South Carolina Statutes
§ 6-21-430 — Custodian of Gross Revenues; Funds shall be In Form of Trust.
South Carolina·Title 6 LOCAL GOVERNMENT—PROVISIONS APPLICABLE TO SPECIAL PURPOSE DISTRICTS AND OTHER POLITICAL SUBDIVISIONS·Ch. 21 REVENUE BOND ACT FOR UTILITIES
The governing body of the borrower shall designate as custodian of the bond and interest redemption fund established pursuant to Section 6-21-440 a bank, depository, or trust company duly qualified and doing business within the State which shall be satisfactory to the governing body of such borrower. The bank, depository, or trust company shall signify its acceptance of such custodianship by a written instrument directed to the governing body of the borrower. Such fund from time to time held by such bank, depository, or trust company shall be impressed with a trust for the benefit of the persons entitled thereto.
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South Carolina § 6-21-430 (Custodian of Gross Revenues; Funds shall be In Form of Trust.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 59-401; 1952 Code SECTION 59-401; 1942 Code SECTION 9265-1; 1933 (38) 411; 1936 (39) 1299; 1990 Act No. 603, SECTION 8.
Nearby Sections
15
§ 6-21-10
"Borrower" defined.§ 6-21-110
Condemnation of property.§ 6-21-130
Option or contract of purchase.§ 6-21-140
Estimate of cost of system.§ 6-21-180
Acceptance of Federal loans and grants.§ 6-21-185
Special purpose districts providing hospital, nursing home, or care facilities; mortgages.§ 6-21-190
Bond issues authorized.§ 6-21-20
"Governing body" defined.