South Carolina Statutes
§ 5-21-750 — Deposit and use of proceeds.
The proceeds derived from the sale of any bonds issued under this article shall be deposited in a special fund, separate and distinct from all other funds, and applied solely to the cost of the improvements for which were levied the assessments in anticipation of which the bonds were issued, except that the premium, if any, shall be placed in the fund established for the payment of the principal of the bonds 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 after paying for the cost of the improvements, it shall be deposited in the fund established for the payment of such principal and interest.
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South Carolina § 5-21-750 (Deposit and use of proceeds.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 47-860.15; 1952 Code SECTION 47-860.15; 1951 (47) 767.
Nearby Sections
15
§ 5-21-110
Property subject to municipal taxes.§ 5-21-20
Exceptions to 5-21-10.§ 5-21-210
Short title.§ 5-21-220
Definitions.§ 5-21-230
Declaration of purpose.§ 5-21-250
Petition for election on issuance.§ 5-21-260
Notice of filing of petition.§ 5-21-270
Action on petition.§ 5-21-280
Time for holding election.§ 5-21-290
Notice of the holding of the election.