South Carolina Statutes
§ 59-109-130 — Monies received deemed trust funds.
South Carolina·Title 59 EDUCATION·Ch. 109 EDUCATIONAL FACILITIES AUTHORITY ACT FOR PRIVATE NONPROFIT INSTITUTIONS OF HIGHER LEARNING
All monies received pursuant to the authority of this chapter, whether as proceeds from the sale of bonds or as revenues, shall be deemed to be trust funds to be held and applied solely as provided in this chapter. Any officer with whom, or any bank or trust company with which, such monies shall be deposited shall act as trustees of such monies and shall hold and apply the same for the purposes hereof, subject to such regulations as this chapter and the proceedings authorizing the bonds of any issue or the trust agreement securing such bonds may provide.
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South Carolina § 59-109-130 (Monies received deemed trust funds.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 22-41.12; 1969 (56) 444; 1993 Act No. 167, SECTION 9.
Nearby Sections
15
§ 59-109-10
Short title.§ 59-109-100
Trust agreement to secure bonds.§ 59-109-130
Monies received deemed trust funds.§ 59-109-140
Enforcement of rights of bondholders.§ 59-109-150
Exemption from taxation.§ 59-109-160
Bonds as legal investments.§ 59-109-170
Annual reports.§ 59-109-30
Definitions.§ 59-109-50
Purpose of authority; powers enumerated.§ 59-109-60
Expenses.