(A) The State Treasurer shall establish the South Carolina Opioid Recovery Fund. This fund must be held and maintained separately from all other funds, properties, assets, and accounts of the State and its other agencies.

(B) The South Carolina Opioid Recovery Fund shall receive money from certain opioid-related settlements entered into by the State of South Carolina and its participating political subdivisions pursuant to the terms of an agreement between the Attorney General and the participating political subdivisions. The Attorney General and participating political subdivisions may direct funds from future opioid-related settlements or judgments to the South Carolina Opioid Recovery Fund.

(C) All funds in the South Carolina Opioid Recovery Fund must be spent on approved abatement strategies, except that up to two percent of funds deposited into the South Carolina Opioid Recovery Fund pursuant to subsection (B) may be allocated by the South Carolina Opioid Recovery Fund Board to the Administrative Subfund for the purpose of administering this chapter.

(D) The State Auditor shall conduct an annual examination of the South Carolina Opioid Recovery Fund and provide a report of its findings to the South Carolina Opioid Recovery Fund Board and the State Fiscal Accountability Authority.

(E) The State Treasurer may invest funds held in the South Carolina Opioid Recovery Fund for the sole benefit of that fund.

(F) The State Inspector General may investigate and address allegations of fraud, waste, abuse, mismanagement, misconduct, violations of state or federal law, and wrongdoing relating to the South Carolina Opioid Recovery Fund. If any such allegations come to the attention of the board or its staff, immediate notice of the relevant facts must be transmitted to the State Inspector General.