The proceeds of the sale of state highway bonds must be received by the State Treasurer and applied by the State Treasurer to the purposes for which issued, except that the accrued interest, if any, must be used to discharge in part the first interest to become due on the bonds, but the purchasers of the bonds are not liable for the proper application of the proceeds to the purposes for which they are intended.
HISTORY: 1962 Code Section 33-280.8; 1972 (57) 3088; 1993 Act No. 181, Section 1524; 2004 Act No. 184, Section 5.
Structure South Carolina Code of Laws
Title 57 - Highways, Bridges and Ferries
Chapter 11 - Financial Matters
Section 57-11-10. "Accident claims" and "gasoline user fee" defined.
Section 57-11-80. Department to adopt budget in accordance with Chapters 9 and 11 of Title 11.
Section 57-11-210. Definitions.
Section 57-11-220. Request by commission for issuance of state highway bonds; requirements.
Section 57-11-235. Issuance of highway bonds.
Section 57-11-250. Pledge for payment of bonds.
Section 57-11-270. Revision of taxes included in sources of revenue.
Section 57-11-280. Bond resolution.
Section 57-11-290. Issuance of bonds by Governor and State Treasurer.
Section 57-11-300. Form of bonds; time, place, and medium of payment.
Section 57-11-320. State highway bonds to be issued as fully registered bonds; transfer.
Section 57-11-330. Interest on bonds; maturity.
Section 57-11-340. Exemption of bonds from taxation.
Section 57-11-360. Sale of bonds.
Section 57-11-370. Bonds constitute legal investments.
Section 57-11-380. Disposition of proceeds of sale of bonds.
Section 57-11-390. Application of proceeds to purposes for which bonds issued.