The proceeds derived from the sale of any such bonds shall 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 premium, if any, shall be placed in the sinking fund established by SECTION 5-21-400 and the accrued interest, if any, shall be used to discharge in part the first interest to become due on such bonds. Should any surplus remain it shall be deposited in the sinking fund required by the provisions of SECTION 5-21-400 to be established for the payment of the bonds.
S.C. Code Ann. § 5-21-450
Deposit and use of proceeds
Known as the Municipal Bond Act
The act spans §§ 5-21-210 to 5-21-500 (30 sections).
1962 Code SECTION 47-855; 1952 Code SECTION 47-855; 1951 (47) 771.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.