South Carolina General Assembly
114th Session, 2001-2002

Download This Version in Microsoft Word format

Bill 222

Indicates Matter Stricken
Indicates New Matter

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


AMENDED

February 6, 2001

    S. 222

Introduced by Senator Leatherman

S. Printed 2/6/01--H.

Read the first time February 1, 2001.

            

A BILL

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.

    Amend Title To Conform

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

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."

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

----XX----

This web page was last updated on Thursday, June 25, 2009 at 2:08 P.M.