The proceeds from the sale of any bonds issued under authority of this article shall be applied only for the purpose for which the bonds were issued; provided, however, that any premium and accrued interest received in any such sale shall be applied to the payment of the principal of or the interest on the bonds sold; and provided, further, that if for any reason any portion of the proceeds shall not be needed for the purpose for which the bonds were issued, such unneeded portion of the proceeds shall be applied to the payment of the principal of or the interest on the bonds. The cost of acquiring any railroad or necessary equipment shall be deemed to include the following: the actual cost of the construction of any part of the railroad which may be constructed, including architects' and engineers' fees; the purchase price of any part of railroad or necessary equipment that may be acquired by purchase; all expenses in connection with the authorization, sale and issuance of the bonds to finance such acquisition; and the interest on the bonds for a reasonable time prior to construction, during construction and for not exceeding one year after completion of the construction.
HISTORY: 1993 Act No. 181, Section 247, eff July 1, 1993.
Structure South Carolina Code of Laws
Title 13 - Planning, Research and Development
Chapter 1 - General Provisions
Section 13-1-10. Department of Commerce established.
Section 13-1-20. Purposes of department.
Section 13-1-40. Advisory councils.
Section 13-1-50. Annual audit of department.
Section 13-1-60. Severability.
Section 13-1-310. Definitions.
Section 13-1-320. Objectives of division.
Section 13-1-330. Division made up of bureaus.
Section 13-1-340. Director of division; duties, powers and responsibilities.
Section 13-1-350. Director to assume duties of certain former boards, commissions, and councils.
Section 13-1-360. Confidentiality of information.
Section 13-1-370. Advisory committee of the Division of State Development.
Section 13-1-380. Recycling Market Development Advisory Council.
Section 13-1-610. Definitions.
Section 13-1-620. Rights and powers of director.
Section 13-1-630. Area of director's powers.
Section 13-1-640. Issuance of revenue bonds to fund projects.
Section 13-1-660. Specifics of revenue bonds and their issuance.
Section 13-1-670. Principal and interest on bonds exempt from taxation.
Section 13-1-690. Signature on bonds.
Section 13-1-700. Manner of sale of bonds.
Section 13-1-710. Report to State Treasurer following issuance of bonds.
Section 13-1-720. Enforceability of orders, covenants, and agreements related to bonds.
Section 13-1-730. Bonds to constitute limited obligations of division; payment on bonds.
Section 13-1-740. Investment of funds.
Section 13-1-750. Carryover of funds to subsequent fiscal years.
Section 13-1-780. Promulgation of regulations.
Section 13-1-790. Establishment of corporations by director.
Section 13-1-800. Payment in lieu of property taxes on property of division.
Section 13-1-810. Division's status as "agency".
Section 13-1-1000. Definitions.
Section 13-1-1010. Commission created; purpose; purchase and sale of aeronautics assets.
Section 13-1-1020. Commission districts; election and appointment of members.
Section 13-1-1060. Oath of office.
Section 13-1-1080. Appointment of executive director.
Section 13-1-1090. Qualifications for commission chairman and members.
Section 13-1-1110. Organization and objectives of division.
Section 13-1-1310. Division of Public Railways created.
Section 13-1-1320. Definitions.
Section 13-1-1330. Powers and duties of director of division.
Section 13-1-1340. Transfer of certain common carrier switching operations to division.
Section 13-1-1350. Power of director to extend division's operations.
Section 13-1-1355. Transfer of certain railroad equipment.
Section 13-1-1360. Bonds of division to be limited obligations.
Section 13-1-1370. Bonds to be secured by pledge of division revenues.
Section 13-1-1380. Contract terms for construction and equipment.
Section 13-1-1400. Power of director over disbursement of bond proceeds.
Section 13-1-1410. Books of additional acquisitions to be kept separately.
Section 13-1-1420. Application of proceeds from sale of bonds.
Section 13-1-1430. Refunding of bonds.
Section 13-1-1440. Bonds to be lawful investments.
Section 13-1-1450. Bonds, revenue, and property of division to be tax exempt.
Section 13-1-1470. Director not subject to other limitations.
Section 13-1-1710. Coordinating Council for Economic Development.
Section 13-1-1720. Purpose and duties of council.
Section 13-1-1740. Recommendations by council; review of agency requests for appropriations.
Section 13-1-1750. Funding; technical advisory committees; data sources.
Section 13-1-1760. Council not to infringe on autonomy of other agencies.
Section 13-1-1780. Agricultural businesses considered for economic development awards.
Section 13-1-1810. Transfer of powers relating to regional education centers.
Section 13-1-1820. Department to provide oversight to regional education centers.
Section 13-1-2030. Coordinating Council for Workforce Development created; membership; duties.