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.
S.C. Code Ann. § 6-21-480
Disposition of surplus in operation and maintenance fund
Applied in 1 court decision — leading case Azar v. City of Columbia (2015)
Most recently applied in Azar v. City of Columbia (September 2015)
1962 Code SECTION 59-406; 1952 Code SECTION 59-406; 1942 Code SECTION 9267; 1933 (38) 411.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.