1976 South Carolina Code of Laws
Updated through the end of the 2000 Session
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Title 11 - Public Finance
DEPOSIT OF STATE FUNDS
SECTION 11-13-10. Vault for State Treasurer.
The State Treasurer may have a safe in the vault of one of the banks or trust companies in the State, designated by the State Budget and Control Board, or a majority thereof, and, with the approval of the Board, may place and keep therein moneys belonging to the State.
SECTION 11-13-20. Deposit of State funds in banks or trust companies.
To facilitate the disbursement of public moneys, the State Treasurer shall deposit in such bank or banks or trust companies in this State as shall be agreed upon by the State Budget and Control Board or a majority thereof, and as in its opinion shall be secure, all moneys belonging to the State, other than those he may keep in the safe in the vault of the designated bank or trust company, the moneys so deposited to be placed to the credit of the State Treasurer. Such deposits shall draw the best rate of interest obtainable.
SECTION 11-13-30. Only State Treasurer may invest and deposit funds.
To facilitate the management, investment, and disbursement of public funds, no board, commission, agency or officer within the State government, except the State Treasurer shall be authorized to invest and deposit funds from any source, including, but not limited to, funds for which he is custodian, such funds to draw the best rate of interest obtainable.
SECTION 11-13-40. General deposit account.
The State Treasurer, with the advice and approval of the State Budget and Control Board, shall keep in a general deposit account all moneys held by him for the account of all State funds which, in the opinion of the Board, may be properly consolidated. The Board shall designate the accounts which shall be so kept and the accounts which shall be carried as special deposits. The records of the State Treasurer and the Comptroller General shall, at all times, reflect the true cash balance of each fund comprising the general deposit account. Properly authorized obligations of the respective State funds comprising the general deposit account shall be paid therefrom, but no overdraft shall be permitted in any funds which will not be covered by the receipt of revenue or moneys belonging to such fund within a reasonable time.
SECTION 11-13-50. [1962 Code Section 1-744; 1952 Code Section 1-744; 1942 Code Section 2199; 1932 Code Section 2199; 1925 (34) 273; 1950 (46) 3605; 1955 (49) 151] Repealed by 1990 Act No. 327, Section 2, eff February 21, 1990.
SECTION 11-13-60. Collateral instead of indemnity bond of depository.
A bank or savings and loan association, upon the deposit of state funds by the State Treasurer in excess of insurance coverage by the Federal Deposit Insurance Corporation, shall furnish an indemnity bond in a responsible surety company authorized to do business in this State in an amount that will protect the State against loss in the event of insolvency or liquidation of the institution or for any other cause. A bank or savings and loan association, in lieu of the indemnity bond, may pledge as collateral for the deposits, obligations of the United States, obligations fully guaranteed both as to principal and interest by the United States, obligations of the Federal National Mortgage Association, the Federal Home Loan Bank, Federal Farm Credit Bank, the Federal Home Loan Mortgage Corporation, or general obligations of this State or any political subdivision of it. The State Treasurer shall exercise prudence in accepting the securities listed as collateral. The surety or collateral must be filed with the State Treasurer at time of deposit.
SECTION 11-13-70. Reports from depositories to Treasurer.
Banks or trust companies having deposits made by the State Treasurer shall file a report with the Treasurer on the first day of each calendar month on forms furnished by the Comptroller General.
SECTION 11-13-80. Depositories shall report deposits monthly to Comptroller General.
Banks or trust companies having on deposit funds of the State shall transmit monthly to the Comptroller General a copy of the report made to the State Treasurer under the provisions of Section 11-13-70.
SECTION 11-13-90. Failure of depository to report.
In case any depository shall fail to render such statement at the time specified, without good cause shown, the State Treasurer shall at once withdraw all State deposits from such depository and close its account.
SECTION 11-13-100. Intermingling official funds with private funds is prohibited.
It shall be unlawful for any State official to deposit public or trust funds with individual or private funds in any bank or other depository in this State, and for any such officer to withdraw any such public or trust funds or any part thereof, for any purpose other than that for which it was received and deposited. Any State official violating this provision of law shall be subject to a fine or imprisonment at the discretion of the court and in addition shall be subject to removal from office for malfeasance in office. This section is intended to require all State officers to carry a State fund not required to be deposited by them in the State Treasury under the provisions of Section 11-13-110 in a separate account to be known as public or trust funds without allowing any private funds to be deposited with such public or trust funds.
SECTION 11-13-110. State departments, boards and the like shall not deposit moneys in banks or other financial institutions; exceptions for revolving funds and revenues not required to be remitted.
No State officer or employee, on behalf of any State department, board, bureau, commission or other State agency, shall deposit with any bank, trust company, institution, building and loan association or individual any funds belonging to the State whether the same be represented by checks, drafts, bills, currencies or other forms of exchange. But in the discretion of the State Treasurer each department or institution may carry with some bank or banking company an account in the name of such department or institution, as a revolving fund, from which the State Treasurer shall be reimbursed for bad checks. The amount of and necessity for such revolving funds shall be determined by the State Treasurer. The provisions of this section shall not apply to fees or other revenues collected by any State institution which are not required by law to be remitted to the State Treasurer.
SECTION 11-13-120. Manner of depositing State funds; exception for county treasurers.
All State departments, boards, bureaus, commissions or other State agencies charged with the collection of any taxes, licenses, fees, interest or any income to the State shall, with ordinary business promptness, deposit the same when collected with or to the credit of the State Treasurer, either at his office in the State Capitol or in such bank or banking institution within the State as shall be designated by the State Treasurer; provided, that this section and Section 11-13-110 shall not apply to the collection of State taxes by county treasurers, who shall collect and remit as required by the Comptroller General.
SECTION 11-13-125. State Treasury designated as depository for all funds received by state departments and institutions.
All funds received by any department or institution of the State Government shall be deposited and maintained in appropriate accounts in the State Treasury except such funds as may be authorized by the State Budget and Control Board to be maintained in departmental or institutional bank accounts for regular operating purposes or for other justifiable circumstances, such accounts to be maintained in such banks or banking institutions as shall be designated by the State Treasurer.
To facilitate the management of all funds, all earnings from investments of general deposit funds shall become a part of the General Fund of the State.
SECTION 11-13-130. Deposit slips.
The State Treasurer shall designate a form of deposit slip to be used by each department and institution in making deposits, and each department and institution shall provide a sufficient amount of such deposit slips for its use and strictly adhere to the systems prescribed by the State Treasurer in the handling of State funds.