Such bonds shall be sold in such manner and upon such terms as the governing body shall deem for the best interest of the borrower. In no event shall any of the bonds be sold on a basis to yield more than six per cent per annum from the date of sale to the date of average maturity of the bonds sold.

In any contract for the purchase or construction of any system or project named in § 6-21-50 or for the improvement, enlargement, extension or repair of any such system or project provision may be made that payment therefor shall be made in such bonds.

Terms Used In South Carolina Code 6-21-280

  • borrower: as used in this chapter shall be construed to mean the municipality operating under this chapter. See South Carolina Code 6-21-10
  • Contract: A legal written agreement that becomes binding when signed.
  • governing body: as used in this chapter shall be construed to mean, in the case of a county, the board of county commissioners or other like governing body thereof, in the case of a city or incorporated town, the board of commissioners, the mayor and council or other like governing body thereof and, in the case of a township, the board of county commissioners or other governing body of the county in which the township is located. See South Carolina Code 6-21-20
  • system: as used in this chapter shall include all of the projects and undertakings referred to in § 6-21-50. See South Carolina Code 6-21-40
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