Current StatusView additional legislative information at the LPITS web site.Bill Number: 3730 Ratification Number: 399 Act Number 693 Introducing Body: House Subject: Joint resolution; State Budget and Control Board to transfer surplus funds resulting from reductions in automobile liability insurance costs to the Insurance Reserve Fund
(A693, R399, H3730)
A JOINT RESOLUTION TO AUTHORIZE THE STATE BUDGET AND CONTROL BOARD TO TRANSFER SURPLUS FUNDS RESULTING FROM REDUCTIONS IN AUTOMOBILE LIABILITY INSURANCE COSTS TO THE INSURANCE RESERVE FUND AND TO PROVIDE FOR THE USE OF THESE TRANSFERRED FUNDS.
Be it enacted by the General Assembly of the State of South Carolina:
Expenditures
SECTION 1. From any funds the State Budget and Control Board determines to be surplus resulting from reductions in automobile liability insurance costs to the Insurance Reserve Fund during fiscal year 1987-88, the board shall make transfers of these funds for the purposes below and expenditures thereof are authorized:
(1) $362,760--Aid to Subdivisions for partial restoration of vetoed aid to planning districts and these funds must be distributed in the same proportion as provided in Section 125, Part I of Act 540 of 1986;
(2) $130,000--Division of General Services for replacing State House windows. Any unexpended funds for this item may be carried forward and expended in fiscal year 1988-89 for this purpose;
(3) $130,000--Judicial Department for expenses incurred in the expansion of the judicial commitment program;
(4) $900,000--SLED for unfunded expenses for implementing and administering the provisions of Act 179 of 1987, relating to the implied consent law.
Any remaining surplus after these allocations must be credited to the general fund of the State.
Time effective
SECTION 2. This act takes effect upon approval by the Governor.