South Carolina Statutes
§ 59-71-560 — Use of proceeds; segregation for different uses.
The proceeds derived from the sale of State school bonds shall be applied by the Board only to the purposes for which the bonds are issued, and, if it shall be provided that a part of the proceeds of an issue of bonds shall be allocated to school districts for capital improvements and other purposes and another part be applied to defray the cost of school bus equipment, the State Treasurer shall, upon the receipt of the proceeds of such bonds, segregate such proceeds in accordance with the provisions of the request made to the Governor and the State Treasurer pursuant to the provisions of Section 59-71-430.
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South Carolina § 59-71-560 (Use of proceeds; segregation for different uses.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 21-1000.1; 1952 Code SECTION 21-1000.1; 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.