Home/South Carolina/Statutes/Title 31: HOUSING AND REDEVELOPMENT/Ch. 6: TAX INCREMENT FINANCING FOR REDEVELOPMENT PROJECTS/§ 31-6-50
South Carolina Statutes

§ 31-6-50 — Application of proceeds of obligations.

South Carolina·Title 31 HOUSING AND REDEVELOPMENT·Ch. 6 TAX INCREMENT FINANCING FOR REDEVELOPMENT PROJECTS
The proceeds from obligations issued under authority of this chapter must be applied only for the purpose for which they were issued. Any premium and accrued interest received in any such sale must be applied to the payment of the principal of or the interest on the obligations sold. Any portion of the proceeds not needed for redevelopment project costs must be applied to the payment of the principal of or the interest on the obligations.

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South Carolina § 31-6-50 (Application of proceeds of obligations.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

HISTORY: 1984 Act No. 452, SECTION 1.

Nearby Sections

13
§ 31-6-10
Short title.
§ 31-6-100
Assessment of value of real estate in redevelopment project area.
§ 31-6-110
Disposition of revenues from municipal property within project area; deposit of revenues from sale of property acquired with proceeds of obligations.
§ 31-6-120
Project located within more than one municipality.
§ 31-6-20
Declaration of legislative findings.
§ 31-6-30
Definitions.
§ 31-6-40
Issuance of obligations for redevelopment costs; security; manner of retirement.
§ 31-6-50
Application of proceeds of obligations.
§ 31-6-60
Exemption of obligations and interest thereon from South Carolina taxes.
§ 31-6-70
Ordinance pertaining to allocation of taxes; distribution of surplus funds; termination of redevelopment area status and dissolution of tax allocation fund.
§ 31-6-80
Public hearing prior to approval of redevelopment plan; changes in plan; notice to, and objections by taxing districts; adoption of ordinance prior to issuance of obligations; changes to redevelopment plan.
§ 31-6-85
Intergovernmental agreement for redevelopment project.
§ 31-6-90
Persons displaced by redevelopment project.
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