Sale of bonds. State highway bonds shall be sold by the Governor and the State Treasurer upon sealed proposals, after publication of notice of such sale one or more times at least seven days before such sale, in a newspaper of general circulation in the State and also in a financial paper published in New York City which regularly publishes notices of sale of state or municipal bonds. The bonds shall be awarded to the bidder offering to purchase the state highways bonds at the lowest net interest cost to the State at a price of not less than ninety-nine percent of par and accrued interest to the date of delivery, but the right shall be reserved to reject all bids and to readvertise the bonds for sale and to waive technicalities in the bidding. For the purpose of bringing about successful sales of such bonds, the state board may do all things ordinarily and customarily done in connection with the sale of state or municipal bonds. All expenses incident to the sales of such bonds shall be paid from the proceeds of the sale of such bonds.
Bonds constitute legal investments.
It shall be lawful for all executors, administrators, guardians, and other fiduciaries and all sinking fund commissions, including the State Budget and Control Board of South Carolina as manager and administrator of other state sinking funds, to invest any monies in their hands in state highway bonds. Disposition of proceeds of sale of bonds. The proceeds of the sale of state highway bonds shall be received by the State Treasurer and applied by him to the purposes for which issued, except that the accrued interest, if any, shall be used to discharge in part the first interest to become due on such bonds, and the premium, if any, shall be used to discharge the payment of the first installment of principal to become due on such bonds, but the purchasers of such bonds shall in no wise be liable for the proper application of the proceeds to the purposes for which they are intended. Application of proceeds to purposes for which bonds issued. The proceeds derived from the sale of state highway bonds shall be applied only to the purposes set forth in the resolution of the state board pursuant to which the bonds are issued.