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COMMITTEE REPORT
May 16, 2001
S. 219
S. Printed 5/16/01--H.
Read the first time March 29, 2001.
To whom was referred a Bill (S. 219) 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, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass with amendment:
Amend the bill, as and if amended, in Section 11-9-660 of the 1976 Code, as contained in SECTION 1, by adding a new subsection (C) to read:
/(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. /
Renumber sections to conform.
Amend totals and title to conform.
ROBERT W. HARRELL, JR. for Committee.
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, AND TO AUTHORIZE THE STATE TREASURER TO CONTRACT TO LEND INVESTED SECURITIES.
Be it enacted by the General Assembly of the State of South Carolina:
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 of this State or any of its political subdivisions;
(3) obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, the African Development Bank, and the Asian Development Bank;
(4)(3) obligations of any a corporation, within the state, or political subdivision denominated in United States dollars, if such the obligations bear any of the three highest ratings an investment grade rating of at least two nationally recognized rating services;
(5)(4) certificates of deposit, where if the certificates are secured collaterally secured by securities of the type types described in items (1) and (2)(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; but except that this collateral is not required to the extent the certificates of deposit are insured by an agency of the federal government; and
(6)(5) repurchase agreements, when if collateralized by securities of the type types described in items (1) and (2)(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."
SECTION 2. This act takes effect upon approval by the Governor.
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