South Carolina § 48-59-110 - Trust fund use restriction.

§ 48-59-110. Trust fund use restriction.

(A) Trust funds may be used only by eligible trust fund recipients for the acquisition of interests in land, including closing costs. Trust funds may not be used to pay general operating expenses of eligible trust fund recipients, nor may trust funds be used for the management or maintenance of acquired interests in land. Trust funds only may be dispersed at the closing of transactions in which an interest in land is acquired.

(B) The board, in its discretion, may award additional grant funds to the South Carolina Department of Natural Resources, the South Carolina Department of Parks, Recreation and Tourism, or the South Carolina Forestry Commission for the acquisition of fee simple title to land to which the public will have full access. The additional funds must be used only for improvements that create or enhance wildlife habitats. The state agency receiving the funds shall include with its grant application a request for the additional funds and a detailed description of how the additional funds, if awarded, would be used. If additional funds are awarded by the board, the state agency receiving the funds shall submit a report to the board every six months after the award has been made describing in detail how the funds have been used and continue to submit a report until the funds are fully utilized. If the additional funds have not been utilized two years after receipt, the remaining balance must be refunded to the trust fund.

HISTORY: 2002 Act No. 200, SECTION 1; 2018 Act No. 224 (H.4727), SECTION 5, eff July 1, 2018.

Effect of Amendment

2018 Act No. 224, SECTION 5, inserted the (A) designator and added (B), authorizing the bank to award additional grant funds to certain agencies for the acquisition of fee simple title to land and establishing reporting requirements.