South Carolina Statutes
§ 6-11-600 — Disposition of proceeds of bonds.
South Carolina·Title 6 LOCAL GOVERNMENT—PROVISIONS APPLICABLE TO SPECIAL PURPOSE DISTRICTS AND OTHER POLITICAL SUBDIVISIONS·Ch. 11 SPECIAL PURPOSE OR PUBLIC SERVICE DISTRICTS GENERALLY
The proceeds derived from the sale of any bonds issued pursuant to this article shall be paid to the treasurer of the county in which the special purpose district is located, to be deposited in a bond account fund for the special purpose district, and shall be expended and made use of by the commission as follows:
(a)Any accrued interest shall be applied to the payment of the first installment of interest to become due on such bonds.
(b)Any premium shall be applied to the payment of the first installment of principal of the bonds.
(c)The remaining proceeds shall be used to defray the cost of issuing bonds authorized hereby, and to pay the cost of acquiring and constructing the necessary improvements in the special purpose district.
(d)If any balance remains, it shall be held by the tre
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South Carolina § 6-11-600 (Disposition of proceeds of bonds.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 59-599.110; 1974 (58) 2018.
Nearby Sections
15
§ 6-11-1000
Bonds exempt from taxes.§ 6-11-101
Hospital districts; powers.§ 6-11-1010
Disposition of proceeds of bonds.§ 6-11-1040
Certain bond issues validated.§ 6-11-1050
Issuance of additional revenue bonds.§ 6-11-120
Filing of plat of district.§ 6-11-1210
Declaration of purpose.§ 6-11-1220
Definitions.§ 6-11-1230
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