South Carolina Code 31-12-250. Disposition of proceeds of obligations
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 31-12-250
- Authority: means a redevelopment authority created pursuant to § 31-12-40. See South Carolina Code 31-12-30
- Obligations: means bonds, notes, or other evidence of indebtedness issued by the municipality to carry out a redevelopment project or to refund outstanding obligations. See South Carolina Code 31-12-30
- Redevelopment project: means buildings, improvements, including street improvements, water, sewer and storm drainage facilities, parking facilities, and recreational facilities. See South Carolina Code 31-12-30
The proceeds from obligations issued under authority of §§ 31-12-200 through 31-12-320 of this chapter must be applied only for the purpose for which they were issued. Any premium and accrued interest received in a sale must be applied to the payment of the principal of or the interest on the obligations sold. A portion of the proceeds not needed for redevelopment project costs must be applied to the payment of the principal of or the interest on the obligations.