H3221

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.