South Carolina General Assembly
103rd Session, 1979-1980

Bill 569

                    Current Status

Bill Number:               569
Ratification Number:       414
Act Number                 365
Introducing Body:          Senate
Subject:                   Revenues set aside for repayment of
                           bonds
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A365, R414, S569)

AN ACT TO AMEND SECTION 6-21-440, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE SETTING ASIDE AT LEAST MONTHLY OF REVENUES FOR THE REPAYMENT OF REVENUE BONDS PROVIDED FOR IN THE REVENUE BOND ACT FOR UTILITIES, SO AS TO PERMIT SUCH REVENUES TO BE SET ASIDE ANNUALLY.

Be it enacted by the General Assembly of the State of South Carolina:

Revenues set aside for repayment of bonds

Section 1. Section 6-21-440 of the 1976 Code is amended by adding at the end:

"In the event the proceedings for the issuance of bonds provide for their repayment in whole or in part from front-foot assessments, the borrower need not make the payments provided for in this section for application for the payment of principal and interest on a monthly basis but may make them at least annually, provided that the payments shall be in such amounts and at such times that sufficient funds will be available to pay the principal and interest upon the bonds as and when they become due and payable."

Time effective

Section 2. This act shall take effect upon approval by the Governor.