South Carolina § 59-71-440 - Conditions warranting issuance of bonds.

§ 59-71-440. Conditions warranting issuance of bonds.

If the following shall appear to the satisfaction of the Governor and the State Treasurer from the foregoing request:

(a) That the amount of revenues derived from the retail sales tax received during the next preceding fiscal year will, if received annually thereafter, be sufficient to pay as they fall due the principal and interest on such proposed State school bonds and all other State school bonds theretofore issued;

(b) that the amount of revenues estimated by the State Board of Education to be received during the term for which such proposed State school bonds will be outstanding will be sufficient to pay, as the same respectively mature, the principal and interest of such bonds and of all other State school bonds theretofore issued;

(c) that the estimate by the State Board of Education of its needs as shown pursuant to Section 59-71-430 requires bonds to be issued in the amount requested;

(d) that the issue will be within the limitations prescribed by Section 59-71-420; it shall be the duty of the Governor and the State Treasurer to issue State school bonds in accordance with such request.

HISTORY: 1962 Code SECTION 21-998; 1952 Code SECTION 21-998; 1951 (47) 546; 1967 (55) 719.