South Carolina Code 11-15-470. Maturities
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Such refunding bonds shall mature in such annual series or installments, equal or unequal in amount, as the governing body shall provide, except that:
(1) The first maturing bonds shall mature within five years from the date as of which they are issued;
Terms Used In South Carolina Code 11-15-470
- 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
(2) Not less than two per cent of the aggregate of the issue shall mature in any year; and
(3) No bonds shall mature later than forty years from the date as of which they are issued.