South Carolina § 59-71-420 - Limits on aggregates of indebtedness; maturity date.
Full text of South Carolina South Carolina Code of Laws § 59-71-420 — Limits on aggregates of indebtedness; maturity date., with citation guidance and answers to common questions.
§ 59-71-420. Limits on aggregates of indebtedness; maturity date.
The aggregate outstanding principal indebtedness on account of bonds issued for capital improvements and other purposes, after deducting that part of any sinking fund applicable to the retirement of bonds issued for such purposes, shall never exceed one hundred thirty-seven million, five hundred thousand dollars.
The aggregate outstanding principal indebtedness on account of bonds issued to acquire the school bus equipment authorized by the provisions of Article 3 of Chapter 67 of this Title, after deducting that part of any sinking fund applicable to the retirement of bonds issued for such purpose, shall never exceed nine million dollars.
Within such limits, State school bonds may be issued from time to time under the conditions prescribed by this article, but in no event to mature later than July 1, 1991.
HISTORY: 1962 Code SECTION 21-996; 1952 Code SECTION 21-996; 1951 (47) 546; 1954 (48) 1530; 1955 (49) 125, 595; 1956 (49) 1773; 1961 (52) 480; 1966 (54) 2044; 1967 (55) 719.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 59-71-420
What does South Carolina Code of Laws § 59-71-420 cover?
Section 59-71-420 ("Limits on aggregates of indebtedness; maturity date.") 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 § 59-71-420?
A common citation format is "South Carolina Code of Laws § 59-71-420" (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 § 59-71-420 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.