South Carolina Code 6-21-430. Custodian of Gross Revenues; Funds shall be In Form of Trust
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Terms Used In South Carolina Code 6-21-430
- borrower: as used in this chapter shall be construed to mean the municipality operating under this chapter. See South Carolina Code 6-21-10
- governing body: as used in this chapter shall be construed to mean, in the case of a county, the board of county commissioners or other like governing body thereof, in the case of a city or incorporated town, the board of commissioners, the mayor and council or other like governing body thereof and, in the case of a township, the board of county commissioners or other governing body of the county in which the township is located. See South Carolina Code 6-21-20
The governing body of the borrower shall designate as custodian of the bond and interest redemption fund established pursuant to § 6-21-440 a bank, depository, or trust company duly qualified and doing business within the State which shall be satisfactory to the governing body of such borrower. The bank, depository, or trust company shall signify its acceptance of such custodianship by a written instrument directed to the governing body of the borrower. Such fund from time to time held by such bank, depository, or trust company shall be impressed with a trust for the benefit of the persons entitled thereto.