The proceeds from obligations issued under authority of this chapter must be applied only for the purpose for which they were issued. Any premium and accrued interest received in any such sale must be applied to the payment of the principal of or the interest on the obligations sold. Any portion of the proceeds not needed for redevelopment project costs must be applied to the payment of the principal of or the interest on the obligations.
HISTORY: 1999 Act No. 109, Section 1.
Structure South Carolina Code of Laws
Title 31 - Housing and Redevelopment
Chapter 7 - Tax Increment Financing For Counties
Section 31-7-25. Additional findings.
Section 31-7-40. Obligations and pledges authorized; surplus fund distributions.
Section 31-7-50. Application of proceeds.
Section 31-7-60. State tax exemptions.
Section 31-7-70. Ordinance adoption requirements and obligation retirement.
Section 31-7-75. Municipal annexation; ad valorem tax valuation.
Section 31-7-80. Conditions for issuing obligations; approving and modifying redevelopment plans.
Section 31-7-90. Residential displacement requirements, benefits, and protections.
Section 31-7-100. County auditor certification; value assessments; extending taxes.
Section 31-7-110. Revenues and grants; county powers.
Section 31-7-120. Intergovernmental agreements.
Section 31-7-130. Government-owned telecommunications service providers.