2017 South Carolina Code of Laws
Title 6 - Local Government - Provisions Applicable to Special Purpose Districts and Other Political Subdivisions
CHAPTER 21 - REVENUE BOND ACT FOR UTILITIES
Section 6-21-430. Custodian of Gross Revenues; Funds shall be In Form of Trust.
The governing body of the borrower shall designate as custodian of the bond and interest redemption fund established pursuant to Section 6-21-440 a bank, depository, or trust company duly qualified and doing business within the State which shall be satisfactory to the governing body of such borrower. The bank, depository, or trust company shall signify its acceptance of such custodianship by a written instrument directed to the governing body of the borrower. Such fund from time to time held by such bank, depository, or trust company shall be impressed with a trust for the benefit of the persons entitled thereto.
HISTORY: 1962 Code Section 59-401; 1952 Code Section 59-401; 1942 Code Section 9265-1; 1933 (38) 411; 1936 (39) 1299; 1990 Act No. 603, Section 8.
