There is a newer version of the South Carolina Code of Laws
2015 South Carolina Code of Laws
Title 11 - Public Finance
CHAPTER 19 - BORROWING IN ANTICIPATION OF FEDERAL GRANTS
Section 11-19-70. Application of proceeds of obligations.
SC Code § 11-19-70 (2015) What's This?
It shall be the duty of the governing body to apply the proceeds of any obligations issued pursuant to this chapter to the cost of the construction of the project for which the grant is to be made, but no purchaser of any obligations shall be liable for the proper application of the proceeds.
HISTORY: 1962 Code Section 1-641.6; 1971 (57) 902.
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