There is a newer version of the South Carolina Code of Laws
2012 South Carolina Code of Laws
Title 11 - Public Finance
Chapter 15 - BONDS OF POLITICAL SUBDIVISIONS
Section 11-15-220 - Collection for sinking fund applied to payment of bonds unnecessary when bonds mature within twelve months.
SC Code § 11-15-220 (2012) What's This?
When such collection for a sinking fund is to be applied to the payment of bonds maturing within twelve months from the date of such collection, then such collection to the amount of the bonds so about to mature need not be invested. And such investments need not be made unless the amount on hand for investment shall amount to one thousand dollars, it being the intention of this section and Section 11-15-210 that whenever the amount of any sinking fund collected shall be one thousand dollars or more the investment of one thousand dollars or any multiple thereof on hand shall then be made.
HISTORY: 1962 Code Section 1-662; 1952 Code Section 1-662; 1942 Code Section 3884; 1932 CodeSection 3884; 1925 (34) 289; 1928 (35) 1167; 1931 (37) 95, 132; 1932 (37) 1352, 1363; 1935 (39) 432.
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