The proceeds derived from the sale of the bonds must be deposited with the treasurer of the county in which the operating school unit is located, in whole or in part, in a special fund to the credit of the operating school unit and must be applied solely to the purposes for which the bonds were issued, except that the accrued interest, if any, must be used to discharge in part the first interest to become due on the bonds.
HISTORY: 1962 Code Section 21-989; 1952 Code Section 21-989; 1951 (47) 759; 2004 Act No. 184, Section 6, eff March 15, 2004.
Effect of Amendment
The 2004 amendment substituted "in which" for "wherein" following "treasurer of the county", deleted "premium, if any, shall be placed in the sinking fund established by Section 59-71-150 and the" preceding "accrued interest", and substituted "must" for "shall" throughout.