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 the following:
(a) the actual cost of the construction of any part of a project, including architects', engineers', and attorneys' fees;
(b) the purchase price of any part of a project that may be acquired by purchase;
(c) all expenses in connection with the authorization, sale, and issuance of the bonds to finance the acquisition;
(d) the interest on the bonds for a reasonable time prior to construction and for not exceeding one year after completion of the construction.
HISTORY: 1992 Act No. 515, Section 4, eff July 1, 1992.
Structure South Carolina Code of Laws
Title 13 - Planning, Research and Development
Chapter 19 - Midlands Authority
Section 13-19-20. Board officers; committees; meetings; quorum.
Section 13-19-30. Rights and powers of board.
Section 13-19-35. Area in which authority may exercise powers and duties.
Section 13-19-50. Resolution by board authorizing issuance of revenue bonds.
Section 13-19-60. Terms and particulars pertaining to bonds.
Section 13-19-80. Bond issue approval; proposal; disposition of proposal.
Section 13-19-90. Signature and attestation of bonds and interest coupons.
Section 13-19-110. Description of financial obligations to be filed with State Treasurer.
Section 13-19-140. Investment of funds by state treasurer; net earnings.
Section 13-19-150. Carryover of unexpended funds from year to year.
Section 13-19-180. Regulations promulgated by authority to be in accord with Title 1, Chapter 23.
Section 13-19-200. Tax exemption of authority property; payment in lieu of taxes.