View Amendment Current Amendment: 100 to Bill 4950 Rep. Cobb-Hunter proposes the following Amendment No. 100 to H.4950 as introduced by Ways & Means
(Doc Name H:\LEGWORK\HOUSE\AMEND\H-WM\007\EMPLOYEE BONUS.DOCX):

EXPLANATION: Direct $38.4M 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 provide a one-time bonus for state employees making $50K or less.

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, $38,400,000 must be carried forward and expended in Fiscal Year 2017-18 transferred to the F300 Employee Benefits and the Executive Budget Office is directed to utilize these funds to provide an $1,800 one-time bonus to state employees making $50,000 or less. 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.