South Carolina § 59-67-450 - Form of indebtedness; interest; payment.
Full text of South Carolina South Carolina Code of Laws § 59-67-450 — Form of indebtedness; interest; payment., with citation guidance and answers to common questions.
§ 59-67-450. Form of indebtedness; interest; payment.
The indebtedness incurred pursuant to Section 59-67-440 shall be in such form and shall bear such rate of interest as may be agreed upon between the State Fiscal Accountability Authority and the State Board of Education.
For the payment of the indebtedness and the interest to accrue thereon, the principal proceeds of the next bonds to be issued pursuant to Article 5 of Chapter 71 of this Title for school purposes shall be pledged and on the occasion that such further school bonds shall be issued pursuant thereto, sufficient of the proceeds thereof shall be used to retire such indebtedness, both principal and interest.
HISTORY: 1962 Code SECTION 21-837.1; 1959 (51) 606.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 59-67-450
What does South Carolina Code of Laws § 59-67-450 cover?
Section 59-67-450 ("Form of indebtedness; interest; payment.") 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 § 59-67-450?
A common citation format is "South Carolina Code of Laws § 59-67-450" (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 § 59-67-450 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.