South Carolina Code 48-28-100. Forest renewal fund
The fund shall be the depository for all revenue derived from the forest development assessment on primary forest product processors as authorized by the General Assembly and for any funds appropriated specifically for the forest renewal program from the general fund. State appropriated funds remaining in the forest renewal fund at the end of any fiscal year shall revert to the general fund. Revenues derived from the forest renewal assessment shall not revert but shall remain in the forest renewal fund until expended under the provisions of this chapter.
Terms Used In South Carolina Code 48-28-100
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Commission: shall mean the State Commission of Forestry. See South Carolina Code 48-28-30
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Forest renewal assessment: shall mean an assessment on primary forest products from timber severed in South Carolina for the funding of the provisions of this chapter. See South Carolina Code 48-28-30
- Forest renewal fund: shall mean the special nonlapsing fund provided by § 48-28-100 established in the Commission designated as the forest renewal fund. See South Carolina Code 48-28-30
- Slippage: shall mean the difference in funds earmarked in the management plan for an approved practice and funds actually earned when the practice is completed. See South Carolina Code 48-28-30
- State Forester: shall mean the director of the State Commission of Forestry. See South Carolina Code 48-28-30
In any fiscal year, new funding agreements from the forest renewal fund are limited to five times the amount of the state appropriation for the Forest Renewal Law for that year plus the amount of any cancellation or slippage funds from previous agreements. Whenever necessary to comply with the terms of a contract, payments in a fiscal year may exceed five times the amount of the state appropriation.
In any fiscal year, expenditures from the forest renewal fund shall be limited to five times the amount of the state appropriation for the Forest Renewal Law for that year.
In any fiscal year, no more than five percent of the available funds generated by the Primary Forest Products Assessment Law, Chapter 30 of this title, shall be used for program support under the provisions of § 48-28-40.
Funds used for the purchase of equipment under the provisions of § 48-28-40 shall be limited to state appropriations to the forest renewal fund designated specifically for equipment purchase.
The Commission shall serve as the disbursing agency for funds expended from and deposited in the forest renewal fund.