South Carolina General Assembly
105th Session, 1983-1984

Bill 181

                    Current Status

Bill Number:               181
Ratification Number:       93
Act Number                 54
Introducing Body:          Senate
Subject:                   South Carolina Pooled Investment
                           Fund
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A54, R93, S181)

AN ACT TO AMEND TITLE 6, CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING CHAPTER 6 SO AS TO AUTHORIZE THE STATE TREASURER TO ESTABLISH THE SOUTH CAROLINA POOLED INVESTMENT FUND IN WHICH HE MAY INVEST CERTAIN MONIES OF THE POLITICAL SUBDIVISIONS OF THIS STATE.

Be it enacted by the General Assembly of the State of South Carolina:

Pooled Investment Fund established

SECTION 1. Title 6 of the 1976 Code is amended by adding:

"CHAPTER 6

South Carolina Pooled Investment Fund

Section 6-6-10. Notwithstanding any other provision of law, the State Treasurer may establish and maintain a common trust fund to be known as the South Carolina Pooled Investment Fund in which may be deposited public monies in excess of current needs which are under the custody of any county treasurer or the governing body of any municipality, county, school district, regional council of government, or any other political subdivision of the State.

Section 6-6-20. The treasurer shall adopt accounting procedures from which the exact interest of the monies combined for investment can be determined and may adopt regulations as may be nececessary to administer the provisions of this act. He may invest the monies of the fund in the same types of investments provided for in Sections 6-5-10, 11-9-660, and 11-9-661.

Section 6-6-30. The treasurer may sell to all political subdivisions of the State participation units in the fund which shall be legal investments for the subdivisions in addition to the investments and deposits authorized in Sections 6-5-10, 12-45-220, and 11-1-60. The officials charged with custody of the monies of the political subdivisions are authorized to invest in the participation units of the fund only with the consent of their governing bodies; provided, that the fund shall operate without expense to the State.

Section 6-6-40. The treasurer shall annually report to the General Assembly and to the governing body of the political subdivision where the public monies are invested and the rate of interest the investment is earning."

Time effective

SECTION 2. This act shall take effect upon approval by the Governor.