S.C. Code Ann. § 10-9-35

Disposition of revenues received from offshore oil leases

1977 Act No. 249, Part II, SECTION 6; 2014 Act No. 121 (S.22), Pt V, SECTION 7.M, eff July 1, 2015.

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.

Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.