanding bonds. If such refunding bonds be additionally secured, covenants similar to those made in issuing the outstanding bonds may be made.
HISTORY: 1962 Code SECTION 1-694; 1952 Code SECTION 1-694; 1951 (47) 755.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 11-15-540
What does South Carolina Code of Laws § 11-15-540 cover?
Section 11-15-540 ("Pledges and covenants to ensure payment; ad valorem tax.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Carolina § 11-15-540?
A common citation format is "South Carolina Code of Laws § 11-15-540" (South Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 11-15-540 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Carolina.