South Carolina § 31-6-50 Application of proceeds of obligations.

South Carolina Statutes

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

South Carolina § 31-6-50

Title 31HOUSING AND REDEVELOPMENT

Ch. 6TAX INCREMENT FINANCING FOR REDEVELOPMENT PROJECTS

This text of South Carolina § 31-6-50 (Application of proceeds of obligations.) 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. § 31-6-50 (2026).

Text

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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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.