(Doc Name h:\legwork\house\amend\h-wm\010\sib $50 m.docx):
EXPLANATION: Transfer $50 M in General Funds to DOT to transfer to SIB for apporiximately $500 M in bond proceeds, and require reconfiguration of SIB board prior to authorizing the spending of those funds.
Amend the bill, as and if amended, Part IB, Section 118, STATEWIDE REVENUE, page 576, paragraph 118.15, line 8-16, by striking the proviso in its entirety and inserting /(SR: Transportation Infrastructure Bond) From the Vehicle Sales Tax revenues currently in the general fund, the Department of Revenue shall transfer $50,000,000 to the Department of Transportation. The Department of Transportation shall transfer $50,000,000 from nontax sources to the South Carolina Transportation Infrastructure Bank to be utilized to leverage approximately $500,000,000 in bonds for surface infrastructure improvements. The transferred funds must be used solely by the bank to finance bridge replacement, resurfacing and rehabilitation projects, and expansion and improvements to existing mainline interstates. The Department of Transportation shall develop and submit a list of bridge and road projects to the bank for its consideration. Transferred funds may not be used for projects approved by the bank prior to July 1, 2015. The bank shall submit all projects proposed to be financed through this provision to the Joint Bond Review Committee for approval prior to financing any proposed project. Prior to submitting the list of projects to the Joint Bond Review Committee, the Infrastructure Bank Board must be reconfigured to consist of thirteen voting directors as follows: the seven members of the Commission of the Department of Transportation that represent a transportation district, ex officio; two directors appointed by the Speaker of the House of Representatives; one member of the House of Representatives appointed by the Speaker, ex officio; two directors appointed by the President Pro Tempore of the Senate; and one member of the Senate appointed by the President Pro Tempore of the Senate, ex officio. All directors serve at the pleasure of the appointing authority. The Governor shall designate which member of the Commission of the Department of Transportation shall serve as chairman./
Renumber sections to conform.
Amend totals and titles to conform.