South Carolina Code 11-43-600. Interest; redemption
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Terms Used In South Carolina Code 11-43-600
- Board: means the Board of Directors of the South Carolina Transportation Infrastructure Bank. See South Carolina Code 11-43-510
- Bonds: means bonds, notes, or other evidence of indebtedness except as otherwise provided in Article 3 of this chapter. See South Carolina Code 11-43-130
- Transportation infrastructure bonds: means all general obligation bonds of this State designated as transportation infrastructure bonds, which are now outstanding and which may hereafter be issued pursuant to the authorizations of this article. See South Carolina Code 11-43-510
Transportation infrastructure bonds shall bear interest, payable on such occasions as shall be prescribed not more than thirty years after such date. Such installments or series may be equal or unequal in amount. Transportation infrastructure bonds, in the discretion of the state board, may be made subject to redemption at par and accrued interest, plus such redemption premium as it shall approve and on such occasions as it may prescribe. Transportation infrastructure bonds are not redeemable before maturity unless they contain a statement to that effect.