S.C. Code Ann. § 59-53-162: Proceeds of bonds.

The proceeds of all bonds shall be delivered to the State Treasurer and retained by him in a special fund or funds and applied solely to the purposes for which the bonds shall have been issued. Withdrawals from the fund shall be made on the order or requisition of the board and shall be in such form as the State Treasurer shall prescribe. The State Treasurer may make temporary investments of funds derived from the proceeds of bonds in the manner prescribed by law.