South Carolina § 59-119-940 - Borrowings; limitations on bonds.
Full text of South Carolina South Carolina Code of Laws § 59-119-940 — Borrowings; limitations on bonds., with citation guidance and answers to common questions.
§ 59-119-940. Borrowings; limitations on bonds.
Upon receiving the approval of the State Fiscal Accountability Authority or the Department of Administration, as appropriate, and upon review by the Joint Bond Review Committee, the trustees may from time to time borrow such sums as necessary to accomplish the purpose of this article and to evidence such borrowings by bonds issued pursuant to this article in the aggregate principal amount as they determine, except that other provisions of this article to the contrary notwithstanding, there must not be outstanding at any time bonds issued pursuant to this article in the aggregate principal amount as they determine, except that other provisions of this article to the contrary notwithstanding, there must not be outstanding at any time bonds issued pursuant to this article in excess of five hundred million dollars.
HISTORY: 1997 Act No. 144, SECTION 1; 2004 Act No. 198, SECTION 1, eff April 26, 2004; 2007 Act No. 17, SECTION 1, eff May 8, 2007; 2024 Act No. 214 (S.314), SECTION 5.A, eff July 2, 2024.
Effect of Amendment
The 2004 amendment substituted "in the aggregate" for "in such aggregate" in two places and substituted "sixty million dollars" for "forty million dollars".
The 2007 amendment substituted "two hundred" for "sixty" million dollars.
2024 Act No. 214, SECTION 5.A, substituted "five hundred million dollars" for "two hundred million dollars".
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 59-119-940
What does South Carolina Code of Laws § 59-119-940 cover?
Section 59-119-940 ("Borrowings; limitations on bonds.") 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 § 59-119-940?
A common citation format is "South Carolina Code of Laws § 59-119-940" (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 § 59-119-940 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.