In order to effect the issuance of state school facilities bonds, the State Fiscal Accountability Authority shall adopt a resolution providing for the issuance of state school facilities bonds pursuant to the provisions of this chapter. The authorizing resolution must include:
(1) schedules setting forth the aggregate of all general obligation debt of the State (excluding highway bonds, state institution bonds, tax anticipation notes, and bond anticipation notes) together with certificates of the State Treasurer and State Auditor evidencing compliance with the provisions of paragraph 6(c) of Section 13 of Article X of the South Carolina Constitution;
(2) a schedule showing the aggregate of state school facilities bonds issued, the purposes for which they were issued, the annual payments required to retire the state school facilities bonds, the interest thereon, and the amount of any special funds applicable to the retirement of the outstanding state school facilities bonds;
(3) the amount of state school facilities bonds to be issued; and
(4) a schedule showing future annual principal requirements and estimated annual interest requirements on the state school facilities bonds to be issued.
HISTORY: 1999 Act No. 28, Section 1.
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