South Carolina Statutes
§ 59-71-550 — Disposition of proceeds of sale.
The proceeds of the sale of State school bonds shall be received by the State Treasurer and placed by him to the credit of the State Board of Education, except that the premium, if any, shall be placed in the sinking fund established by Section 59-71-570 and the accrued interest, if any, shall be used to discharge in part the first interest to become due on such bonds. On the occasion that he receives the proceeds of State school bonds from the purchasers, the State Treasurer shall segregate that part of the proceeds which are intended for allocation to school districts for capital improvements and other purposes from that portion intended for the purchase of school bus equipment, but the purchasers of such bonds shall in no wise be liable for the proper application of the proceeds to the
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South Carolina § 59-71-550 (Disposition of proceeds of sale.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 21-1000; 1952 Code SECTION 21-1000; 1951 (47) 546; 1967 (55) 719.
Nearby Sections
15
§ 59-71-10
Short title.§ 59-71-100
Place of payment.§ 59-71-110
Interest rate.§ 59-71-120
Execution of bonds.§ 59-71-130
Sale of bonds.§ 59-71-140
Minimum sales price.§ 59-71-150
Credit pledged for payment; tax.§ 59-71-160
Exemption of bonds from taxes.§ 59-71-170
Bonds as legal investments.§ 59-71-180
Deposit and use of proceeds.§ 59-71-20
Definitions.