SECTION 12-45-220 of the SC Code of Laws. Investments by county treasurers.

A county treasurer may invest or reinvest any sum of money not necessary for current expenses in:

1. Obligations of the United States and its agencies;
2. General obligations of this State or any of its political subdivisions;
3. Savings and loan associations if their deposits are insured by an agency of the federal
   government;
4. Certificates of deposit where the certificates are collaterally secured by securities of
   type described in items (1) and (2) of this subsection held by the third party as escrow
   agent or custodian, of a market value not less than the amount of the certificates of deposit
   so secured, including interest, but the collateral is not required to the extent the certificates
   of deposit are insured by an agency of the federal government; or
5. No load open-end or closed-end management type investment companies or investment
   trusts registered under the Investment Company Act of 1940, as amended, where the
   investment is made by a bank or trust company or savings and loan association or other
   financial institution when acting as trustee or agent for a bond or other debt issue of that
   county treasurer, if the particular portfolio of the investment company or investment trust in
   which the investment is (i) limited to obligations described in items (1) and (2) of this
   subsection, and (ii) have among its objectives the attempt to maintain a constant net asset
   value of one dollar a share and to that end, value its assets by the amortized cost method.
   The portfolio may also consist of repurchase agreements when collateralized by obligations
   described in items (1) and (2) of this subsection.

The governing body may delegate the investment authority provided above to the county treasurer who shall assume full responsibility for the investment transactions until the delegation of authority terminates or is revoked. The State Treasurer may assist local governments in investing funds that are temporarily in excess of operating needs. All interest and other earnings, when collected, must be added to the fund and paid out as other funds of the same sort are paid.