The proceeds of the sale of state school facilities 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: 1999 Act No. 28, Section 1; 2004 Act No. 184, Section 8, eff March 15, 2004.
Effect of Amendment
The 2004 amendment substituted "the State Treasurer" for "him" following " applied by", deleted "and the premium, if any, shall be used to discharge the payment of the first installment of principal to become due on such bonds," preceding ", but the purchasers" and substituted "must" for "shall" throughout.
Structure South Carolina Code of Laws
Chapter 146 - State School Facilities Bonds Act
Section 59-146-10. Short title.
Section 59-146-20. Purpose of chapter to assist school districts to provide educational facilities.
Section 59-146-30. Definitions.
Section 59-146-40. School facilities bonds.
Section 59-146-60. State Board of Education notification to State Fiscal Accountability Authority.
Section 59-146-90. Terms of state school facilities bonds.
Section 59-146-100. Tax exemption of state school facilities bonds.
Section 59-146-110. Execution and authentication of state school facilities bonds.
Section 59-146-120. Payment of principal and interest.
Section 59-146-130. Sale of state school facilities bonds.
Section 59-146-140. Proceeds of sale of state school facilities bonds.
Section 59-146-150. Investment in state school facilities bonds by fiduciaries.
Section 59-146-160. Allocation of proceeds of sale of state school facilities bonds.
Section 59-146-180. Qualification of school districts for funds.