South Carolina § 11-21-40 - Findings to be made by governing board.
Full text of South Carolina South Carolina Code of Laws § 11-21-40 — Findings to be made by governing board., with citation guidance and answers to common questions.
§ 11-21-40. Findings to be made by governing board.
Prior to any advanced refunding the governing board of any public agency which shall have outstanding bonds shall find either:
(a) That a savings can be effected through advanced refunding;
(b) That existing covenants and agreements in the proceedings authorizing the outstanding bonds payable from revenue-producing projects hamper or impede the ability of the public agency to borrow monies which are then or thereafter required to provide for improvements, enlargements and extensions to such revenue-producing projects.
In the event any governing board shall undertake to effect an advanced refunding pursuant to Chapter 17, Title 6 and this chapter, and at the same time to borrow for the purpose of constructing improvements to its revenue-producing project, it shall likewise have found that such improvements are then necessary and can be accomplished with the monies provided by the proceeds of the refunding bonds issued pursuant to Chapter 17, Title 6 and this chapter for the purpose of constructing such improvements.
HISTORY: 1962 Code SECTION 1-634; 1965 (54) 551; 1967 (55) 489; 1981 Act No. 50, SECTION 2.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 11-21-40
What does South Carolina Code of Laws § 11-21-40 cover?
Section 11-21-40 ("Findings to be made by governing board.") 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 § 11-21-40?
A common citation format is "South Carolina Code of Laws § 11-21-40" (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 § 11-21-40 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.