South Carolina General Assembly
114th Session, 2001-2002

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Bill 3764


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Bill Number:                      3764
Type of Legislation:              Joint Resolution JR
Introducing Body:                 House
Introduced Date:                  20010321
Primary Sponsor:                  Wilkins
All Sponsors:                     Wilkins, Lourie
Drafted Document Number:          l:\council\bills\gjk\20055htc01.doc
Residing Body:                    Senate
Current Committee:                Finance Committee 06 SF
Subject:                          Political subdivision providing 
                                  firefighting service with pension plan to 
                                  invest in equity securities; Fire, Retirement


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
Senate  20020409  Introduced, read first time,           06 SF
                  referred to Committee
House   20020405  Read third time, sent to Senate
House   20020404  Read second time, unanimous
                  consent for third reading on 
                  Friday, 20020405
House   20020403  Committee report: Favorable            30 HWM
House   20010502  Co-Sponsor added (Rule 5.2) by Rep.            Lourie
House   20010321  Introduced, read first time,           30 HWM
                  referred to Committee


              Versions of This Bill
Revised on April 3, 2002 - 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.)

COMMITTEE REPORT

April 3, 2002

    H. 3764

Introduced by Reps. Wilkins and Lourie

S. Printed 4/3/02--H.

Read the first time March 21, 2001.

            

THE COMMITTEE ON WAYS AND MEANS

    To whom was referred a Joint Resolution (H. 3764) proposing an amendment to Section 11, Article X of the Constitution of South Carolina, 1895, relating to the restrictions on pledging the credit of this State or its political subdivisions, etc., respectfully

REPORT:

    That they have duly and carefully considered the same and recommend that the same do pass:

ROBERT W. HARRELL, JR. for Committee.

            

STATEMENT OF ESTIMATED FISCAL IMPACT

ESTIMATED FISCAL IMPACT ON GENERAL FUND EXPENDITURES:

$0 (No additional expenditures or savings are expected)

ESTIMATED FISCAL IMPACT ON FEDERAL & OTHER FUND EXPENDITURES:

$0 (No additional expenditures or savings are expected)

EXPLANATION OF IMPACT:

    The Election Commission estimates there will be no fiscal impact on the General Fund of the State nor on federal and/or other funds.

LOCAL GOVERNMENT IMPACT:

    Enactment of this bill will have no fiscal impact on the local governments.

    Approved By:

    Don Addy

    Office of State Budget

A JOINT RESOLUTION

PROPOSING AN AMENDMENT TO SECTION 11, ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO THE RESTRICTIONS ON PLEDGING THE CREDIT OF THIS STATE OR ITS POLITICAL SUBDIVISIONS FOR A PRIVATE PURPOSE AND THE RESTRICTION ON THE STATE OR ANY OF ITS POLITICAL SUBDIVISIONS BECOMING A JOINT OWNER OR STOCKHOLDER OF A BUSINESS, SO AS TO ALLOW A MUNICIPALITY, COUNTY, SPECIAL PURPOSE DISTRICT, OR PUBLIC SERVICE DISTRICT OF THIS STATE WHICH PROVIDES FIREFIGHTING SERVICE AND WHICH ADMINISTERS A SEPARATE PENSION PLAN FOR ITS EMPLOYEES PERFORMING THIS SERVICE TO INVEST AND REINVEST THE FUNDS IN THIS PENSION PLAN IN EQUITY SECURITIES TRADED ON A NATIONAL SECURITIES EXCHANGE, AS PROVIDED IN THE SECURITIES EXCHANGE ACT OF 1934 OR SUCCESSOR ACT, OR QUOTED THROUGH THE NATIONAL ASSOCIATION OF SECURITIES DEALERS AUTOMATIC QUOTATIONS SYSTEM OR SIMILAR SERVICE.

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

SECTION    1.    It is proposed that Section 11, Article X of the Constitution of this State be amended by adding at the end:

    "Notwithstanding any other provision of this section, a municipality, county, special purpose district, or public service district of this State which provides firefighting service and which administers a separate pension plan for its employees performing this service may invest and reinvest the funds in this pension plan in equity securities traded on a national securities exchange as provided in the Securities Exchange Act of 1934 or a successor act, or in equity securities quoted through the National Association of Securities Dealers Automatic Quotations System or similar service."

SECTION    2.    The proposed amendment must be submitted to the qualified electors at the next general election for representatives. Ballots must be provided at the various voting precincts with the following words printed or written on the ballot:

    "Must Section 11, Article X of the Constitution of this State relating to restrictions on pledging the credit of the State or its political subdivisions for a private purpose and the restrictions on the State or its political subdivisions from becoming a joint owner or stockholder of a business, be amended so as to allow a municipality, county, special purpose district, or public service district of this State which provides firefighting service and which administers a separate pension plan for its employees performing this service to invest and reinvest the funds in this pension plan in equity securities traded on a national securities exchange as provided in the Securities Exchange Act of 1934 or a successor act, or in equity securities quoted through the National Association of Securities Dealers Automatic Quotations System or similar service?

Yes    []

No    []

Those voting in favor of the question shall deposit a ballot with a check or cross mark in the square after the word 'Yes', and those voting against the question shall deposit a ballot with a check or cross mark in the square after the word 'No'."

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