South Carolina Code 4-19-30. Conditions precedent to issuance of bonds
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As a condition precedent to the issuance of any bonds under this chapter, the governing body shall provide for either:
(a) The levy and collection of an annual ad valorem tax within the service areas where fire protection services will be furnished from the proceeds of the bonds to be issued which will be sufficient to provide for the payment of the principal and interest on the bonds to be issued; or
Terms Used In South Carolina Code 4-19-30
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
(b) The imposition of rates and charges for the furnishing of fire protection services within each service area where fire protection services will be furnished from the proceeds of the bonds to be issued which will be sufficient to provide for the payment of the principal and interest on the bonds to be issued.
The finding by the governing body that one of these conditions precedent to the issuance of bonds hereunder has been met shall be conclusive.