S.C. Code § 6-21-470
Excess contributions to bond and interest redemption fund
South Carolina · South Carolina Code Title 6, Chapter 21 — Revenue Bond Act for Utilities · Status: effective
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- Citation
- S.C. Code § 6-21-470, Excess contributions to bond and interest redemption fund, South Carolina, version 1 as recorded 2026-09-28, yourstate.us, https://yourstate.us/provision/1566462
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Full text
In the segregation and separation of the gross revenues into the several funds in SECTION 6-21-440 stated, the governing body may prescribe a reasonable excess amount to be placed in the bond and interest redemption fund from time to time during the earlier years of maturities of such bonds so as thereby to produce and provide a cushion fund to meet any possible deficiencies therein in maturities of future years. If such excess amounts are thus provided provision may be made in the ordinance for the scaling down of such amounts in future years if the surplus so provided in the earlier years may then be found to have been accumulated and to be available.