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2021 South Carolina Code of Laws
Title 11 - Public Finance
Chapter 41 - State General Obligation Economic Development Bond Act
Section 11-41-150. Application of proceeds; liability of purchasers for misapplication.
Universal Citation: SC Code § 11-41-150 (2021)
The proceeds of the sale of bonds must be received by the State Treasurer and applied by the State Treasurer to the purposes for which issued, except that the accrued interest, if any, may be used to discharge in part the first interest to become due on the bonds, but the purchasers of the bonds in no way are liable for the proper application of the proceeds to the purposes for which they are intended.
HISTORY: 2002 Act No. 254, Section 1; 2004 Act No. 184, Section 3.
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