The payments to be made by such corporation shall be: (1) all fixed charges and all operating and maintenance charges and expenses which shall include taxes, assessments, insurance, amortization charges in amounts approved by the director to amortize the mortgage indebtedness in whole or in part, depreciation charges if, when and to the extent deemed necessary by the director, reserves, sinking fund and corporate expenses essential to the operation and management of the project in amounts approved by the director; (2) a dividend not exceeding the maximum fixed by this chapter upon the stock of the corporation allotted to the project by the director; and (3) when feasible in the judgment of the director, a sinking fund in an amount to be fixed by the director for the gradual retirement of the stock and income debentures of the corporation to the extent permitted by this chapter. HISTORY: 1962 Code Section 36-52; 1952 Code Section 36-52; 1942 Code Section 5271-13; 1933 (38) 176; 1993 Act No. 181, Section 501.
South Carolina Legal Code