(A) The fund must be held and administered by the authority in accordance with the provisions of this article and policies, rules, regulations, directives, and agreements as may be promulgated or entered into by the authority pursuant to this article. Earnings on balances in the fund must be credited to the fund. Amounts remaining in the fund at the end of the fiscal year accrue only to the credit of the fund. Amounts in the fund must be available in perpetuity for the purpose of providing financial assistance in accordance with the provisions of this article.

(B) The authority is authorized to deposit the following into the fund:

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Terms Used In South Carolina Code 48-62-350

  • Authority: means the South Carolina Disaster Recovery Office within the South Carolina Office of Resilience. See South Carolina Code 48-62-310
  • 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.
  • Fund: means the South Carolina Resilience Revolving Fund. See South Carolina Code 48-62-310
  • Loan: means a loan from the authority to an eligible fund recipient for the purpose of financing all or a portion of the cost of a project. See South Carolina Code 48-62-310
  • Office: means the South Carolina Office of Resilience. See South Carolina Code 48-62-310

(1) federal capitalization grants, awards, or other federal assistance received by the office for the purposes of the fund;

(2) funds appropriated by the General Assembly for deposit to the fund;

(3) payments received from a recipient in repayment of a loan;

(4) interest or other income earned on the investment of monies in the fund; and

(5) additional monies made available from public or private sources for the purposes of which the fund has been established.

(C) Monies in the fund only may be used to:

(1) make loans to eligible fund recipients in accordance with the provisions of this article;

(2) earn interest on fund accounts; and

(3) provide for the program administration and project management activities of the fund.

(D) The authority may establish accounts and subaccounts within the fund as considered desirable to effectuate the purposes of this article.

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