(A) A separate fund must be established to accept nongovernmental grants, gifts, and donations from any public or private source for the South Carolina First Steps to School Readiness initiative. Each donor may designate up to one-half of their contribution to specific counties or a county. Both the designated and undesignated funds may be used to meet the local match required in Section 59-152-130. All funds may be carried forward from fiscal year to fiscal year. The State Treasurer shall invest the monies in this fund in the same manner as other funds under his control are invested and all interest derived from the investment of these funds shall remain in the fund. The South Carolina First Steps to School Readiness Board of Trustees shall administer and authorize any disbursements from the fund. Private individuals and groups must be encouraged to contribute to this endeavor. (B) In addition, a separate fund within the state general fund must be established for monies that may be appropriated by the General Assembly for the South Carolina First Steps to School Readiness initiative. These funds may be carried forward from fiscal year to fiscal year. shed for monies that may be appropriated by the General Assembly for the South Carolina First Steps to School Readiness initiative. These funds may be carried forward from fiscal year to fiscal year. The State Treasurer shall invest the monies in this fund in the same manner as other funds under his control are invested. The South Carolina First Steps to School Readiness Board of Trustees shall administer and authorize any disbursements from the fund. (C) All interest derived from the investment of the funds in subsections (A) and (B) shall remain a part of each respective fund. HISTORY: 2008 Act No. 361, Section 2.
South Carolina Legal Code