§ 59-71-580. Retail sales tax provisions as part of contract with bondholders.
85 words·~1 min read·
/sc/title-59-education/chapter-71/school-bonds/59-71-580·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 59-71-580. Retail sales tax provisions as part of contract with bondholders.
The provisions of Chapter 35 of Title 12 levying the retail sales tax and of this article pledging the proceeds thereof to the payment of the principal and interest of State school bonds and to the sinking fund to be established for the retirement of the outstanding principal of the bonds shall be deemed to partake of the obligation of the contract between the State and the holders of the State school bonds.