State highway bonds shall bear interest, payable on such occasions as shall be prescribed by the State Fiscal Accountability Authority. Each issue of state highway bonds shall mature in annual series or installments, which shall mature not more than twenty-five years after such date. Such installments or series may be equal or unequal in amount. State highway bonds may, in the discretion of the State Fiscal Accountability Authority, be made subject to redemption at par and accrued interest, plus such redemption premium as it shall approve and on such occasions as it may prescribe. State highway bonds shall not be redeemable before maturity unless they contain a statement to that effect.

HISTORY: 1962 Code Section 33-280.3; 1972 (57) 3088; 1993 Act No. 181, Section 1524.

Code Commissioner's Note

At the direction of the Code Commissioner, references in this section to the offices of the former State Budget and Control Board, Office of the Governor, or other agencies, were changed to reflect the transfer of them to the Department of Administration or other entities, pursuant to the directive of the South Carolina Restructuring Act, 2014 Act No. 121, Section 5(D)(1), effective July 1, 2015.