South Carolina Code 5-21-230. Declaration of purpose
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This article is designed to authorize the issuance of general obligation bonds by the several incorporated cities and towns of this State and to provide the procedure for the issuance and the method for the payment of such bonds for all corporate purposes for which the municipal corporations shall be empowered to issue bonds, except:
(1) Bonds issued to refund other bonds; and
Terms Used In South Carolina Code 5-21-230
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(2) Bonds issued in anticipation of the collection of unpaid paving assessments due such municipalities.