(Doc Name H:\LEGWORK\HOUSE\AMEND\H-WM\001\EXCESS DEBT SVC LGF 10.8M.DOCX):
EXPLANATION: Direct $10.8m of FY 2018-19 excess debt service funds remaining after funding the $50m loan to the State Ports Authority for the Charleston Harbor Deepening Project be used to fund the local govt fund.
Amend the bill, as and if amended, Part IB, Section 112, DEBT
SERVICE, page 455, paragraph 112.1, line 20-23, by striking the
proviso in its entirety and inserting:
/ 112.1. (DS: Excess
Debt Service) Excess Of the
excess debt service funds from
available in Fiscal Year 2016-17
2018-19 remaining after funding the State Ports Authority
loan related to the Charleston Harbor Deepening Project,
$10,800,000 must be carried forward and expended
in Fiscal Year 2017-18 transferred
to the Local Government Fund. Any remaining excess debt service
funds may be expended to pay down general obligation bond
debt for which the State (1) is paying the highest rate of
interest, (2) will achieve relief in constrained debt capacity,
or (3) reduce the amount of debt issued. /
Renumber sections to conform.
Amend totals and titles to conform.