South Carolina Statutes
§ 11-41-150 — Application of proceeds; liability of purchasers for misapplication.
South Carolina·Title 11 PUBLIC FINANCE·Ch. 41 STATE GENERAL OBLIGATION ECONOMIC DEVELOPMENT BOND ACT
The proceeds of the sale of bonds must be received by the State Treasurer and applied by the State Treasurer to the purposes for which issued, except that the accrued interest, if any, may be used to discharge in part the first interest to become due on the bonds, but the purchasers of the bonds in no way are liable for the proper application of the proceeds to the purposes for which they are intended.
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South Carolina § 11-41-150 (Application of proceeds; liability of purchasers for misapplication.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 2002 Act No. 254, SECTION 1; 2004 Act No. 184, SECTION 3.
Nearby Sections
15
§ 11-41-10
Short title.§ 11-41-110
Bonds exempt from taxation.§ 11-41-130
Payment of principal and interest.§ 11-41-140
Sale of bonds.§ 11-41-160
Purchase by fiduciaries.§ 11-41-170
Expenditure of proceeds.§ 11-41-30
Definitions.§ 11-41-40
Issuance of bonds pursuant to chapter.