South Carolina Code 9-13-50. Investment of fund
(1) Obligations of the United States or obligations fully guaranteed both as to principal and interest by the United States;
Terms Used In South Carolina Code 9-13-50
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(2) Obligations of the Federal intermediate credit banks, Federal home loan banks, Federal National Mortgage Association, banks for cooperatives and Federal land banks and any notes, bonds, debentures, or other similar obligations, consolidated or otherwise, issued by farm credit institutions pursuant to authorities contained in the Farm Credit Act of 1971 (Public Law 92-181);
(3) Obligations of this State;
(4) In the shares of Federal savings and loan associations and State-chartered building or savings and loan associations in which deposits are guaranteed by the Federal Savings and Loan Insurance Corporation, not to exceed the amount covered by insurance.
All such securities shall be deposited by the treasurer with other securities of the city and shall be subject to the order of the board of trustees.