South Carolina Statutes
§ 11-17-100 — Application of proceeds of bonds to payment of notes.
South Carolina·Title 11 PUBLIC FINANCE·Ch. 17 BORROWING BY STATE, STATE AGENCIES, AND POLITICAL UNITS IN ANTICIPATION OF ISSUANCE OF BONDS
Upon delivery of the bonds in anticipation of which a note or notes pursuant to this chapter have been issued, sufficient of the proceeds of such bonds shall be applied by the borrower to meet the payment of the principal and interest of such notes, unless the stated maturity of the notes shall be subsequent to the date as of which such bonds are issued; but, in all such instances, upon the delivery of the bonds, sufficient of the proceeds thereof shall be deposited in an irrevocable trust with the paying agent of the notes, or other financial institution, for the payment of the principal and interest of the notes upon their stated maturity.
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South Carolina § 11-17-100 (Application of proceeds of bonds to payment of notes.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 1-627.1; 1970 (56) 2061.
Nearby Sections
12
§ 11-17-10
Definitions.§ 11-17-110
Tax exempt status of notes.§ 11-17-30
Use of other funds for payment of notes.§ 11-17-40
Manner of issuing notes.§ 11-17-90
Application of proceeds of notes.