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INTRODUCED
January 21, 1999
H. 3332
S. Printed 1/21/99--H.
Read the first time January 21, 1999.
TO RATIFY AN AMENDMENT TO SECTION 11, ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO FINANCE, TAXATION, AND DEBT, SO AS TO ALLOW THE STATE TREASURER TO INVEST ENDOWMENT FUNDS DONATED SPECIFICALLY TO STATE-SUPPORTED INSTITUTIONS OF HIGHER LEARNING IN EQUITY SECURITIES OF UNITED STATES CORPORATIONS REGISTERED ON A NATIONAL SECURITIES EXCHANGE OR QUOTED THROUGH A NATIONAL QUOTATIONS SYSTEM, SUBJECT TO LEGISLATION ENACTED BY THE GENERAL ASSEMBLY WHICH REQUIRES THESE ENDOWMENT FUNDS HELD AND INVESTED BY THE STATE TREASURER TO BE INVESTED PURSUANT TO A PLAN RECOMMENDED BY THE STATE RETIREMENT SYSTEMS INVESTMENT PANEL WHICH MUST BE SUBMITTED TO AND APPROVED BY THE BOARDS OF TRUSTEES OF THE RESPECTIVE COLLEGES AND UNIVERSITIES; AND TO RATIFY AN AMENDMENT TO SECTION 14 OF THIS ARTICLE TO AUTHORIZE THE GENERAL ASSEMBLY TO PROVIDE BY LAW FOR THE INCURRENCE OF INDEBTEDNESS BY COUNTIES FOR REDEVELOPMENT PURPOSES AND TO PROVIDE FOR THE DEBT SERVICE OF SUCH INDEBTEDNESS TO BE PROVIDED FROM THE ADDED INCREMENT OF TAX REVENUES TO RESULT FROM THE PROJECT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The amendment to Section 11, Article X of the Constitution of South Carolina, 1895, prepared under the terms of a joint resolution of 1998, bearing ratification number 542, having been submitted to the qualified electors at the general election of 1998 as prescribed in Section 1, Article XVI of the Constitution of South Carolina, 1895, and a favorable vote having been received on the amendment is ratified and declared to be a part of the Constitution so that Section 11 of Article X is amended by adding a new paragraph at the end to read:
"Provided, however, that endowment funds donated specifically to state-supported institutions of higher learning and held by the State Treasurer may be invested and reinvested in equity securities of a corporation within the United States that is registered on a national securities exchange, as provided in the Securities Exchange Act of 1934 or a successor act, or quoted through the National Association of Securities Dealers Automatic Quotations System or similar service. The General Assembly shall implement this paragraph by enacting legislation in which these endowment funds held and invested by the State Treasurer must be invested pursuant to a plan recommended by the State Retirement Systems Investment Panel which must be submitted to and approved by the boards of trustees of the respective colleges and universities."
SECTION 2. The amendment to Section 14(10), Article X of the Constitution of South Carolina, 1895, prepared under the terms of a joint resolution of 1998, bearing ratification number 542, having been submitted to the qualified electors at the general election of 1998 as prescribed in Section 1, Article XVI of the Constitution of South Carolina, 1895, and a favorable vote having been received on the amendment is ratified and declared to be a part of the Constitution so that Section 14(10) of Article X is amended to read:
"(10) Indebtedness payable solely from a revenue-producing project or from a special source, which source does not involve revenues from any tax or license, may be issued upon such terms and conditions as the General Assembly may prescribe by general law; provided, that the General Assembly may authorize by general law that indebtedness for the purpose of redevelopment within incorporated municipalities and counties may be incurred, and that the debt service of such indebtedness be provided from the added increments of tax revenues to result from any such project. Any and all indebtedness incurred pursuant to the provisions of this subsection shall contain a statement on the face thereof specifying the sources from which payment is to be made and shall state that the full faith, credit, and taxing powers are not pledged therefor."
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