South Carolina Code 59-71-440. Conditions warranting issuance of bonds
(a) That the amount of revenues derived from the retail sales tax received during the next preceding fiscal year will, if received annually thereafter, be sufficient to pay as they fall due the principal and interest on such proposed State school bonds and all other State school bonds theretofore issued;
Terms Used In South Carolina Code 59-71-440
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(b) that the amount of revenues estimated by the State Board of Education to be received during the term for which such proposed State school bonds will be outstanding will be sufficient to pay, as the same respectively mature, the principal and interest of such bonds and of all other State school bonds theretofore issued;
(c) that the estimate by the State Board of Education of its needs as shown pursuant to § 59-71-430 requires bonds to be issued in the amount requested;
(d) that the issue will be within the limitations prescribed by § 59-71-420; it shall be the duty of the Governor and the State Treasurer to issue State school bonds in accordance with such request.