2017 South Carolina Code of Laws
Title 31 - Housing and Redevelopment
CHAPTER 12 - REDEVELOPMENT OF FEDERAL MILITARY INSTALLATIONS AND OTHER DEFENSE SITES
Section 31-12-250. Disposition of proceeds of obligations.
The proceeds from obligations issued under authority of Sections 31-12-200 through 31-12-320 of this chapter must be applied only for the purpose for which they were issued. Any premium and accrued interest received in a sale must be applied to the payment of the principal of or the interest on the obligations sold. A portion of the proceeds not needed for redevelopment project costs must be applied to the payment of the principal of or the interest on the obligations.
HISTORY: 1994 Act No. 462, Section 1; 1998 Act No. 421, Section 1.