The proceeds of the sale of State school bonds shall be received by the State Treasurer and placed by him to the credit of the State Board of Education, except that the premium, if any, shall be placed in the sinking fund established by Section 59-71-570 and the accrued interest, if any, shall be used to discharge in part the first interest to become due on such bonds. On the occasion that he receives the proceeds of State school bonds from the purchasers, the State Treasurer shall segregate that part of the proceeds which are intended for allocation to school districts for capital improvements and other purposes from that portion intended for the purchase of school bus equipment, but the purchasers of such bonds shall in no wise be liable for the proper application of the proceeds to the purposes for which they are intended.
The State Board of Education shall in turn credit each of the several school districts with its proportionate share of the proceeds of the bonds applicable to capital improvements and other purposes, each district's share being determined in the ratio of its public school enrollment to the enrollment of the State as a whole.
HISTORY: 1962 Code Section 21-1000; 1952 Code Section 21-1000; 1951 (47) 546; 1967 (55) 719.
Structure South Carolina Code of Laws
Section 59-71-10. Short title.
Section 59-71-20. Definitions.
Section 59-71-50. Notice of election.
Section 59-71-70. Maturity of bonds.
Section 59-71-80. Provision for redemption.
Section 59-71-90. Negotiability and registration.
Section 59-71-100. Place of payment.
Section 59-71-110. Interest rate.
Section 59-71-120. Execution of bonds.
Section 59-71-130. Sale of bonds.
Section 59-71-140. Minimum sales price.
Section 59-71-150. Credit pledged for payment; tax.
Section 59-71-160. Exemption of bonds from taxes.
Section 59-71-170. Bonds as legal investments.
Section 59-71-180. Deposit and use of proceeds.
Section 59-71-190. Investment of sinking funds in defense securities.
Section 59-71-310. Resolution of school district concerning bonds in default.
Section 59-71-320. Duties of State Treasurer.
Section 59-71-330. Rules and regulations.
Section 59-71-340. Levy of additional tax.
Section 59-71-410. Authority to issue State school bonds.
Section 59-71-420. Limits on aggregates of indebtedness; maturity date.
Section 59-71-430. Request for issuance of bonds.
Section 59-71-440. Conditions warranting issuance of bonds.
Section 59-71-450. Form of bonds; time, place, and medium of payment.
Section 59-71-460. Denomination of bonds.
Section 59-71-470. Form of bonds; registration.
Section 59-71-480. Interest; maturities; redemption.
Section 59-71-490. Exemption of bonds from taxes or assessments.
Section 59-71-510. Pledge of credit and revenues for payment of bonds.
Section 59-71-520. Revision of retail sales tax not precluded by pledge.
Section 59-71-530. Sale of bonds.
Section 59-71-540. Bonds as lawful investments.
Section 59-71-550. Disposition of proceeds of sale.
Section 59-71-560. Use of proceeds; segregation for different uses.
Section 59-71-570. Sinking fund payments.
Section 59-71-580. Retail sales tax provisions as part of contract with bondholders.