South Carolina § 59-107-120 - Denominations of bonds; interest rate; maturity; redemption.
Full text of South Carolina South Carolina Code of Laws § 59-107-120 — Denominations of bonds; interest rate; maturity; redemption., with citation guidance and answers to common questions.
§ 59-107-120. Denominations of bonds; interest rate; maturity; redemption.
The state institution bonds must be in the denomination of one thousand dollars or in any multiple thereof. They shall bear interest, payable semiannually, at a rate or rates not exceeding the maximum interest rate specified in the State Fiscal Accountability Authority's request for the issuance of the state institution bonds. Each issue of state institution bonds shall mature in annual series or installments, the last of which shall mature not more than twenty years after the date of the bonds. The installments or series may be equal or unequal in amount. The state institution bonds may, in the discretion of the State Fiscal Accountability Authority, be made subject to redemption at par and accrued interest, plus such redemption premium as it may approve, and on such occasions as may be specified in the request for the issuance of the state institution bonds. State institution bonds may not be redeemable before maturity unless they contain a statement to that effect.
HISTORY: 1962 Code SECTION 22-32; 1953 (48) 169; 1957 (50) 138, 404; 1961 (52) 476; 1966 (54) 2263; 1984 Act No. 337, SECTION 1.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 59-107-120
What does South Carolina Code of Laws § 59-107-120 cover?
Section 59-107-120 ("Denominations of bonds; interest rate; maturity; redemption.") 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 § 59-107-120?
A common citation format is "South Carolina Code of Laws § 59-107-120" (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 § 59-107-120 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.