South Carolina Statutes
§ 59-107-170 — Deposit and use of proceeds of bonds.
The proceeds of sale of state institution bonds must be received by the State Treasurer and placed in a fund to the credit of the State Fiscal Accountability Authority subject to withdrawal on their order, except that all accrued interest received must be used by the State Treasurer to discharge the first installment of interest coming due. On the occasion that he receives the proceeds of state institution bonds from the purchaser, the State Treasurer shall segregate the proceeds for the account of the state institution or institutions for which the bonds are issued. The purchasers of the state institution bonds are not liable for the application of the proceeds of the bonds to the purposes for which they are intended.
Free access — add to your briefcase to read the full text and ask questions with AI
South Carolina § 59-107-170 (Deposit and use of proceeds of bonds.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 22-37; 1953 (48) 169; 2004 Act No. 184, SECTION 7, eff March 15, 2004. Effect of Amendment The 2004 amendment, in the first sentence, substituted "the State Treasurer" for "him" preceding " to discharge" and deleted the final clause which read ", and any premium shall be used to discharge the first installment of principal coming due on such bonds", and substituted "must" for "shall" throughout.
Nearby Sections
15
§ 59-107-110
Negotiability and registration.§ 59-107-140
Bonds exempt from taxes.§ 59-107-150
Bonds as legal investments.§ 59-107-160
Sale of bonds.§ 59-107-170
Deposit and use of proceeds of bonds.§ 59-107-20
Tuition fees required at state institutions.§ 59-107-200
Defeasance of bonds; trust fund established.§ 59-107-30
Remittance and application of tuition fees.