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869Ratification Number: 376Act Number: 337Introducing Body: SenateSubject: Relating to state institution bonds
(A337, R376, S869)
AN ACT TO AMEND SECTION 59-107-120, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO STATE INSTITUTION BONDS, SO AS TO DELETE THE PROVISION WHICH STATES THAT NO BONDS MAY BE ISSUED TO MATURE AFTER THE YEAR 1995.
Be it enacted by the General Assembly of the State of South Carolina:
State institution bonds
SECTION 1. Section 59-107-120 of the 1976 Code is amended to read:
"Section 59-107-120. The state institution bonds must be in the denomination of one thousand dollars or in any multiple thereof. They shall bear interest, payable semiannually, at a rate or rates not exceeding the maximum interest rate specified in the State Board's request for the issuance of the state institution bonds. Each issue of state institution bonds shall mature in annual series or installments, the last of which shall mature not more than twenty years after the date of the bonds. The installments or series may be equal or unequal in amount. The state institution bonds may, in the discretion of the State Board, be made subject to redemption at par and accrued interest, plus such redemption premium as it may approve, and on such occasions as may be specified in the request for the issuance of the state institution bonds. State institution bonds may not be redeemable before maturity unless they contain a statement to that effect."
SECTION 2. This act shall take effect upon approval by the Governor.