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.
S.C. Code Ann. § 11-41-150
Application of proceeds; liability of purchasers for misapplication
Known as the State General Obligation Economic Development Bond Act
The act spans §§ 11-41-10 to 11-41-90 (19 sections).
2002 Act No. 254, SECTION 1; 2004 Act No. 184, SECTION 3.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.