The resolution authorizing the bonds or construction notes of any issue or the trust agreement securing the bonds or construction notes may provide that any of the monies may be temporarily invested and reinvested pending disbursements and the securities and other investments provided in the resolution or trust agreement, and must provide that any bank or trust company with which the monies are deposited shall act as trustee of the monies and shall hold and apply them for the purposes of this chapter, subject to regulation as this chapter and the resolution or trust agreement may provide.
S.C. Code Ann. § 6-25-126
Temporary investment of funds pending disbursements
Known as the Joint Authority Water and Sewer Systems Act
The act spans §§ 6–6 (33 sections).
1986 Act No. 456, SECTION 7; 1999 Act No. 113, SECTION 16; 2007 Act No. 59, SECTION 1, eff June 6, 2007.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.