South Carolina Statutes
§ 57-11-380 — Disposition of proceeds of sale of bonds.
The proceeds of the sale of state highway 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.
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South Carolina § 57-11-380 (Disposition of proceeds of sale of bonds.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 33-280.8; 1972 (57) 3088; 1993 Act No. 181, SECTION 1524; 2004 Act No. 184, SECTION 5.
Nearby Sections
15
§ 57-11-210
Definitions.§ 57-11-235
Issuance of highway bonds.§ 57-11-250
Pledge for payment of bonds.§ 57-11-280
Bond resolution.§ 57-11-330
Interest on bonds; maturity.§ 57-11-340
Exemption of bonds from taxation.§ 57-11-360
Sale of bonds.