The proceeds from the sale of any bonds issued under authority of this chapter may be applied only for the purpose for which the bonds were issued, except any premium and accrued interest received in any sale must be applied to the payment of the principal of or the interest on the bonds sold, and if for any reason any portion of the proceeds are not needed for the purpose for which the bonds were issued, that portion of the proceeds must be applied to the payment of the principal of or the interest on the bonds.
The cost of acquiring any project includes:
(1) the actual cost of the construction of any part of a project, including architects', engineers', and attorneys' fees;
(2) the purchase price of any part of a project that may be acquired by purchase;
(3) all expenses in connection with the authorization, sale, and issuance of the bonds to finance the acquisition;
(4) the interest on the bonds for a reasonable time before construction and for not exceeding one year after completion of the construction.
HISTORY: 1992 Act No. 515, Section 1, eff September 1, 1992; 1992 Act No. 518, Section 1, eff September 2, 1992.
Structure South Carolina Code of Laws
Title 13 - Planning, Research and Development
Chapter 12 - Trident Economic Development Finance Authority
Section 13-12-15. Referendum in nonparticipating county whether to participate in authority.
Section 13-12-20. Officers of governing board; committees; meetings; quorum.
Section 13-12-30. Rights and powers of board.
Section 13-12-70. Notice requirements with respect to hearing on bond issue.
Section 13-12-80. Public hearing.
Section 13-12-100. Notice of governing bodies' actions; call for election.
Section 13-12-110. Right to challenge action taken by county governing bodies.
Section 13-12-120. Manner of election; majority vote required.
Section 13-12-130. Issuance of bonds following authorization.
Section 13-12-150. Signature and attestation of bonds and interest coupons.
Section 13-12-180. Net earnings of authority not to inure to benefit of person other than authority.
Section 13-12-190. Carryover of unexpended funds from year to year.