S.C. Code Ann. § 59-71-410: Authority to issue State school bonds.

For the purpose of enabling the State Board of Education to raise funds for capital improvements and other purposes in addition to those funds provided by Article 3 of Chapter 21 of this Title, for the purpose of enabling the Board to raise funds necessary to acquire the school bus equipment authorized to be acquired by the provisions of Article 3 of Chapter 67 of this Title and for the purpose of permitting the Board to raise funds to refinance the short-term indebtedness incurred in connection with the acquisition of school bus equipment, the Governor and the State Treasurer may issue State school bonds under the conditions prescribed by this article.