Proceeds of sale of state school facilities bonds.

S.C. Code Ann. § 59-146-140
in effect
Sign in to generate a plain English summaryAsk Belisarius Agent
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. 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.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.scstatehouse.gov/code/t59c146.phpFetched: 10/17/2026

Starting a business in South Carolina? South Carolina LLC guide: costs and requirements