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Statutes » South Carolina » Code Ann » Chapter 1

S.C. Code Ann. § 13-1-770

This is the official text of S.C. Code Ann. § 13-1-770, part of South Carolina’s Code Ann — part of the compiled statutory law of South Carolina, published by the state as "Code Ann." Browse the sections below, each linked to its official government source.

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SECTION 13-1-770. Application of proceeds from sale of bonds; what constitutes cost of acquiring project.

Official statutory text

The proceeds from the sale of any bonds issued under division of this article may be applied only for the purpose for which the bonds were issued, except any premium and accrued interest received in any sale must be applied to the payment of the principal of or the interest on the bonds sold, and if for any reason any portion of the proceeds are not needed for the purpose for which the bonds were issued, that portion of the proceeds must be applied to the payment of the principal of or the interest on the bonds. The cost of acquiring any project includes the following: (a) the actual cost of the construction of any part of a project, including architects', engineers', and attorneys' fees; (b) the purchase price of any part of a project that may be acquired by purchase; (c) all expenses in connection with the authorization, sale, and issuance of the bonds to finance the acquisition; (d) the interest on the bonds for a reasonable time prior to construction and for not exceeding one year after completion of the construction.

Status: in_force · Read it on the official government site

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About this page: Statute text is reproduced from official government publishers via the Open US Law dataset (Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine (Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.