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2020 South Carolina Code of Laws
Title 59 - Education
Chapter 69 - School Funds Generally
Section 59-69-120. Use of reserve fund.
Universal Citation: SC Code § 59-69-120 (2020)
Whenever any such reserve fund reaches an amount sufficient to put the county or school district, as the case may be, on a cash basis, the fund may be used for said purpose. And in each year during the time necessary to create such reserve fund, the county superintendent of education shall use the fund accumulated as a loan, without interest, to pay claims held by teachers to whom pay certificates were originally issued, the funds so used to be replaced annually from taxes collected for school purposes.
HISTORY: 1962 Code Section 21-943; 1952 Code Section 21-943; 1942 Code Section 5373; 1932 Code Section 5429; Civ. C. '22 Section 2694; Civ. C. '12 Section 1808; 1902 (23) 1020.
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