The proceeds derived from the sale of these bonds must 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 accrued interest, if any, must be used to discharge in part the first interest to become due on the bonds.
Deposit and use of proceeds
S.C. Code Ann. § 11-15-590, under Title 11, Chapter 15.
S.C. Code Ann. § 11-15-590