South Carolina § 5-21-450 Deposit and use of proceeds.

South Carolina Statutes

§ 5-21-450 — Deposit and use of proceeds.

South Carolina § 5-21-450

Title 5MUNICIPAL CORPORATIONS

Ch. 21FINANCIAL MATTERS GENERALLY

This text of South Carolina § 5-21-450 (Deposit and use of proceeds.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 5-21-450 (2026).

Text

The proceeds derived from the sale of any such bonds shall be deposited in a special fund, separate and distinct from all other funds, and applied solely to the purposes for which the bonds are issued, except that the premium, if any, shall be placed in the sinking fund established by SECTION 5-21-400 and the accrued interest, if any, shall be used to discharge in part the first interest to become due on such bonds. Should any surplus remain it shall be deposited in the sinking fund required by the provisions of SECTION 5-21-400 to be established for the payment of the bonds.

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The proceeds derived from the sale of any such bonds shall be deposited in a special fund, separate and distinct from all other funds, and applied solely to the purposes for which the bonds are issued, except that the premium, if any, shall be placed in the sinking fund established by SECTION 5-21-400 and the accrued interest, if any, shall be used to discharge in part the first interest to become due on such bonds. Should any surplus remain it shall be deposited in the sinking fund required by the provisions of SECTION 5-21-400 to be established for the payment of the bonds.