South Carolina Code 48-40-60. Emergency reserve fund; administration; purpose
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(A) The initial capitalization of the trust fund in fiscal year 1999-2000 must include an additional appropriation of an amount considered appropriate by the General Assembly from general tax revenues for credit to the trust fund and designated for use to establish an emergency reserve fund for emergency response by the State in rebuilding the beach and dune systems for qualifying public beach areas damaged by storm events.
(B) This emergency reserve fund must be administered by the office in consultation with the State Emergency Management Division and impacted municipal, county, and federal officials.
Terms Used In South Carolina Code 48-40-60
- 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
- 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.
- Office: means the Office of Ocean and Coastal Resource Management of the Department of Health and Environment Control. See South Carolina Code 48-40-20
- Trust fund: means the South Carolina Beach Restoration and Improvement Trust Fund. See South Carolina Code 48-40-20
(C) Monies in the emergency reserve fund may be carried forward with earned interest. Upon the allocation and commitment of all available emergency reserve funds, the fund must be recapitalized through future appropriations as needed.
(D) State funds appropriated for credit to the emergency reserve fund and designated for emergency rebuilding of beach and dune systems damaged by storm events may be used only for that purpose.
(E) Funding of emergency projects pursuant to this section does not require matching funds from local entities.