South Carolina General Assembly
114th Session, 2001-2002

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Bill 219


                    Current Status

Bill Number:                      219
Ratification Number:              47
Act Number:                       28
Type of Legislation:              General Bill GB
Introducing Body:                 Senate
Introduced Date:                  20010125
Primary Sponsor:                  Leatherman
All Sponsors:                     Leatherman
Drafted Document Number:          l:\council\bills\dka\4072mm01.doc
Date Bill Passed both Bodies:     20010522
Date of Last Amendment:           20010517
Governor's Action:                S
Date of Governor's Action:        20010529
Subject:                          Investment of funds by State Treasurer; 
                                  obligations of corporation, state, political 
                                  subdivision; Bonds or Notes, Banks


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
------  20010611  Act No. A28
------  20010529  Signed by Governor
------  20010523  Ratified R47
Senate  20010522  Concurred in House amendment, 
                  enrolled for ratification
------  20010518  Scrivener's error corrected
House   20010518  Read third time, returned with
                  amendment
House   20010517  Amended, read second time, 
                  unanimous consent for third reading 
                  on Friday, 20010518
House   20010516  Committee report: Favorable with       30 HWM
                  amendment
House   20010329  Introduced, read first time,           30 HWM
                  referred to Committee
Senate  20010328  Read third time, sent to House
Senate  20010327  Amended, read second time, 
                  notice of general amendments
------  20010326  Scrivener's error corrected
Senate  20010322  Committee report: Favorable            06 SF
Senate  20010125  Introduced, read first time,           06 SF
                  referred to Committee


              Versions of This Bill
Revised on March 22, 2001 - Word format
Revised on March 26, 2001 - Word format
Revised on March 27, 2001 - Word format
Revised on May 16, 2001 - Word format
Revised on May 17, 2001 - Word format
Revised on May 18, 2001 - Word format

View additional legislative information at the LPITS web site.


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

(A28, R47, S219)

AN ACT TO AMEND SECTION 11-9-660, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INVESTMENT OF FUNDS OF THE STATE BY THE STATE TREASURER, SO AS TO AUTHORIZE INVESTMENTS IN CORPORATIONS AND IN STATES AND POLITICAL SUBDIVISIONS OUTSIDE OF SOUTH CAROLINA SO LONG AS THE OBLIGATIONS ARE DENOMINATED IN UNITED STATES DOLLARS, TO MODIFY THE INVESTMENT GRADE RATING REQUIREMENT FOR INVESTMENT IN OBLIGATIONS, TO PROVIDE FOR INVESTMENT IN CERTAIN GUARANTEED INVESTMENT CONTRACTS ISSUED BY A DOMESTIC OR FOREIGN INSURANCE COMPANY OR OTHER FINANCIAL INSTITUTION, TO AUTHORIZE THE STATE TREASURER TO CONTRACT TO LEND INVESTED SECURITIES, AND TO PROHIBIT INVESTMENT BY THE STATE TREASURER IN AN OBLIGATION OF A COUNTRY DETERMINED TO BE IN VIOLATION OF HUMAN RIGHTS.

Be it enacted by the General Assembly of the State of South Carolina:

Investment of funds

SECTION 1. Section 11-9-660 of the 1976 Code, as last amended by Section 66A, Part II, Act 164 of 1993, is further amended to read:

"Section 11-9-660. (A) The State Treasurer has full power to invest and reinvest all funds of the State in any of the following:

(1) obligations of the United States, its agencies and instrumentalities;

(2) obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, the African Development Bank, and the Asian Development Bank;

(3) obligations of a corporation, state, or political subdivision denominated in United States dollars, if the obligations bear an investment grade rating of at least two nationally recognized rating services;

(4) certificates of deposit, if the certificates are secured collaterally by securities of the types described in items (1) and (3) of this section and held by a third party as escrow agent or custodian and are of a market value not less than the amount of the certificates of deposit so secured, including interest, except that this collateral is not required to the extent the certificates of deposit are insured by an agency of the federal government;

(5) repurchase agreements, if collateralized by securities of the types described in items (1) and (3) of this section and held by a third party as escrow agent or custodian and of a market value not less than the amount of the repurchase agreement so collateralized, including interest; and

(6) guaranteed investment contracts issued by a domestic or foreign insurance company or other financial institution, whose long-term unsecured debt rating bears the two highest ratings of at least two nationally recognized rating services.

(B) The State Treasurer may contract to lend securities invested pursuant to this section.

(C) The State Treasurer shall not invest in obligations issued by any country or corporation principally located in any country which the United States Department of State determines commits major human rights violations based on the Country Reports on Human Rights Practices by the Bureau of Democracy, Human Rights and Labor of the U. S. Department of State."

Time effective

SECTION 2. This act takes effect upon approval by the Governor.

Ratified the 23rd day of May, 2001.

Approved the 29th day of May, 2001.

__________


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