South Carolina § 10-9-35 Disposition of revenues received from offshore oil leases.

South Carolina Statutes

§ 10-9-35 — Disposition of revenues received from offshore oil leases.

South Carolina·Title 10 PUBLIC BUILDINGS AND PROPERTY·Ch. 9 MINERALS AND MINERAL INTERESTS IN PUBLIC LANDS

In the event that the State of South Carolina is the recipient of revenues derived from offshore oil leases within the jurisdictional limits of the State such revenues shall be deposited with the State Treasurer in a special fund and shall be expended only by authorization of the General Assembly. Funds so accumulated shall be expended only for the following purposes:

(1)to retire the bonded indebtedness incurred by South Carolina;

(2)for capital improvement expenditures.

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In the event that the State of South Carolina is the recipient of revenues derived from offshore oil leases within the jurisdictional limits of the State such revenues shall be deposited with the State Treasurer in a special fund and shall be expended only by authorization of the General Assembly. Funds so accumulated shall be expended only for the following purposes: (1) to retire the bonded indebtedness incurred by South Carolina; (2) for capital improvement expenditures.

South Carolina § 10-9-35 (Disposition of revenues received from offshore oil leases.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

HISTORY: 1977 Act No. 249, Part II, SECTION 6; 2014 Act No. 121 (S.22), Pt V, SECTION 7.M, eff July 1, 2015. Effect of Amendment 2014 Act No. 121, SECTION 7.M, reenacted the section with no apparent change.