South Carolina Code 59-21-330. Obligation to make grants subordinate to State school bonds
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Terms Used In South Carolina Code 59-21-330
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
The obligation of the State to make sums available to school districts as provided under § 59-21-320 shall be subordinate to the pledge made to secure the State school bonds authorized under Article 5 of Chapter 71 of this Title and the sinking fund created for their retirement.