All monies received pursuant to the authority of this chapter, whether as proceeds from the sale of bonds or as revenues, shall be deemed to be trust funds to be held and applied solely as provided in this chapter. Any officer with whom, or any bank or trust company with which, such monies shall be deposited shall act as trustees of such monies and shall hold and apply the same for the purposes hereof, subject to such regulations as this chapter and the proceedings authorizing the bonds of any issue or the trust agreement securing such bonds may provide.
HISTORY: 1962 Code Section 22-41.12; 1969 (56) 444; 1993 Act No. 167, Section 9.
Structure South Carolina Code of Laws
Section 59-109-10. Short title.
Section 59-109-20. Legislative declaration of policy and purpose.
Section 59-109-30. Definitions.
Section 59-109-50. Purpose of authority; powers enumerated.
Section 59-109-70. Acquisition of property by authority.
Section 59-109-90. Bond anticipation notes; issuance, terms, form, and execution of bonds and notes.
Section 59-109-100. Trust agreement to secure bonds.
Section 59-109-110. Bonds not considered debt or liability of State or any political subdivision.
Section 59-109-130. Monies received deemed trust funds.
Section 59-109-140. Enforcement of rights of bondholders.
Section 59-109-150. Exemption from taxation.
Section 59-109-160. Bonds as legal investments.