South Carolina General Assembly
112th Session, 1997-1998

Bill 4889


Indicates Matter Stricken
Indicates New Matter


                    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

History

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 Committee


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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

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.

A BILL

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.

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