(A) There is established the South Carolina Housing Trust Fund. The State Treasurer shall serve as trustee for the fund and shall hold the monies deposited in the fund separate and distinct from the general funds of the State. The trust fund consists of monies received under this article and any other sources of revenue, public or private, including donations dedicated for inclusion in the trust fund. The State Treasurer shall deposit the funds in a separate account to be administered by the authority in accordance with the guidelines and purposes established by this article. Interest, repayment, or other increment resulting from investment must be deposited in the fund.
(B) The monies in the trust fund must be paid out only upon the signature of the chairman of the board or a designee of the board and the signature of the executive director, upon the written warrants of the Comptroller General drawn on the State Treasurer to the payee designated in the requisition. The authority shall maintain separate records and books of accounts for all monies deposited into the fund. The authority is entitled to reimbursement for the costs or expenses incurred in the administration and operation of the fund from monies deposited into the fund.
(C) The board shall make a separate annual report to the Governor and the General Assembly with respect to the fund pursuant to Article 13, Chapter 1 of Title 1.
HISTORY: 1992 Act No. 410, Section 1.
Structure South Carolina Code of Laws
Title 31 - Housing and Redevelopment
Chapter 13 - Moderate To Low Income Housing
Section 31-13-10. Short title.
Section 31-13-20. South Carolina State Housing Finance and Development Authority created.
Section 31-13-40. Organization; executive director.
Section 31-13-50. Powers and duties; application of other provisions.
Section 31-13-70. Housing Finance and Development Authority allocated state ceiling to issue bonds.
Section 31-13-80. Authority may provide advice or technical assistance.
Section 31-13-170. Definitions.
Section 31-13-180. Declaration of legislative findings and purpose.
Section 31-13-200. Notes and bonds.
Section 31-13-210. Maximum interest rate.
Section 31-13-220. Information required by State Fiscal Accountability Authority.
Section 31-13-230. Maximum amount of bonds and notes.
Section 31-13-240. Information required by Bond Committee.
Section 31-13-250. Rental projects authorized.
Section 31-13-260. Refunding notes and bonds.
Section 31-13-270. Selling or exchanging refunding notes and bonds.
Section 31-13-280. Liability of state and political subdivisions.
Section 31-13-290. Applicability of Section 31-3-1630.
Section 31-13-300. Agreements with holders of notes or bonds not subject to future alteration.
Section 31-13-310. Chapter cumulative to any other powers conferred upon Authority.
Section 31-13-320. Provisions of this chapter controlling over other provisions.
Section 31-13-330. Savings clause.
Section 31-13-340. State Housing, Finance, and Development Authority Program Fund.
Section 31-13-400. Short title.
Section 31-13-410. Definitions.
Section 31-13-420. Establishment of fund; trustee; records; payments from fund; annual report.
Section 31-13-430. Advisory committee; composition; meetings; expenses.
Section 31-13-440. Duties of executive director.
Section 31-13-450. Use of monies in fund; eligible projects.
Section 31-13-470. Funding cycles; applications eligible for priority.