reglab/statecodes huggingface dataset:
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 5 - State Treasurer › Section 11-5-460. Palmetto ABLE Savings Program Trust Fund established; Palmetto ABLE Savings Expense Fund established.

(A) The Palmetto ABLE Savings Program Trust Fund is established in the Office of the State Treasurer. The trust fund must be utilized if the State Treasurer elects to accept deposits from contributors rather than have deposits sent directly to the program manager. The trust fund must consist of any monies deposited by account owners and other contributors pursuant to the provisions of this article which are not deposited directly with the program manager. All interest derived from the deposit and investment of monies in the trust fund must be credited to the fund. At the end of each fiscal year, all unexpended and unencumbered monies in the trust fund must remain in the fund and not be credited or transferred to the state general fund or to another fund.
(B)(1) The Palmetto ABLE Savings Expense Fund is established in the Office of the State Treasurer. The expense fund must consist of monies received from the Palmetto ABLE Savings Program manager or managers, governmental or private grants, and state general fund appropriations, if any, for the program.
(2) All expenses incurred by the State Treasurer in developing and administering the Palmetto ABLE Savings Program must be payable from the Palmetto ABLE Savings Expense Fund.
HISTORY: 2016 Act No. 165 (H.3768), Section 1, eff April 29, 2016; 2019 Act No. 88 (H.3986), Section 1, eff May 24, 2019.
Editor's Note
2016 Act No. 165, Section 4, provides as follows:
"SECTION 4. This act takes effect upon approval by the Governor and applies for tax years beginning after 2015."
Effect of Amendment
2019 Act No. 88, Section 1, in (A), in the first sentence, substituted "Palmetto ABLE Savings Program Trust Fund" for "South Carolina ABLE Savings Program Trust Fund"; in (B), in (1), in the first sentence, substituted "Palmetto ABLE Savings Expense Fund" for "South Carolina ABLE Savings Expense Fund", and in the second sentence, substituted "Palmetto ABLE Savings Program" for "ABLE Savings Program", and in (2), substituted "Palmetto ABLE Savings Program" for "ABLE Savings Program" and "Palmetto ABLE Savings Expense Fund" for "South Carolina ABLE Savings Expense Fund".
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 7 - State Auditor › Section 11-7-10. Selection; assistants.

The State Fiscal Accountability Authority shall select the State Auditor, who shall select necessary assistants in conformity with the appropriations for the office.
HISTORY: 1962 Code Section 1-881; 1952 Code Section 1-881; 1942 Code Section 3222-1; 1933 (38) 297; 1950 (46) 2353; 2005 Act No. 164, Section 1; 2014 Act No. 121 (S.22), Pt V, Section 7.S.1, eff July 1, 2015.
Effect of Amendment
2014 Act No. 121, Section 7.S.1, substituted "Fiscal Accountability Authority" for "Budget and Control Board".
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 7 - State Auditor › Section 11-7-20. Annual audits of state agencies.

(A) All state agencies and entities supported partially or entirely by public funds are subject to audit by or under the oversight of the State Auditor, except as otherwise specifically provided by law. The State Auditor, to the extent practicable and consistent with his overall responsibility, shall audit or cause to be audited each State agency and entity annually.
(B) Annually the State Auditor shall audit or cause to be audited the State's basic financial statements prepared by the Comptroller General of South Carolina.
(C) Annually the State Auditor shall audit or cause to be audited the compliance of the State of South Carolina with the U. S. Office of Management and Budget (OMB) Circular A-133 Compliance Supplement as applicable to major Federal programs.
(D) Audits must be conducted in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A-133, Audits of States, Local Governments, and Nonprofit Organizations.
HISTORY: 1962 Code Section 1-882; 1952 Code Section 1-882; 1942 Code Section 3222-2; 1932 Code Section 7846; Civ. C. '22 Section 3979; 1915 (29) 162; 1933 (38) 297; 1950 (46) 2353; 2005 Act No. 164, Section 1.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 7 - State Auditor › Section 11-7-25. Periodic audits of county and municipal treasurers, county court clerks, magistrates, and municipal courts as to imposition, collection, and remittance of fines and assessments.

To the extent practicable and consistent with his overall responsibility, the State Auditor periodically shall audit or cause to be audited the financial records of the county treasurers, municipal treasurers, county clerks of court, magistrates, and municipal courts to report if fines and assessments imposed pursuant to Sections 14-1-205 through 14-1-208 are collected properly and remitted to the State Treasurer. Upon the issuance of an audit report, the State Auditor immediately shall notify the State Treasurer, Division of Court Administration, and the chief administrator of the affected agency, department, county, or municipality.
HISTORY: 1994 Act No. 497, Part II, Section 36G; 2005 Act No. 164, Section 1.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 7 - State Auditor › Section 11-7-30. Audit reports.

Reports of audit findings must be available to the Governor, State Fiscal Accountability Authority, General Assembly, and the general public. The State Auditor shall notify the Governor, the General Assembly, and the State Fiscal Accountability Authority immediately upon the issuance of an audit report.
HISTORY: 1962 Code Section 1-883; 1952 Code Section 1-883; 1942 Code Section 3222-2; 1932 Code Section 7846; Civ. C. '22 Section 3979; 1915 (29) 162; 1933 (38) 297; 1950 (46) 2353; 2005 Act No. 164, Section 1; 2014 Act No. 121 (S.22), Pt V, Section 7.S.2, eff July 1, 2015.
Effect of Amendment
2014 Act No. 121, Section 7.S.2, twice substituted "State Fiscal Accountability Authority" for "Budget and Control Board", and made other nonsubstantive changes.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 7 - State Auditor › Section 11-7-35. Access to records and facilities of state and private agencies receiving appropriated state monies; confidentiality.

In order to carry out his duties, the State Auditor and his assistants or designees must have access to all records and facilities of every state agency during normal operating hours. The State Auditor and his assistants or designees shall have access to all relevant records and facilities of a private organization receiving appropriated state monies, relating to the management and expenditures of these state monies, during the organization's normal operating hours. In the performance of his official duties, the State Auditor and his assistants or designees are subject to the statutory provisions and penalties regarding the confidentiality of records of the agency or organization under review. All audit working papers and memoranda of the State Auditor, except final audit reports, are confidential and not subject to public disclosure.
HISTORY: 2002 Act No. 356, Section 1, Part IX.G; 2005 Act No. 164, Section 1.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 7 - State Auditor › Section 11-7-40. Cost of medical assistance audits; South Carolina Department of Health and Human Services to be billed.

The State Auditor shall bill the South Carolina Department of Health and Human Services monthly for fifty percent of the costs incurred by the State Auditor in conducting the medical assistance audit. The amount billed by the State Auditor must include those appropriated salary adjustments and employer contributions allowable under the Medicaid program. The Department of Health and Human Services shall remit the amount billed to the credit of the general fund of the State.
HISTORY: 2002 Act No. 356, Section 1, Part IX.H; 2005 Act No. 164, Section 1.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 7 - State Auditor › Section 11-7-45. Guarantee of independence.

As required by professional auditing standards, the State Auditor shall maintain independence in the performance of his authorized duties. Neither the Governor nor an agency or entity of the executive or judicial branches of state government has the authority to limit the scope, direction, or report content of an audit undertaken by the State Auditor.
HISTORY: 2005 Act No. 164, Section 1.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 7 - State Auditor › Section 11-7-50. Service on board or commission prohibited; management responsibility of program by auditor or staff prohibited.

(A) To preserve the independence and objectivity of the audit function, the State Auditor or his employees may not serve in any capacity on an administrative board, commission, or other organization that they have the responsibility or authority to audit, and they may not have a material, direct or indirect, financial or other economic interest in the transactions of a state agency.
(B) The State Auditor or a member of his staff may not conduct an audit of a program, activity, or agency for which he had management responsibility or by which he has been employed during the last two years.
HISTORY: 2005 Act No. 164, Section 1.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 7 - State Auditor › Section 11-7-55. Use of services of independent public accountants.

The State Auditor may obtain the services of independent public accountants as he considers necessary to carry out his duties and responsibilities. The State Auditor may use funds appropriated for personal services to contract with private firms, using a request for proposals, to perform audits.
HISTORY: 2005 Act No. 164, Section 1.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 7 - State Auditor › Section 11-7-60. Cost of preparing Comprehensive Annual Financial Report; requests for proposal.

Each State agency shall remit to the State Auditor an amount representing an equitable portion of the expense of contracting with a certified public accounting firm to conduct a portion of the audit of the State's Comprehensive Annual Financial Report prepared by the Comptroller General's Office. Each state agency's equitable portion of the expense must be determined by a schedule developed by the State Auditor. The remittance must be based upon invoices provided by the State Auditor upon completion of the annual audit. The audit must be rebid using a request for proposals no less frequently than every five years.
HISTORY: 2005 Act No. 164, Section 1.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-10. Money to be spent only for purpose or activity specifically appropriated.

It shall be unlawful for any monies to be expended for any purpose or activity except that for which it is specifically appropriated, and no transfer from one appropriation account to another shall be made unless such transfer be provided for in the annual appropriation act.
HISTORY: 1962 Code Section 1-701; 1952 Code Section 1-701; 1942 Code Section 3143; 1932 Code Section 3143; Civ. C. '22 Section 839; 1921 (32) 114.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-15. Use of state funds for function at club practicing discrimination prohibited.

(A) No state funds may be used to sponsor or defray the cost of any function by a state agency or institution at a club or organization which does not admit as members persons of all races, religions, colors, sexes, or national origins.
(B) No state officer or employee may be reimbursed from public funds for expenses incurred at any club or establishment which does not admit as members persons of all races, religions, colors, sexes, or national origins.
HISTORY: 1978 Act No. 644, Part II, Section 6; 1987 Act No. 170, Part II, Section 27.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-20. Disbursing officers exceeding or transferring appropriations.

(A) It is unlawful for an officer, clerk, or other person charged with disbursements of state funds appropriated by the General Assembly to exceed the amounts and purposes stated in the appropriations, or to change or shift appropriations from one item to another. Transfers may be authorized by the General Assembly in the annual appropriation act for the State.
(B) An officer, clerk, or other person who violates the provisions of this section is guilty of malfeasance in office. The Governor may suspend immediately the officer and shall investigate the conduct of the person.
(C) If after the investigation the person is found guilty, the Governor shall suspend him from office. In addition to the suspension, the officer is guilty of a misdemeanor and, upon conviction, must be fined in the discretion of the court or imprisoned not more than three years.
HISTORY: 1962 Code Section 1-702; 1952 Code Section 1-702; 1942 Code Sections 1592, 3070; 1932 Code Section 1592; Cr. C. '22 Section 557; 1921 (32) 117; 1993 Act No. 184, Section 153.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-30. Transfer of funds upon transfer of personnel.

The State Fiscal Accountability Authority shall have the authority to transfer appropriate funds from one department to another when personnel are transferred by an act of the legislature from one department to another to perform the same functions.
HISTORY: 1962 Code Section 1-703; 1971 (57) 709.
Code Commissioner's Note
At the direction of the Code Commissioner, references in this section to the offices of the former State Budget and Control Board, Office of the Governor, or other agencies, were changed to reflect the transfer of them to the Department of Administration or other entities, pursuant to the directive of the South Carolina Restructuring Act, 2014 Act No. 121, Section 5(D)(1), effective July 1, 2015.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-40. Statement to General Assembly.

The amounts specified for the various officers of the State and for the various public purposes, other than for salaries and clerical services, shall be duly accounted for. A detailed statement thereof shall be made to the General Assembly at its next ensuing session.
HISTORY: 1962 Code Section 1-704; 1952 Code Section 1-704; 1942 Code Section 3191; 1932 Code Section 3191; Civ. C. '22 Section 887; Civ. C. '12 Section 806; 1909 (26) 280.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-50. Accounts to be itemized and verified.

All accounts shall be itemized and verified.
HISTORY: 1962 Code Section 1-705; 1952 Code Section 1-705; 1942 Code Section 3191; 1932 Code Section 3191; Civ. C. '22 Section 887; Civ. C. '12 Section 806; 1909 (26) 280.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-70. Neglect or failure to remit funds.

Any state officer who neglects or fails to remit to the State Treasurer as required by law shall become responsible on his official bond for any loss the State may sustain by reason of such neglect or failure to remit.
HISTORY: 1962 Code Section 1-708; 1952 Code Section 1-708; 1942 Code Section 2200; 1932 Code Section 2200; 1925 (34) 273; 1926 (34) 1049; 1955 (49) 151.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-75. State funds to be withheld from counties or municipalities delinquent in payments due to State or its agencies.

If an agency or political subdivision becomes delinquent for ninety days for any payments to the State or agencies or institutions thereof, the agency or institution responsible for the collection of the payment may file a certificate of delinquency with the State Treasurer. Upon receipt of the certificate of delinquency, the State Treasurer shall withhold from the next distribution of any revenue to such agency or political subdivision the amount certified as being due and shall forward a remittance to the agency or institution to be applied against the payment due by such agency or political subdivision. If the State Treasurer does not forward any remittance or forwards an amount less than the delinquent payment after one year from the date of certification, the agency or institution shall write off the outstanding delinquent amount as an uncollectible bad debt.
HISTORY: 1979 Act No. 199, Part II, Section 26; 1996 Act No. 314, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-80. Fiscal year starts July 1 and ends June 30.

In accordance with the terms of Section 10, Article X of the Constitution of South Carolina, as amended, the fiscal year of the State shall begin on the first day of July and end on the thirtieth day of June each year. All officers or servants of the State who are required to perform any duty at a specific time contingent upon the beginning and ending of the fiscal year shall perform such duties at such a time as will conform to the fiscal year beginning July first and ending June thirtieth. Nothing herein contained shall be held to affect the date for the assessment, levying or collection of any tax now provided for by law nor to affect the submitting of reports to the General Assembly. All officers or servants of the State shall keep their accounts and records in conformity with such fiscal year, opening them on the first day of July and closing them on the thirtieth day of June each year.
HISTORY: 1962 Code Section 1-709; 1952 Code Section 1-709; 1942 Code Section 3081-1; 1933 (38) 218.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-85. Tax and fee revenues to be calculated on accrual basis.

For accounting purposes, the Comptroller General shall calculate revenues of the following taxes and fees on an accrual basis:
(1) stamp and business license;
(2) alcoholic liquor;
(3) beer and wine;
(4) soft drink;
(5) electric power;
(6) gasoline and motor fuel;
(7) admissions, including bingo admissions;
(8) sales, use, and casual excise; and
(9) recording a deed.
HISTORY: 1992 Act No. 501, Part II, Section 34A; 2002 Act No. 356, Section 1, Part XI.O.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-90. Sale of state general obligation bonds of different issues as though they constituted a single issue.

Whenever the Governor and the State Treasurer shall be empowered by law to issue general obligation bonds of the State, they may receive bids on more than one issue at the same time and, in such event, may impose as a condition to bidding a requirement that all who shall bid shall submit proposals for all bonds then offered as though such bonds constituted only a single issue of bonds. Under such circumstances, the fact that more than one issue of bonds is offered, and the maturity schedules of the issues are dissimilar, shall be disregarded and the bonds shall be awarded to the bidder whose bid prescribes the lowest interest cost, calculated on the basis that all bonds then issued constituted but a single issue of bonds, rather than more than one issue of bonds.
HISTORY: 1962 Code Section 1-710; 1966 (54) 2055.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-95. Transfer of agency funds to pay debts prior to closing books for fiscal year.

With respect to debts owed to the State Fiscal Accountability Authority or Department of Administration, as appropriate, on June thirtieth of any fiscal year, including outstanding obligations for rent and upfitting, telecommunications services, data processing, installment purchase program payments, insurance premiums, and printing, the authority or department, as appropriate, is authorized and directed, after discussion in an open meeting, to transfer any funds remaining in the agency's accounts to pay these obligations prior to the closing of the books for that fiscal year and prior to carrying any funds forward to the subsequent fiscal year. The provisions of this section shall not apply to the General Assembly.
HISTORY: 1995 Act No. 145, Part II, Section 7.
Code Commissioner's Note
At the direction of the Code Commissioner, references in this section to the offices of the former State Budget and Control Board, Office of the Governor, or other agencies, were changed to reflect the transfer of them to the Department of Administration or other entities, pursuant to the directive of the South Carolina Restructuring Act, 2014 Act No. 121, Section 5(D)(1), effective July 1, 2015.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-105. Contracts for legal or consultant services.

Any contract for legal or consultant services entered into by a state agency or institution shall include a provision which requires completion of all services. The provisions shall further require that in the event all services are not fully rendered as provided for in the contract, any monies which have been paid by the agency under the contract must be refunded to the agency along with a twelve percent penalty.
HISTORY: 1983 Act No. 151, Part II, Section 36.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-110. Organization to which contribution is appropriated to submit statement to Executive Budget Office and the Revenue and Fiscal Affairs Office as to nature and function of organization and use of contribution.

Each organization to which a contribution is made in the contributions section of the general appropriation bill shall submit to the Executive Budget Office and the Revenue and Fiscal Affairs Office by the end of the applicable fiscal year a detailed statement explaining the nature and function of the organization as well as a detailed statement explaining the use that was made of the contribution. The statements must be available at the office of the Executive Budget Office and the Revenue and Fiscal Affairs Office for public inspection and given to a member of the General Assembly upon request.
A contribution must not be made to an organization until it agrees in writing to allow the State Auditor to audit or cause to be audited the contributed funds.
HISTORY: 1982 Act No. 466, Part II, Section 11; 2005 Act No. 164, Section 8.
Code Commissioner's Note
At the direction of the Code Commissioner, references in this section to the offices of the former State Budget and Control Board, Office of the Governor, or other agencies, were changed to reflect the transfer of them to the Department of Administration or other entities, pursuant to the directive of the South Carolina Restructuring Act, 2014 Act No. 121, Section 5(D)(1).
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-115. Certain purchases made by State not subject to fair trade contracts.

Prices offered in connection with contracts for purchases made by the State of South Carolina for any county, municipality, college or university, political subdivision, school district, or agency of the State shall not be subject to fair trade contracts.
HISTORY: 1995 Act No. 145, Part II, Section 9.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-125. Order of expenditure of funds by state agencies; remittance of certain funds to state general fund.

Federal and other funds must be expended before funds appropriated from the general fund of the State, to the extent possible, and any excess balances in accounts resulting from matching fund programs must be remitted to the general fund of the State. Federal or other funds generated by the expenditure of state funds, including refunds from prior year general fund expenditures, must be remitted to the general fund of the State if there is no federal or state requirement governing the specific use of the funds. In order to permit identification of these funds, state agencies shall:
(1) draw down and expend federal and other funds before spending state general fund appropriations whenever possible;
(2) maintain separate accounting records for each grant for cash, revenues, and expenditures to insure a proper audit trail;
(3) reconcile federal and other fund accounts at the end of each state fiscal year and maintain those records for audit purposes;
(4) submit federal financial reports to the grantor agency as required.
State agencies shall remit to the general fund of the State any funds found to exist in agency accounts. If an agency believes funds have been inappropriately identified as the funds defined in this section, the agency may appeal through the process provided in Sections 2-65-30 and 2-65-40. A report of the amount of funds credited to the general fund of the State pursuant to this section must be made by the Comptroller General at the time of each official state revenue forecast. This report must be provided to the Executive Budget Office and the Revenue and Fiscal Affairs Office, the Senate Finance Committee, and the House Ways and Means Committee. Research and student aid grants, including indirect cost recoveries, are exempt from this provision.
HISTORY: 1988 Act No. 658, Part II, Section 37; 2005 Act No. 164, Section 9.
Code Commissioner's Note
At the direction of the Code Commissioner, references in this section to the offices of the former State Budget and Control Board, Office of the Governor, or other agencies, were changed to reflect the transfer of them to the Department of Administration or other entities, pursuant to the directive of the South Carolina Restructuring Act, 2014 Act No. 121, Section 5(D)(1).
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-130. Funds for capital improvement projects not on state-owned property.

Funds authorized by the General Assembly for capital improvement projects not located on state-owned property may be expended only if the projects are owned or operated by a governmental entity including, but not limited to, municipalities or counties or a combination of governmental entities or by a separate authority whose membership is controlled by a governmental entity.
HISTORY: 1988 Act No. 638, Section 13.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-140. Transfer of capital improvement bond balances to Bond Contingency Revolving Fund; exemptions; determination and review.

The State Fiscal Accountability Authority may transfer to the Bond Contingency Revolving Fund any capital improvement bond project balances determined not to be usable or needed. Capital improvement bonds issued on behalf of the Mental Health Commission as provided in Act 151 of 1983 and Acts 1272 and 1276 of 1970, as amended, or bonds issued on behalf of the Department of Disabilities and Special Needs as provided in Section 44-21-1010 et seq. are exempt. Before accomplishing a transfer of this type, the required determination must be made by the agency for which the funds were authorized or by the State Fiscal Accountability Authority if the agency no longer exists, and the board must find that the purpose for which the funds were authorized has been achieved. Any transfer by the State Fiscal Accountability Authority must first be reviewed by the Joint Bond Review Committee.
HISTORY: 1995 Act No. 145, Part II, Section 41.
Code Commissioner's Note
At the direction of the Code Commissioner, references in this section to the offices of the former State Budget and Control Board, Office of the Governor, or other agencies, were changed to reflect the transfer of them to the Department of Administration or other entities, pursuant to the directive of the South Carolina Restructuring Act, 2014 Act No. 121, Section 5(D)(1), effective July 1, 2015.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-210. Certificates of indebtedness and certain checks cannot be issued by state officers.

It shall be unlawful for any state officer to issue any certificate of indebtedness. Nor shall it be lawful for any state officer to draw a warrant or check for any public debt except upon money then actually to his credit in that account in the hands of some bank or public officer.
HISTORY: 1962 Code Section 1-761; 1952 Code Section 1-761; 1942 Code Section 3076; 1932 Code Section 3076; Civ. C. '22 Section 763; Civ. C. '12 Section 679; Civ. C. '02 Section 609; G. S. 462; R. S. 527; 1877 (16) 364.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-220. Debt in excess of appropriation prohibited.

It shall be unlawful for any department, institution, commission or board of the state government or officer or agent of the state government authorized to make contracts or draw appropriations to contract indebtedness in excess of the amount specifically provided in the annual appropriation act.
HISTORY: 1962 Code Section 1-762; 1952 Code Section 1-762; 1942 Code Sections 2083, 3191; 1932 Code Sections 2083, 3191; Civ. C. '22 Sections 45, 887; Civ. C. '12 Section 806; 1909 (26) 280; 1921 (32) 114.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-230 to 11-9-270. Repealed.

HISTORY: Former 11-9-230, titled Borrowing money prohibited except by State Budget and Control Board, had the following history: 1962 Code Section 1-763; 1952 Code Section 1-763; 1942 Code Section 2083; 1932 Code Section 2083; Civ. C. '22 Section 45; 1921 (32) 114; 1950 (46) 3605. Repealed by 2014 Act No. 121, Pt VI, Section 10.C, eff July 1, 2015.
HISTORY: Former 11-9-240, titled Budget and Control Board may borrow from departments of state government, had the following history: 1962 Code Section 1-765; 1952 Code Section 1-765; 1942 Code Section 2203; 1932 Code Section 2203; 1930 (36) 1343; 1950 (46) 3605. Repealed by 2014 Act No. 121, Pt VI, Section 10.C, eff July 1, 2015.
HISTORY: Former 11-9-250, titled Interest on loans by departments of state government, had the following history: 1962 Code Section 1-766; 1952 Code Section 1-766; 1942 Code Section 2203; 1932 Code Section 2203; 1930 (36) 1343; 1950 (46) 3605. Repealed by 2014 Act No. 121, Pt VI, Section 10.C, eff July 1, 2015.
HISTORY: Former 11-9-260, titled Evidences of loans by departments of state government, had the following history: 1962 Code Section 1-767; 1952 Code Section 1-767; 1942 Code Section 2203; 1932 Code Section 2203; 1930 (36) 1343; 1950 (46) 3605. Repealed by 2014 Act No. 121, Pt VI, Section 10.C, eff July 1, 2015.
HISTORY: Former 11-9-270, titled Borrowing in open market to repay loans by departments of state government, had the following history: 1962 Code Section 1-768; 1952 Code Section 1-768; 1942 Code Section 2203; 1932 Code Section 2203; 1930 (36) 1343; 1950 (46) 3605. Repealed by 2014 Act No. 121, Pt VI, Section 10.C, eff July 1, 2015.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-280. Borrowing to pay operating expenses of the State.

In anticipation of the receipt of the taxes and other income of the State for any fiscal year, applicable to the payment of the expenses of the ordinary and current business of the State, the State Fiscal Accountability Authority may borrow on the credit of the State, at a rate of interest not exceeding the legal rate, so much money as the authority deems necessary to finance the ordinary and current business of the State for such fiscal year or to repay any money borrowed for such purposes with interest thereon. The authority may issue and sell notes or other obligations of the State for the money hereby authorized to be borrowed. The total amount of indebtedness, at any one time outstanding, incurred to finance the ordinary and current business of the State for the then current fiscal year, shall not exceed seventy-five per cent of the State's estimated current income from the receipt of taxes and other revenue applicable to the payment of the expenses of the ordinary and current business of the State for such fiscal year and the amount of taxes and other revenue owing and due to the State but unpaid for the fiscal year next preceding. Out of the monies borrowed under the provisions of this section the State Treasurer may pay any borrowings for or claims against the current and ordinary business of the State for the fiscal year next preceding to the end that no deficit may be ever created in the general funds of the State.
HISTORY: 1962 Code Section 1-770; 1952 Code Section 1-770; 1942 Code Section 2206-1; 1932 (37) 1220; 1950 (46) 3605.
Code Commissioner's Note
At the direction of the Code Commissioner, references in this section to the offices of the former State Budget and Control Board, Office of the Governor, or other agencies, were changed to reflect the transfer of them to the Department of Administration or other entities, pursuant to the directive of the South Carolina Restructuring Act, 2014 Act No. 121, Section 5(D)(1), effective July 1, 2015.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-290. Borrowing to maintain balance in general deposit account.

The State Treasurer shall at all times maintain a sufficient cash reserve in the general deposit account to finance properly the activities supported by the respective funds comprising the general deposit account and to this end the State Fiscal Accountability Authority may borrow, from time to time, such amounts as are necessary. To the end that such borrowing may be kept at a minimum each department and institution may be required to give to the State Treasurer a quarterly anticipation of its expenditures, itemized according to budget classifications, by months.
HISTORY: 1962 Code Section 1-771; 1952 Code Section 1-771; 1947 (45) 97; 1950 (46) 3605.
Code Commissioner's Note
At the direction of the Code Commissioner, references in this section to the offices of the former State Budget and Control Board, Office of the Governor, or other agencies, were changed to reflect the transfer of them to the Department of Administration or other entities, pursuant to the directive of the South Carolina Restructuring Act, 2014 Act No. 121, Section 5(D)(1), effective July 1, 2015.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-300. Borrowing to maintain general fund; required cash balance.

The State Fiscal Accountability Authority shall, when necessary, borrow as otherwise provided by law a sufficient sum or sums of money to provide for the payment of all demands upon the State Treasury, to the end that the general fund herein authorized shall at no time become exhausted, and the authority shall maintain at all times a cash balance sufficient in its judgment to meet the requirements of Sections 11-9-240 to 11-9-270 and this section.
HISTORY: 1962 Code Section 1-772; 1952 Code Section 1-772; 1942 Code Section 2204; 1932 Code Section 2204; 1930 (36) 1343; 1950 (46) 3605.
Code Commissioner's Note
At the direction of the Code Commissioner, references in this section to the offices of the former State Budget and Control Board, Office of the Governor, or other agencies, were changed to reflect the transfer of them to the Department of Administration or other entities, pursuant to the directive of the South Carolina Restructuring Act, 2014 Act No. 121, Section 5(D)(1), effective July 1, 2015.
Editor's Note
Sections 11-9-240 to 11-9-270 are repealed by 2014 Act No. 121, Section 10.C, effective July 1, 2015.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-310. Issuance of bonds, notes, certificates of indebtedness, or other obligations in small denominations.

The State Fiscal Accountability Authority and any other officers of the State authorized by law to issue or sell obligations of the State may, when in need of credit by loans of cash, offer to the investing public by and through such advertisement as may be deemed proper, in small denominations, bonds, notes, certificates of indebtedness or other obligations of the State, upon such terms and at such rates of interest as such board or officers may determine, not to exceed the legal rate, and payable at such intervals as such board or officers may deem proper. But no such obligations shall be sold for less than par and accrued interest to date of delivery.
HISTORY: 1962 Code Section 1-773; 1952 Code Section 1-773; 1942 Code Section 2207; 1932 (37) 1545; 1950 (46) 3605.
Code Commissioner's Note
At the direction of the Code Commissioner, references in this section to the offices of the former State Budget and Control Board, Office of the Governor, or other agencies, were changed to reflect the transfer of them to the Department of Administration or other entities, pursuant to the directive of the South Carolina Restructuring Act, 2014 Act No. 121, Section 5(D)(1), effective July 1, 2015.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-320. Certain payment obligations may be sold to the best advantage of the State.

The maturities, form, place, medium and mode of payment of obligations issued pursuant to Section 11-9-310 shall be determined by the State Fiscal Accountability Authority or the officers authorized to issue them to the end that such obligations may be sold to the best advantage of the State.
HISTORY: 1962 Code Section 1-774; 1952 Code Section 1-774; 1942 Code Section 2207; 1932 (37) 1545.
Code Commissioner's Note
At the direction of the Code Commissioner, references in this section to the offices of the former State Budget and Control Board, Office of the Governor, or other agencies, were changed to reflect the transfer of them to the Department of Administration or other entities, pursuant to the directive of the South Carolina Restructuring Act, 2014 Act No. 121, Section 5(D)(1), effective July 1, 2015.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-330. Expenses of issuance of small denomination notes or other obligations.

All proper expenses incurred in the negotiation or sale of any such obligations may be paid by the State Fiscal Accountability Authority or other officers of the State from the proceeds of such sale; provided, however, that the total amount of such expense shall never exceed one half of one per cent of the principal of such notes or other obligations.
HISTORY: 1962 Code Section 1-775; 1952 Code Section 1-775; 1942 Code Section 2207; 1932 (37) 1545.
Code Commissioner's Note
At the direction of the Code Commissioner, references in this section to the offices of the former State Budget and Control Board, Office of the Governor, or other agencies, were changed to reflect the transfer of them to the Department of Administration or other entities, pursuant to the directive of the South Carolina Restructuring Act, 2014 Act No. 121, Section 5(D)(1), effective July 1, 2015.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-340. Statement of bonded indebtedness in Comptroller General's report.

The Comptroller General shall, as a part of his annual report, give the amount of the bonded indebtedness of the State.
HISTORY: 1962 Code Section 1-776; 1952 Code Section 1-776; 1942 Code Section 7340; 1932 Code Section 7340; 1927 (35) 260.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-360. Governing body issuing bonds to determine interest rate on bonds.

Notwithstanding any limitation or restriction now existing by statute heretofore enacted, bonds or other obligations of the State, its agencies, or political subdivisions of the State shall bear interest at a rate or rates determined by the governing body of the entity issuing the bonds.
HISTORY: 1989 Act No. 199, Section 1.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-370. State agency to remit revenue for payments on general obligation bonds to State Treasurer.

A state agency responsible by law for the collection of revenues from any source annually to be applied to payments of interest and principal on general obligation bonds of the State shall remit the revenue collected to the State Treasurer for credit to the state's General Fund, and the revenue submitted constitutes a reimbursement.
HISTORY: 1995 Act No. 145, Part II, Section 28.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-610. State Fiscal Accountability Authority to manage Sinking Fund; annual report.

The State Fiscal Accountability Authority shall receive and manage the incomes and revenues set apart and applied to the Sinking Fund of the State. The authority shall report annually on the financial status of the Sinking Fund to the General Assembly.
HISTORY: 1962 Code Section 1-791; 1952 Code Section 1-791; 1942 Code Section 2138; 1932 Code Section 2138; Civ. C. '22 Section 99; Civ. C. '12 Section 94; Civ. C. '02 Section 90; G. S. 62; R. S. 84; 1870 (14) 388; 1883 (18) 380; 1950 (46) 3605; 2014 Act No. 121 (S.22), Pt V, Section 7.T.1, eff July 1, 2015.
Effect of Amendment
2014 Act No. 121, Section 7.T.1, substituted "Fiscal Accountability Authority" for "Budget and Control Board", and added the second sentence.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-620. Handling of funds.

All monies arising from the redemption of lands, leases, and sales of property or otherwise coming to the authority for the Sinking Fund, must be paid into the State Treasury and kept on a separate account by the Treasurer as a fund to be drawn upon the warrants of the department for the exclusive uses and purposes which have been or shall be declared in relation to the Sinking Fund.
HISTORY: 1962 Code Section 1-792; 1952 Code Section 1-792; 1942 Code Section 2138; 1932 Code Section 2138; Civ. C. '22 Section 99; Civ. C. '12 Section 94; Civ. C. '02 Section 90; G. S. 62; R. S. 84; 1870 (14) 388; 1883 (18) 380; 1950 (46) 3605; 2014 Act No. 121 (S.22), Pt V, Section 7.T.1, eff July 1, 2015.
Effect of Amendment
2014 Act No. 121, Section 7.T.1 substituted "authority" for "State Budget and Control Board", substituted "department" for "board", and made other nonsubstantive changes.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-630. Sale of property not in actual public use.

The authority shall sell and convey, for and on behalf of the State, all such real property, assets, and effects belonging to the State as are not in actual public use, such sales to be made from time to time in such manner and upon such terms as it may deem most advantageous to the State. This shall not be construed to authorize the sale of any property held in trust for a specific purpose by the State or the property of the State in the phosphate rocks or phosphatic deposits in the beds of the navigable streams and waters and marshes of the State.
HISTORY: 1962 Code Section 1-793; 1952 Code Section 1-793; 1942 Code Section 2139; 1932 Code Section 2139; Civ. C. '22 Section 100; Civ. C. '12 Section 95; Civ. C. '02 Section 91; G. S. 63; R. S. 85; 1878 (16) 558, 811; 1887 (19) 863; 1892 (21) 87; 1950 (46) 3605; 1981 Act No. 148, Section 6; 2014 Act No. 121 (S.22), Pt V, Section 7.T.1, eff July 1, 2015.
Effect of Amendment
2014 Act No. 121, Section 7.T.1 substituted "authority" for "State Budget and Control Board", substituted "sale of any property" for "sale by the board of any property", and made other nonsubstantive changes.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-640. Vacant lands grantable only for value.

No grant of vacant lands shall be issued except to actual purchasers thereof for value.
HISTORY: 1962 Code Section 1-794; 1952 Code Section 1-794; 1942 Code Section 2137; 1932 Code Section 2137; Civ. C. '22 Section 98; Civ. C. '12 Section 93; Civ. C. '02 Section 89; G. S. 61; R. S. 83; 1878 (16) 559.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-650. Payment of purchase price; disposition.

The money for the purchase of real property sold under the authority of Section 11-9-630 shall be paid only in gold, silver and United States currency. The proceeds of all such sales shall be deposited in the General Fund of the State.
HISTORY: 1962 Code Section 1-795; 1952 Code Section 1-795; 1942 Code Section 2139; 1932 Code Section 2139; Civ. C. '22 Section 100; Civ. C. '12 Section 95; Civ. C. '02 Section 91; G. S. 63; R. S. 85; 1878 (16) 558, 811; 1887 (19) 863; 1892 (21) 87; 1981 Act No. 148, Section 7.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 9 - State Finances Generally › Section 11-9-660. Investment of funds.

(A) The State Treasurer has full power to invest and reinvest all funds of the State in any of the following:
(1) obligations of the United States, its agencies and instrumentalities;
(2) obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, the African Development Bank, and the Asian Development Bank;
(3) obligations of a corporation, state, or political subdivision denominated in United States dollars, if the obligations bear an investment grade rating of at least two nationally recognized rating services;
(4) certificates of deposit, if the certificates are secured collaterally by securities of the types described in items (1) and (3) of this section and held by a third party as escrow agent or custodian and are of a market value not less than the amount of the certificates of deposit so secured, including interest; except that this collateral is not required to the extent the certificates of deposit are insured by an agency of the federal government;
(5) repurchase agreements, if collateralized by securities of the types described in items (1) and (3) of this section and held by a third party as escrow agent or custodian and of a market value not less than the amount of the repurchase agreement so collateralized, including interest; and
(6) guaranteed investment contracts issued by a domestic or foreign insurance company or other financial institution, whose long-term unsecured debt rating bears the two highest ratings of at least two nationally recognized rating services.
(B) The State Treasurer may contract to lend securities invested pursuant to this section.
(C) The State Treasurer shall not invest in obligations issued by any country or corporation principally located in any country which the United States Department of State determines commits major human rights violations based on the Country Reports on Human Rights Practices by the Bureau of Democracy, Human Rights and Labor of the U. S. Department of State.
HISTORY: 1962 Code Section 1-797; 1952 Code Sections 1-796, 1-797; 1942 Code Sections 2140, 2141; 1932 Code Sections 2132, 2140, 2141; Civ. C. '22 Sections 93, 101, 102; Civ. C. '12 Sections 88, 96, 97; Civ. C. '02 Sections 84, 92, 93; G. S. 57, 64; R. S. 78, 86; 1870 (14) 388; 1884 (18) 864; 1896 (22) 184; 1950 (46) 3605; 1959 (51) 126; 1972 (57) 2584; 1973 (58) 335; 1990 Act No. 314, Section 2; 1993 Act No. 164, Part II, Section 66A; 2001 Act No. 28, Section 1.