It shall be the duty of the governing body to apply the proceeds of any obligations issued pursuant to this chapter to the cost of the construction of the project for which the grant is to be made, but no purchaser of any obligations shall be liable for the proper application of the proceeds.
HISTORY: 1962 Code Section 1-641.6; 1971 (57) 902.
Structure South Carolina Code of Laws
Chapter 19 - Borrowing In Anticipation Of Federal Grants
Section 11-19-10. Definitions.
Section 11-19-30. Maximum amount.
Section 11-19-40. Manner of issuing obligations.
Section 11-19-50. Necessity of holding election before issuance of obligations.
Section 11-19-60. Necessity of obtaining consent or approval.