Current Status Introducing Body:Senate Bill Number:1183 Primary Sponsor:Drummond Committee Number:30 Type of Legislation:GB Subject:Installment Purchase Program Residing Body:House Current Committee:Ways and Means Computer Document Number:JIC/5482HC.94 Introduced Date:19940215 Last History Body:House Last History Date:19940322 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Drummond Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
____ ______ ____________ ______________________________ ___ ____________
1183 House 19940322 Introduced, read first time, 30
referred to Committee
1183 Senate 19940317 Read third time, sent to House
1183 Senate 19940310 Read second time, notice of
general amendments
1183 Senate 19940309 Committee Report: Favorable 06
1183 Senate 19940215 Introduced, read first time, 06
referred to Committee
View additional legislative information at the LPITS web site.
Indicates Matter Stricken
Indicates New Matter
COMMITTEE REPORT
March 9, 1994
S. 1183
S. Printed 3/9/94--S.
Read the first time February 15, 1994.
To whom was referred a Bill (S. 1183), to amend Section 1-1-1020, as amended, Code of Laws of South Carolina, 1976, relating to the Installment Purchase Program of the Division of General Services, etc., respectfully
That they have duly and carefully considered the same, and recommend that the same do pass:
JOHN DRUMMOND, for Committee.
1. Estimated Cost to State-First Year $-0-
2. Estimated Cost to State-Annually
Thereafter $-0-
Senate Bill 1183, if enacted, would amend Section 1-1-1020, South Carolina Code of Laws, 1976, relating to the Installment Purchase Program of the Division of General Services of the State Budget and Control Board for lease or resale of equipment to agencies to move the administration of the program to the State Treasurer's Office.
If enacted, this legislation would not impact the General Fund of the State.
Prepared By: Approved By:
Cheryl H. Morris George N. Dorn, Jr.
State Budget Analyst State Budget Division
TO AMEND SECTION 1-1-1020, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE INSTALLMENT PURCHASE PROGRAM OF THE DIVISION OF GENERAL SERVICES OF THE STATE BUDGET AND CONTROL BOARD FOR LEASE OR RESALE OF EQUIPMENT TO STATE AGENCIES, SO AS TO MOVE THE ADMINISTRATION OF THE PROGRAM TO THE OFFICE OF THE STATE TREASURER AND PROVIDE THAT THE PROGRAM IS FOR THE PURPOSE OF LENDING TO STATE AGENCIES TO LEASE OR PURCHASE CERTAIN TYPES OF EQUIPMENT PURSUANT TO STATE PROCUREMENT LAWS AND REGULATIONS, TO PROVIDE ADDITIONAL EQUIPMENT WHICH MAY BE PURCHASED PURSUANT TO THE PROGRAM, AND TO PROVIDE LOWER STATED RATES OF INTEREST FOR AGENCIES BORROWING AND FOR INSURANCE RESERVE FUND LOANS FOR OPERATING THE PROGRAM.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The General Assembly finds that in order to provide greater efficient and effective service to the various state agencies and institutions, all lease financing activities should be administered by one agency. The General Assembly recognizes that the Office of State Treasurer currently administers capital leases and third-party lease purchase financings. Therefore, it is appropriate for the Office of State Treasurer to administer the Installment Purchase Program.
SECTION 2. Section 1-1-1020 of the 1976 Code, as last amended by Act 612 of 1990, is further amended to read:
"Section 1-1-1020. A. (A) The Division of General Services is authorized to purchase office equipment, telecommunications equipment, medical equipment, and data processing equipment for the purpose of renting, leasing, or resale to boards, commissions, institutions, and agencies of state government. When this equipment is sold on an installment basis to the boards, commissions, institutions and agencies of state government it shall be sold at an interest rate not less than twelve percent per annum nor greater than fifteen percent per annum Office of State Treasurer is authorized to make installment loans to boards, commissions, institutions, and agencies of state government for the purpose of renting, leasing, or purchasing office equipment, telecommunications equipment, energy conservation equipment, medical equipment, and data processing equipment in accordance with procurement statutes and regulations. When these loans are made, they must be at an interest rate not less than seven percent a year nor greater than fifteen percent a year.
B. (B) For the purpose of carrying out the provisions of subsection A. (A), the Division of General Services Office of State Treasurer may borrow up to thirty-five million dollars from the State Insurance Reserve Fund at an interest rate of eight six and one-half percent a year but these loans may not be made in an amount that jeopardizes the actuarial soundness of the fund.
C. (C) When selling such equipment making these loans, the Division of General Services Office of State Treasurer shall insure that sufficient sums are raised to reimburse the principal and interest payments to the Insurance Reserve Fund and to defray the cost of administering the provisions of this program, which costs may be retained by the Division of General Services Office of State Treasurer. Any excess funds shall must be deposited in the general fund of the State.
D. (D) The Budget and Control Board may from time to time review the interest rates assigned in paragraphs A and B subsections (A) and (B) and may adjust them as they deem it considers appropriate.
E. (E) The Budget and Control Board Office of State Treasurer shall promulgate such regulations as prescribe the procedures necessary to administer this program."
SECTION 3. This act takes effect upon approval by the Governor.