Current Status Bill Number:4889 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19980325 Primary Sponsor:Easterday All Sponsors:Easterday, Allison, Altman, Bailey, Barrett, Baxley, Beck, Breeland, T. Brown, Cato, Chellis, Cromer, Edge, Fleming, Gamble, Hamilton, Harrell, A. Harris, Haskins, J. Hines, M. Hines, Jordan, Kelley, Kinon, Kirsh, Klauber, Knotts, Lanford, Leach, Limehouse, Littlejohn, Loftis, Mason, McGee, McKay, McLeod, McMahand, Moody-Lawrence, Neal, Neilson, Phillips, Rice, Riser, Robinson, Rodgers, Sandifer, Sheheen, Simrill, D. Smith, F. Smith, R. Smith, Stille, Stoddard, Tripp, Whatley, Whipper, Wilder, Wilkes, Woodrum, Young, Young-Brickell, McMaster Drafted Document Number:jic\5398htc.98 Residing Body:House Subject:Appropriation limitations, surplus general fund revenues to be used to repay capital improvement bonds
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ House 19980429 Debate adjourned House 19980423 Recalled from Committee 30 HWM House 19980325 Introduced, read first time, 30 HWM referred to CommitteeView additional legislative information at the LPITS web site.
RECALLED
April 23, 1998
H. 4889
Introduced by Reps. Easterday, Allison, Altman, Askins, Bailey, Barfield, Barrett, Battle, Bauer, Baxley, Beck, Breeland, T. Brown, Cato, Cave, Chellis, Cromer, Edge, Fleming, Gamble, Hamilton, Harrell, A. Harris, Haskins, J. Hines, M. Hines, Jordan, Kelley, Kinon, Kirsh, Klauber, Knotts, Lanford, Law, Leach, Lee, Limehouse, Littlejohn, Loftis, Mason, McGee, McKay, McLeod, McMahand, Moody-Lawrence, Neal, Neilson, Phillips, Rice, Riser, Robinson, Rodgers, Sandifer, Sheheen, Simrill, D. Smith, F. Smith, R. Smith, Stille, Stoddard, Tripp,Whatley, Whipper, Wilder, Wilkes, Woodrum, Young and Young-Brickell
S. Printed 4/23/98--H.
Read the first time March 25, 1998.
TO AMEND SECTION 11-11-140, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO LIMITATIONS ON APPROPRIATIONS, SO AS TO REQUIRE GENERAL FUND SURPLUS REVENUES TO BE USED TO ACCELERATE REPAYMENT OF STATE CAPITAL IMPROVEMENT BONDS AND PAY CASH FOR PREVIOUSLY AUTHORIZED CAPITAL IMPROVEMENT BOND PROJECTS FOR WHICH BONDS HAVE NOT YET BEEN ISSUED, TO PROVIDE FOR THE PLAN FOR THE USE OF THE SURPLUS TO BE ADOPTED BY THE JOINT BOND REVIEW COMMITTEE AFTER RECEIVING THE RECOMMENDATIONS OF THE STATE TREASURER ON POTENTIAL INTEREST EXPENSE SAVINGS AND FORWARDED FOR IMPLEMENTATION TO THE STATE BUDGET AND CONTROL BOARD.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 11-11-140 of the 1976 Code, as last amended by Act 155 of 1997, is further amended by adding:
"(C) Surplus general fund revenues in excess of those officially recognized by the Board of Economic Advisors must be used as provided in this subsection and are considered appropriated for these purposes. After a review of interest rates, the State Treasurer shall make recommendations to the Joint Bond Review Committee on savings that could be obtained by using the surplus to accelerate the repayment of outstanding capital improvement bonds and by paying cash for projects for which bonds have been authorized but not issued. The committee shall review the recommendations and adopt a plan incorporating the recommendations it determines best able to achieve maximum savings and forward the plan to the State Budget and Control Board which shall proceed to implement the plan."
SECTION 2. This act takes effect July 1,1998, and first applies for otherwise unappropriated general fund surplus revenues attributable to fiscal year 1997-98.