Upon delivery of the bonds in anticipation of which a note or notes pursuant to this chapter have been issued, sufficient of the proceeds of such bonds shall be applied by the borrower to meet the payment of the principal and interest of such notes, unless the stated maturity of the notes shall be subsequent to the date as of which such bonds are issued; but, in all such instances, upon the delivery of the bonds, sufficient of the proceeds thereof shall be deposited in an irrevocable trust with the paying agent of the notes, or other financial institution, for the payment of the principal and interest of the notes upon their stated maturity.
HISTORY: 1962 Code Section 1-627.1; 1970 (56) 2061.
Structure South Carolina Code of Laws
Section 11-17-10. Definitions.
Section 11-17-30. Use of other funds for payment of notes.
Section 11-17-40. Manner of issuing notes.
Section 11-17-50. Necessity of holding election before issuance of notes.
Section 11-17-60. Resolution of governing body; consent or approval required; renewal or refunding.
Section 11-17-70. Notes secured by full faith, credit, and taxing power of borrower.
Section 11-17-80. Purpose of bonds deemed to include payment of notes.
Section 11-17-90. Application of proceeds of notes.
Section 11-17-100. Application of proceeds of bonds to payment of notes.