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2017 South Carolina Code of Laws
Title 31 - Housing and Redevelopment
CHAPTER 6 - TAX INCREMENT FINANCING FOR REDEVELOPMENT PROJECTS
Section 31-6-50. Application of proceeds of obligations.
Universal Citation: SC Code § 31-6-50 (2017)
The proceeds from obligations issued under authority of this chapter must be applied only for the purpose for which they were issued. Any premium and accrued interest received in any such sale must be applied to the payment of the principal of or the interest on the obligations sold. Any 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: 1984 Act No. 452, Section 1.
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