South Carolina General Assembly
120th Session, 2013-2014

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Indicates Matter Stricken
Indicates New Matter

S. 138

STATUS INFORMATION

General Bill
Sponsors: Senators Lourie and Fair
Document Path: l:\s-res\jl\001loca.mrh.jl.docx

Introduced in the Senate on January 8, 2013
Currently residing in the Senate Committee on Finance

Summary: Political Subdivisions

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
  12/18/2012  Senate  Prefiled
  12/18/2012  Senate  Referred to Committee on Finance
    1/8/2013  Senate  Introduced and read first time (Senate Journal-page 93)
    1/8/2013  Senate  Referred to Committee on Finance (Senate Journal-page 93)

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

12/18/2012

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

A BILL

TO AMEND SECTION 6-5-10 OF THE 1976 CODE, RELATING TO ENTITIES IN WHICH LOCAL GOVERNMENT UNITS AND POLITICAL SUBDIVISIONS ARE ALLOWED TO INVEST, TO ALLOW LOCAL GOVERNMENT UNITS AND POLITICAL SUBDIVISIONS TO INVEST IN 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.

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

SECTION    1.    Section 6-5-10(a) of the 1976 Code is amended by adding an appropriately numbered item to read:

"(9)    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.

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This web page was last updated on Thursday, February 28, 2013 at 3:50 P.M.