South Carolina Code 48-59-60. South Carolina Conservation Bank Trust Fund
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Terms Used In South Carolina Code 48-59-60
- Bank: means the South Carolina Conservation Bank. See South Carolina Code 48-59-30
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Trust fund: means the South Carolina Conservation Bank Trust Fund established pursuant to § 48-59-60. See South Carolina Code 48-59-30
To receive and hold revenues of the bank, there is created in the State Treasury separate and distinct from all other funds the South Carolina Conservation Bank Trust Fund. Earnings on the trust fund are retained in the trust fund and unexpended trust fund revenues at the end of a fiscal year are carried forward in the trust fund. The trust fund may receive revenues from any source the General Assembly may provide by law and from governmental grants and private gifts and bequests. Trust fund revenues may be used only as provided in this chapter.