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2072Ratification Number: 10Act Number: 7Introducing Body: HouseSubject: Restriction against the pledge or loan of public credit for private purposes
(A7, R10, H2072)
AN ACT AN ACT TO RATIFY AN AMENDMENT TO SECTION 11 OF ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO THE RESTRICTION AGAINST THE PLEDGE OR LOAN OF PUBLIC CREDIT FOR PRIVATE PURPOSES, SO AS TO PROVIDE THAT THE GENERAL ASSEMBLY MAY OBLIGATE OR APPROPRIATE STATE FUNDS TO ALLOW STATE PARTICIPATION IN FEDERALLY ORDERED DISASTER RELIEF PROGRAMS FOR INDIVIDUALS AND FAMILIES.
Be it enacted by the General Assembly of the State of South Carolina:
Constitutional amendment ratified
SECTION 1. The amendment to Section 11 of Article X of the Constitution of South Carolina, 1895, proposed under the terms of Joint Resolution 521 of 1984, having been submitted to the qualified electors at the general election of 1984 as prescribed in Section 1 of Article XVI of the Constitution of South Carolina, 1895, and a favorable vote having been received thereon, is ratified and declared to be a part of the Constitution, so that Section 11 of Article X is amended to read:
"Section 11. The credit of neither the State nor of any of its political subdivisions shall be pledged or loaned for the benefit of any individual, company, association, corporation, or any religious or other private education institution except as permitted by Section 3, Article XI of this Constitution. Neither the State nor any of its political subdivisions shall become a joint owner of or stock holder in any company, association, or corporation. The General Assembly may, however, authorize the South Carolina Public Service Authority to become a joint owner with privately owned electric utilities, including electric cooperatives, of electric generation or transmission facilities, or both, and to enter into and carry out agreements with respect to such jointly owned facilities.
Provided, however, the General Assembly may obligate or appropriate state funds in order to participate in federal or federally aided disaster related grant or loan programs for individuals or families, but only to the extent that such state participation is a prerequisite to federal financial assistance."