South Carolina H3221 amends the state code to allow local entities to secure uninsured funds through the Pooling Method or Dedicated Method.

South Carolina H3221 amends Section 6-5-15 of the state code to allow local entities to secure uninsured funds through the Pooling Method or Dedicated Method. Under the Pooling Method, a pool of collateral is established by a qualified public depository for the benefit of local entities. The depository must obtain written approval from each entity before pooling collateral and maintain a record of all securities pledged. Under the Dedicated Method, uninsured funds are secured separately.

South Carolina H3221 amends the state code to allow local entities to secure uninsured funds through the Pooling Method or Dedicated Method.

South Carolina H3221 amends Section 6-5-15 of the state code to allow local entities to secure uninsured funds through the Pooling Method or Dedicated Method. Under the Pooling Method, a pool of collateral is established by a qualified public depository for the benefit of local entities. The depository must obtain written approval from each entity before pooling collateral and maintain a record of all securities pledged. Under the Dedicated Method, uninsured funds are secured separately.