The proceeds of the sale of state school facilities 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, must be used to discharge in part the first interest to become due on the bonds, but the purchasers of the bonds are not liable for the proper application of the proceeds to the purposes for which they are intended.
S.C. Code Ann. § 59-146-140
Proceeds of sale of state school facilities bonds
Known as the State School Facilities Bond Act
The act spans §§ 59–59 (18 sections).
1999 Act No. 28, SECTION 1; 2004 Act No. 184, SECTION 8, eff March 15, 2004.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.