The proceeds of the sale of general obligation debt must be received by the State Treasurer and applied by him to the purposes for which issued, but the purchasers of the general obligation debt are in no way liable for the proper application of the proceeds to the purposes for which they are intended.
S.C. Code Ann. § 11-51-170
Application of sale proceeds; liability of purchaser
Known as the South Carolina Research University Infrastructure Act
The act spans §§ 11–11 (20 sections).
2004 Act No. 187, SECTION 9.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.