South Carolina § 5-21-450 - Deposit and use of proceeds.

Full text of South Carolina South Carolina Code of Laws § 5-21-450 — Deposit and use of proceeds., with citation guidance and answers to common questions.

§ 5-21-450. Deposit and use of proceeds.

The proceeds derived from the sale of any such bonds shall be deposited in a special fund, separate and distinct from all other funds, and applied solely to the purposes for which the bonds are issued, except that the premium, if any, shall be placed in the sinking fund established by SECTION 5-21-400 and the accrued interest, if any, shall be used to discharge in part the first interest to become due on such bonds. Should any surplus remain it shall be deposited in the sinking fund required by the provisions of SECTION 5-21-400 to be established for the payment of the bonds.

HISTORY: 1962 Code SECTION 47-855; 1952 Code SECTION 47-855; 1951 (47) 771.

Source: official South Carolina text · Last verified 2026-08-27

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Frequently Asked Questions About South Carolina § 5-21-450

What does South Carolina Code of Laws § 5-21-450 cover?

Section 5-21-450 ("Deposit and use of proceeds.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite South Carolina § 5-21-450?

A common citation format is "South Carolina Code of Laws § 5-21-450" (South Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of South Carolina law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.

How does South Carolina § 5-21-450 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

Not legal advice. Verify against the official source and consult a licensed attorney in South Carolina.