The governing body of any issuer may issue general obligation bonds of such issuer to such extent as such issuer shall be indebted by way of principal, interest, and redemption premium upon any outstanding general obligation or revenue bonds, maturing or called for redemption, less all sinking funds and other monies on hand applicable thereto. The issuer may utilize the provisions of Sections 11-27-40 and 11-27-50 in connection with the issuance of such refunding bonds.
S.C. Code Ann. § 11-15-440
Extent to which refunding bonds may be issued
Known as the Refunding Act
The act spans §§ 11–11 (20 sections).
1962 Code SECTION 1-684; 1952 Code SECTION 1-684; 1951 (47) 755; 1999 Act No. 113, SECTION 23.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.