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2016 South Carolina Code of Laws
Title 5 - Municipal Corporations
CHAPTER 21 - FINANCIAL MATTERS GENERALLY
Section 5-21-400. Pledge of credit for payment and tax therefor; sinking fund.

SC Code § 5-21-400 (2016) What's This?

For the payment of the principal and interest of the bonds as they respectively mature and for the creation of a sinking fund to aid in the retirement and payment thereof the full faith, credit and taxing power of the municipality shall be irrevocably pledged, and there shall be levied and collected annually upon all taxable property in the municipality an ad valorem tax, without limitation as to rate or amount, sufficient for such purposes.

HISTORY: 1962 Code Section 47-850; 1952 Code Section 47-850; 1951 (47) 771.

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