South Carolina General Assembly
114th Session, 2001-2002

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Bill 222

                    Current Status

Bill Number:                      222
Ratification Number:              11
Act Number:                       7
Type of Legislation:              General Bill GB
Introducing Body:                 Senate
Introduced Date:                  20010125
Primary Sponsor:                  Leatherman
All Sponsors:                     Leatherman
Drafted Document Number:          l:\council\bills\bbm\9855htc01.doc
Date Bill Passed both Bodies:     20010207
Date of Last Amendment:           20010206
Governor's Action:                S
Date of Governor's Action:        20010216
Subject:                          Tobacco Master Settlement Agreement, 
                                  State Treasurer; invest revenue in 
                                  obligations; Agriculture, Bonds or Notes, 
                                  Banks


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
------  20010302  Act No. A7
------  20010216  Signed by Governor
------  20010215  Ratified R11
Senate  20010207  Concurred in House amendment, 
                  enrolled for ratification
House   20010207  Read third time, returned to Senate
                  with amendment
House   20010206  Amended, read second time
House   20010201  Introduced, read first time,
                  placed on Calendar without reference
Senate  20010131  Read third time, sent to House
Senate  20010130  Read second time, notice of
                  general amendments
Senate  20010125  Introduced, read first time,
                  placed on Calendar without reference


              Versions of This Bill
Revised on January 25, 2001 - Word format
Revised on February 1, 2001 - Word format
Revised on February 6, 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.)

(A7, R11, S222)

AN ACT TO AMEND SECTION 11-11-170, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE STATE'S USE OF REVENUES OF THE TOBACCO MASTER SETTLEMENT AGREEMENT, SO AS TO AUTHORIZE ADDITIONAL LEGAL INVESTMENTS FOR THESE REVENUES BY THE STATE TREASURER IN OBLIGATIONS OF CORPORATIONS AND IN STATES AND POLITICAL SUBDIVISIONS OUTSIDE OF SOUTH CAROLINA IF THE OBLIGATIONS ARE DENOMINATED IN UNITED STATES DOLLARS AND BEAR AN INVESTMENT GRADE RATING OF AT LEAST TWO NATIONALLY RECOGNIZED RATING SERVICES.

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

Investments allowed

SECTION 1. Section 11-11-170 of the 1976 Code, as added by Section 69B, Part II, Act 387 of 2000, is amended by adding at the end:

"(C) In addition to those investments allowed pursuant to Section 11-9-660, the State Treasurer may invest and reinvest the revenues payable to the State pursuant to the Tobacco Master Settlement Agreement or funds raised pursuant to the provisions of Chapter 49 of this title and credited to the funds established by this section in any 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."

Time effective

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

Ratified the 15th day of February, 2001.

Approved the 16th day of February, 2001.

__________


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