§ 13-21-150. Investment of funds by state treasurer; net earnings.
164 words·~1 min read·
/sc/title-13-planning-research-and-development/chapter-21/edisto-development-authority/13-21-150·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 13-21-150. Investment of funds by state treasurer; net earnings.
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.