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3309Ratification Number: 496Act Number: 446Introducing Body: HouseSubject: Amended the "South Carolina State Housing Authority Act of 1977"
(A446, R496, H3309)
AN ACT TO AMEND ACT 76 OF 1977, AS AMENDED, THE "SOUTH CAROLINA STATE HOUSING AUTHORITY ACT OF 1977", SO AS TO PROVIDE THAT WHENEVER THE STATE HOUSING AUTHORITY (AUTHORITY) COLLECTS OR RECEIVES INCOME FROM FEES COLLECTED, OTHER EARNED INCOME, OR ANY INVESTMENT INCOME DERIVED FROM FUND ASSETS, THE AUTHORITY SHALL PAY THESE MONIES TO THE STATE TREASURER FOR DEPOSIT IN A SEPARATE ACCOUNT KNOWN AS THE "STATE HOUSING AUTHORITY PROGRAM FUND" (FUND), PROVIDE FOR THE ADMINISTRATION OF THE MONIES IN THE FUND AND THEIR PAYMENT OUT OF THE FUND, REQUIRE THE AUTHORITY TO MAINTAIN SEPARATE RECORDS AND BOOKS OF ACCOUNT FOR THESE MONIES, PROVIDE THAT THE MONIES IN THE FUND MAY BE USED ONLY IN ACCORDANCE WITH THE GUIDELINES ESTABLISHED IN REGULATIONS PROMULGATED BY THE AUTHORITY, AND REQUIRE THAT ANY INTEREST OR OTHER INCREMENT RESULTING FROM INVESTMENT BE DEPOSITED IN THE FUND.
Whereas, the General Assembly finds that it is in the public interest to assure the continued availability of housing assistance to persons or families of the beneficiary classes; and
Whereas, the General Assembly further finds that the assurance of housing assistance is directly related to the ready availability of Housing Authority funds; and
Whereas, the General Assembly finds that the availability of Housing Authority funds will be promoted by the creation of a Housing Authority Program Fund, separate and distinct from the general fund of the State, to provide for the on-going operations of the Housing Authority consistent with its statutory purposes. Now, therefore,
Be it enacted by the General Assembly of the State of South Carolina:
Monies collected by State Housing Authority
SECTION 1. Act 76 of 1977, as last amended by Act 101 of 1985, is further amended by adding:
"Section 15A. Whenever the South Carolina State Housing Authority (Authority) collects or receives (1) income from fees collected, (2) other earned income, or (3) any investment income derived from fund assets, the Authority shall pay these monies to the State Treasurer who shall deposit them in a separate account to be known as the 'State Housing Authority Program Fund'. The monies in the State Housing Authority Program Fund must be administered by the Authority and be paid out only upon the signature of the chairman of the board of directors of the Authority, or a designee of the board, and the signature of the executive director, upon the written warrants of the Comptroller General drawn on the State Treasurer to the payee designated in the requisition. The Authority shall maintain separate records and books of account for these monies. The monies in the State Housing Authority Program Fund may be used only in accordance with the guidelines established in regulations promulgated by the Authority. Any interest or other increment resulting from investment must be deposited in the fund."
SECTION 2. This act shall take effect upon approval by the Governor.