South Carolina Code 59-127-410. Disposition of proceeds of sale of bonds
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Terms Used In South Carolina Code 59-127-410
- Bonds: means the Stadium Improvement Revenue Bonds of South Carolina State University authorized by this article. See South Carolina Code 59-127-310
- Debt Service Fund: means the fund established by this article for the payment of the principal and interest on the bonds. See South Carolina Code 59-127-310
- University: means South Carolina State University, located at Orangeburg, South Carolina. See South Carolina Code 59-127-310
The proceeds of all bonds must be delivered to the State Treasurer and retained in a special fund or funds and applied solely to the purposes for which the bonds are issued. Withdrawals from the Debt Service Fund must be made on the order or requisition of the university and must be in a manner the State Treasurer prescribes. The State Treasurer may make temporary investments of funds derived from the proceeds of bonds in obligations enumerated in § 11-9-660 with maturities consonant with the need for the funds.