All funds of the authority must be invested by the State Treasurer and, upon approval and designation by the State Treasurer of a financial institution or institutions, all funds must be deposited in such institutions by the board in accordance with policies and guidelines formulated by the board. Funds of the authority must be paid out only upon warrants issued in accordance with policies established by the board. No warrants may be drawn or issued disbursing any of the funds of the authority except for a purpose authorized by this chapter.
The net earnings of the authority, beyond that necessary for retirement of its bonds or other obligations or to implement the purposes of this chapter, may not inure to the benefit of any person other than the authority. Upon termination of the existence of the authority, title to all property, real and personal, owned by it, including net earnings, vests in the State.
HISTORY: 1992 Act No. 515, Section 5, eff July 1, 1992.
Structure South Carolina Code of Laws
Title 13 - Planning, Research and Development
Chapter 21 - Edisto Development Authority
Section 13-21-20. Board officers; committees; meetings; quorum.
Section 13-21-30. Rights and powers of board.
Section 13-21-40. Area in which authority may exercise powers and duties.
Section 13-21-60. Resolution by board authorizing issuance of revenue bonds.
Section 13-21-70. Terms and particulars pertaining to bonds.
Section 13-21-90. Bond issue approval; proposal; disposition of proposal.
Section 13-21-100. Signature and attestation of bonds.
Section 13-21-120. Description of financial obligations to be filed with State Treasurer.
Section 13-21-150. Investment of funds by state treasurer; net earnings.
Section 13-21-160. Carryover of unexpended funds from year to year.
Section 13-21-180. Disposition of proceeds of sale of bonds; costs associated with project.
Section 13-21-190. Regulations promulgated by authority to be in accord with Title 1, Chapter 23.
Section 13-21-210. Tax exemption of Authority property; payment in lieu of taxes.