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2017 South Carolina Code of Laws
Title 6 - Local Government - Provisions Applicable to Special Purpose Districts and Other Political Subdivisions
CHAPTER 21 - REVENUE BOND ACT FOR UTILITIES
Section 6-21-480. Disposition of surplus in operation and maintenance fund.
Universal Citation: SC Code § 6-21-480 (2017)
If any surplus shall be accumulated in the operation and maintenance fund which shall be equal to the cost of operating and maintaining the system, project or combined system during the remainder of the calendar, operating or fiscal year, as provided by the authorizing ordinance, and the cost of operating and maintaining the system, project or combined system during the succeeding like calendar, operating or fiscal year, any such surplus may be transferred at any time by the governing body to the depreciation fund, the contingent fund or the bond and interest redemption fund.
HISTORY: 1962 Code Section 59-406; 1952 Code Section 59-406; 1942 Code Section 9267; 1933 (38) 411.
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