The State of South Carolina accepts the gift as defined in the will of Marion duPont Scott, and takes title to the property from the executor of the estate of Marion duPont Scott by deed to the State of South Carolina, subject to the following terms and conditions:
(A) The property covered by the bequest is described as follows:
(1) All that certain tract of land comprising two parcels, one containing 383 and 35/100 acres, more or less, and being known as the "Springdale Course Track", and another containing 79 and 91/100 acres, more or less, and being known as the "Training Course", being all and the same property which was conveyed to Marion duPont Scott, by deed of the Executors and Trustees of the estate of Florence L. S. Clark, dated June 10, 1954, and recorded in the Office of the Clerk of Court for Kershaw County in Deed Book E.L., page 577.
(2) All that certain tract of land known as the "Virginians Stable Property" and containing 9 acres, more or less, being all and the same as the property conveyed to Marion duPont Scott by deed of J. North Fletcher, dated December 20, 1945, and recorded in the office of the Clerk of Court for Kershaw County in Deed Book KB, page 445.
(3) All that tract of land lying on both sides of South Carolina Highway No. 130, containing 189 and 41/100 acres and being bound as follows:
North by Camp Branch separating from the property formerly of Leonard Construction Company; East by South Carolina Highway 30, by property of Marion duPont Scott, now deeded to the State of South Carolina and by property of Burns; West by property of Lloyd, by property of Carlos, and by property formerly of Leonard Construction Company. The above described property is the same conveyed to Marion duPont Scott by deed of Florence Ebert and Leon B. Barnard dated November 2, 1959, and recorded in the Office of the Clerk of Court of Kershaw County in Deed Book GB, page 433.
(B) The property must be operated and used as an equestrian center for the purpose of training, developing, and racing horses under the auspices of Carolina Cup Racing Association, Incorporated, toward the end that the Carolina Cup races held annually in the spring as a sanctioned event by the National Steeplechase and Hunt Association and the Colonial Cup International Steeplechase held in the fall as a sanctioned event by the National Steeplechase and Hunt Association, be continued in the manner in which they have formerly been run under the auspices of Carolina Cup Racing Association, Incorporated.
(C) Carolina Cup Racing Association, Incorporated, a South Carolina nonprofit corporation (association) is the authority for the day-to-day management of the facility and shall continue to operate the facilities located on the property in the same manner as it has been operated formerly. The association annually shall receive the income from the Springdale Fund provided in Section 52-5-120 and shall account to the State Treasurer and the State Fiscal Accountability Authority and the Department of Administration on the expenditure of funds for the operation of the training facility. The income from the training facility must be accounted for, together with an annual audit by an independent certified public accounting firm, and the audit submitted to the same officials no later than ninety days after the end of the association's fiscal year as established by tax election.
HISTORY: 1984 Act No. 313, Section 2; 1985 Act No. 52; 2005 Act No. 164, Section 29, eff June 10, 2005.
Code Commissioner's Note
At the direction of the Code Commissioner, references in this section to the offices of the former State Budget and Control Board, Office of the Governor, or other agencies, were changed to reflect the transfer of them to the Department of Administration or other entities, pursuant to the directive of the South Carolina Restructuring Act, 2014 Act No. 121, Section 5(D)(1), effective July 1, 2015.
Effect of Amendment
The 2005 amendment, in subsection (C), in the second sentence deleted ", the State Auditor," following "State Treasurer" and made nonsubstantive changes.