The proceeds from the sale of any bonds issued under authority of this chapter 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 project shall be deemed to include the following: The actual cost of the construction of any part of a project which may be constructed, including architects' and engineers' fees; the purchase price of any part of a project 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: 1962 Code Section 14-399.29; 1967 (55) 120; 1980 Act No. 518, Section 10B.
Structure South Carolina Code of Laws
Chapter 29 - Industrial Development Projects
Section 4-29-50. Contracts for construction of projects.
Section 4-29-65. Requirement of feasibility report.
Section 4-29-68. Special source revenue bonds.
Section 4-29-69. Inducement agreement providing for payment in lieu of property taxes.
Section 4-29-70. Options in leases; consideration for renewal of lease or purchase of project.
Section 4-29-80. Additional powers of governing boards.
Section 4-29-90. Application of proceeds from sale of bonds; cost of acquiring project.
Section 4-29-110. Refunding bonds.