South Carolina General Assembly
116th Session, 2005-2006

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Indicates Matter Stricken
Indicates New Matter

S. 117

STATUS INFORMATION

General Bill
Sponsors: Senators Ritchie, Fair and Richardson
Document Path: l:\council\bills\bbm\10472mm05.doc

Introduced in the Senate on January 11, 2005
Introduced in the House on March 16, 2005
Last Amended on March 15, 2005
Currently residing in the House Committee on Ways and Means

Summary: Scholarship reserve account established

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
  12/15/2004  Senate  Prefiled
  12/15/2004  Senate  Referred to Committee on Finance
   1/11/2005  Senate  Introduced and read first time SJ-141
   1/11/2005  Senate  Referred to Committee on Finance SJ-141
   3/10/2005  Senate  Committee report: Favorable with amendment Finance SJ-9
   3/11/2005          Scrivener's error corrected
   3/15/2005  Senate  Amended SJ-23
   3/15/2005  Senate  Read second time SJ-23
   3/16/2005  Senate  Read third time and sent to House SJ-28
   3/16/2005  House   Introduced and read first time HJ-91
   3/16/2005  House   Referred to Committee on Ways and Means HJ-91

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

12/15/2004
3/10/2005
3/11/2005
3/15/2005

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

COMMITTEE AMENDMENT ADOPTED

March 15, 2005

S. 117

Introduced by Senators Ritchie, Fair and Richardson

S. Printed 3/15/05--S.

Read the first time January 11, 2005.

            

A BILL

TO AMEND SECTION 59-150-350, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO ADMINISTRATION OF THE EDUCATION LOTTERY ACCOUNT, SO AS TO PROVIDE FOR A SCHOLARSHIP RESERVE ACCOUNT, FUNDED BY EXCESS LOTTERY PROCEEDS AND INVESTMENT EARNINGS, FOR THE EXCLUSIVE PURPOSE OF MAINTAINING FUNDING OF CERTAIN SCHOLARSHIPS, GRANTS, AND ASSISTANCES IF CERTIFIED NET LOTTERY PROCEEDS AND INVESTMENT EARNINGS ARE INSUFFICIENT TO FUND THEM, TO DEFINE "EXCESS", AND TO LIMIT THE AMOUNT OF THE RESERVE TO THREE PERCENT OF THE EDUCATION LOTTERY ACCOUNT REVENUE FOR THE LATEST COMPLETED FISCAL YEAR.

Amend Title To Conform

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

SECTION    1.    Section 59-150-350 of the 1976 Code is amended by adding a subsection at the end to read:

"( )(1)    There is created a Scholarship Reserve Account, separate and distinct from the general fund, for the exclusive purpose of maintaining funding of the Palmetto Fellows, LIFE, and HOPE scholarships, need-based and tuition grants and grants to teachers for advanced education, and National Guard and tuition assistance for two-year institutions if certified net lottery proceeds and investment earnings fall below a level sufficient to fund these scholarships.

(2)    The account must be funded by all excess net lottery proceeds and investment earnings, in an amount not to exceed three percent of the Education Lottery Account revenue for the latest complete fiscal year. 'Excess' means the funds remaining at the end of each fiscal year, over and above the full funding of all appropriations that are not contingent and are based on certified lottery proceeds in the general appropriation bill and any supplemental appropriation bill, except that excess does not include unclaimed prize money. These excess monies must be transferred to the State Treasurer for deposit in the separate and distinct Scholarship Reserve Account. Expenditure of the funds in the account must be allocated among the scholarships, grants, and assistances based on the respective need in the current fiscal year.

(3)    Any reduction to the Lottery Reserve Account must be restored by appropriation from the Education Lottery Account to ensure that the three percent maximum required in item (2) is reached and maintained within a three-year period.

(4)    This subsection does not prohibit the appropriation by the General Assembly, in a particular fiscal year, of monies from the state's general fund to ensure full funding in that year of all Palmetto Fellows and LIFE scholarships, nor does it prohibit the allocation by the General Assembly, in a particular fiscal year, of monies from the Lottery Expenditure Account to the Scholarship Reserve Account, but not to exceed the three percent limit."

SECTION    2.    This act takes effect July 1, 2005.

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