The proceeds derived from the sale of these bonds must be deposited in a special fund, separate and distinct from all other funds, and applied solely to the purposes for which the bonds are issued, except that the accrued interest, if any, must be used to discharge in part the first interest to become due on the bonds.
S.C. Code Ann. § 11-15-590
Deposit and use of proceeds
Known as the Refunding Act
The act spans §§ 11–11 (20 sections).
1962 Code SECTION 1-699; 1952 Code SECTION 1-699; 1951 (47) 755; 2004 Act No. 184, SECTION 1.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.