The State of South Carolina hereby accepts the bequest of Marion duPont Scott in the amount of one million dollars. The bequest must be maintained by the State Treasurer in a separate account, which is hereby created, and designated as the "Springdale Fund". The State Treasurer may accept additional gifts to the Springdale Fund and the State may sell at public sale by sealed bid or public auction, any of the property referred to in this act not necessary for the use and maintenance of the facilities as an equestrian training center. Proceeds of any sale of real property not necessary to the use or maintenance of an equestrian center must be deposited in the Springdale Fund. The State Treasurer shall invest and reinvest the Springdale Fund as he determines appropriate for the production of the greatest income. The State Treasurer shall quarterly deliver the income from the investments of the Springdale Fund to the Association for the maintenance and operation of the facility. The investment income, together with income derived from rental of stalls and the operation of the facilities as a training and equestrian center, may be used only for the purpose of equestrian activities and the promotion and growth of equestrian activities at the equestrian center.
HISTORY: 1984 Act No. 313, Section 3.