S.C. Code Ann. § 59-67-450: Form of indebtedness; interest; payment.

The indebtedness incurred pursuant to Section 59-67-440 shall be in such form and shall bear such rate of interest as may be agreed upon between the State Fiscal Accountability Authority and the State Board of Education.

For the payment of the indebtedness and the interest to accrue thereon, the principal proceeds of the next bonds to be issued pursuant to Article 5 of Chapter 71 of this Title for school purposes shall be pledged and on the occasion that such further school bonds shall be issued pursuant thereto, sufficient of the proceeds thereof shall be used to retire such indebtedness, both principal and interest.