2016 South Carolina Code of Laws
Title 5 - Municipal Corporations
CHAPTER 21 - FINANCIAL MATTERS GENERALLY
Section 5-21-340. Maturity of bonds.
Bonds issued hereunder shall mature in such annual series or instalments, equal or unequal in amount, as the municipal council shall provide, except that:
(1) The first maturing bonds shall mature within five years from the date as of which they are issued;
(2) Not less than two per cent of the aggregate of the issue shall mature in any year; and
(3) No bonds shall mature later than forty years from the date as of which they are issued.
HISTORY: 1962 Code Section 47-844; 1952 Code Section 47-844; 1951 (47) 771.
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