Amend Amendment Number 31A, bearing document number 3579RO67 EB LKG, as and if amended, by adding an appropriately numbered SECTION to read:
/ SECTION ___. A. Article 1, Chapter 43, Title 11 of the 1976 Code is amended by adding:
"Section 11-43-168. Beginning in Fiscal Year 2016-2017, and each fiscal year after that and in addition to any other transfers, the State Treasurer shall transfer, from general fund nontax sources to the South Carolina Transportation Infrastructure Bank an amount equal to the general fund portion of the revenue generated pursuant to Section 12-36-2110. The transferred funds must be used solely by the bank to finance bridge replacement, rehabilitation projects, and expansion and improvements to existing mainline interstates. The State Treasurer may transfer the total amount in one lump sum or may transfer the amount quarterly in four equal installments. 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 before July 1, 2015. The bank shall submit all projects proposed to be financed through this provision to the Joint Bond Review Committee for approval before financing any proposed project."
B. This SECTION takes effect upon approval by the Governor and the first transfer of funds applies in Fiscal Year 2016-2017. /
Renumber sections to conform.
Amend title to conform.