6:03:01:02.  Local accounts. State agencies which have local accounts are exempt from § 6:03:01:01 under the following circumstances:

          (1)  If an agency makes refunds from a local account, the agency may retain in the account the funds necessary for that purpose; and

          (2)  If an agency uses a local account only for remitting funds to the state treasurer, the agency may retain the funds until the balance reaches $500. Once that sum is reached, all funds must be remitted except those necessary for account maintenance or those funds authorized by the state auditor and treasurer under SDCL 4-4-3.

          Source: 13 SDR 33, effective September 28, 1986.

          General Authority:SDCL 4-3-4.2.

          Law Implemented:SDCL 4-3-4.2.

          Cross-Reference: Funds maintained in treasury -- Local bank accounts, SDCL 4-4-3.