South Carolina Code 11-15-460. Interest rate
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Terms Used In South Carolina Code 11-15-460
- governing body: shall mean , in the case of incorporated cities or towns, the city council or town council and in other instances the commission, group, board or body to whom is delegated the administrative duties of the issuer. See South Carolina Code 11-15-430
- issuer: as used in this article , shall mean any incorporated city or town, school district, county, or other political division or subdivision of the State which shall have outstanding and unpaid, whether matured or unmatured, bonds for whose payment the full faith, credit, taxing power and resources of such political division or subdivision have been pledged, whether or not such general obligation bonds be additionally secured by pledge of other revenues. See South Carolina Code 11-15-430
These refunding bonds must bear interest at those rates as may be determined by the governing body of the issuer. However, before the issuance of any refunding bonds, except in the case of the refunding of Qualified School Construction Bonds issued pursuant to the provisions of 26 U.S.C. § 54F, the governing body shall determine that a savings can be effected through the issuance of these refunding bonds.