South Carolina § 59-69-120 Use of reserve fund.

South Carolina Statutes

§ 59-69-120 — Use of reserve fund.

South Carolina § 59-69-120

Title 59EDUCATION

Ch. 69SCHOOL FUNDS GENERALLY

This text of South Carolina § 59-69-120 (Use of reserve fund.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 59-69-120 (2026).

Text

Whenever any such reserve fund reaches an amount sufficient to put the county or school district, as the case may be, on a cash basis, the fund may be used for said purpose. And in each year during the time necessary to create such reserve fund, the county superintendent of education shall use the fund accumulated as a loan, without interest, to pay claims held by teachers to whom pay certificates were originally issued, the funds so used to be replaced annually from taxes collected for school purposes.

Free access — add to your briefcase to read the full text and ask questions with AI

Whenever any such reserve fund reaches an amount sufficient to put the county or school district, as the case may be, on a cash basis, the fund may be used for said purpose. And in each year during the time necessary to create such reserve fund, the county superintendent of education shall use the fund accumulated as a loan, without interest, to pay claims held by teachers to whom pay certificates were originally issued, the funds so used to be replaced annually from taxes collected for school purposes.

Legislative History

HISTORY: 1962 Code SECTION 21-943; 1952 Code SECTION 21-943; 1942 Code SECTION 5373; 1932 Code SECTION 5429; Civ. C. '22 SECTION 2694; Civ. C. '12 SECTION 1808; 1902 (23) 1020. ARTICLE 5 Claims Against School Funds