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2019 South Carolina Code of Laws
Title 10 - Public Buildings and Property
Chapter 9 - Minerals And Mineral Interests In Public Lands
Section 10-9-35. Disposition of revenues received from offshore oil leases.
Universal Citation: SC Code § 10-9-35 (2019)
In the event that the State of South Carolina is the recipient of revenues derived from offshore oil leases within the jurisdictional limits of the State such revenues shall be deposited with the State Treasurer in a special fund and shall be expended only by authorization of the General Assembly.
Funds so accumulated shall be expended only for the following purposes:
(1) to retire the bonded indebtedness incurred by South Carolina;
(2) for capital improvement expenditures.
HISTORY: 1977 Act No. 249, Part II, Section 6; 2014 Act No. 121 (S.22), Pt V, Section 7.M, eff July 1, 2015.
Effect of Amendment
2014 Act No. 121, Section 7.M, reenacted the section with no apparent change.
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