H 3172 Session 116 (2005-2006)
H 3172 General Bill, By Umphlett, Bailey and Mahaffey
A BILL TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION
58-31-115 SO AS TO PROVIDE THAT THE NET REVENUE DERIVED FROM THE SALE OR LEASE
OF REAL PROPERTY OR CERTAIN CAPITAL ASSETS OF THE STATE PUBLIC SERVICE
AUTHORITY MUST BE USED BY THE AUTHORITY IN PRIORITY ORDER FOR FACILITIES
MAINTENANCE, DEBT SERVICE OR RETIREMENT OF DEBT OBLIGATIONS, AND THEN RATE
REDUCTIONS.
12/15/04 House Prefiled
12/15/04 House Referred to Committee on Ways and Means
01/11/05 House Introduced and read first time HJ-110
01/11/05 House Referred to Committee on Ways and Means HJ-111
H. 3172
A BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 58-31-115 SO AS TO PROVIDE THAT THE NET REVENUE DERIVED FROM THE SALE OR LEASE OF REAL PROPERTY OR CERTAIN CAPITAL ASSETS OF THE STATE PUBLIC SERVICE AUTHORITY MUST BE USED BY THE AUTHORITY IN PRIORITY ORDER FOR FACILITIES MAINTENANCE, DEBT SERVICE OR RETIREMENT OF DEBT OBLIGATIONS, AND THEN RATE REDUCTIONS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 31, Title 58 of the 1976 Code is amended by adding:
"Section 58-31-115. Notwithstanding the provisions of Section 58-31-110 or any other provision of law, the net revenue derived from the sale or lease of real property or capital assets valued on the books of the authority at over twenty-five thousand dollars shall not be deposited in the state general fund but instead must be used by the authority in the following priority order:
(1) facilities maintenance;
(2) debt service or retirement of debt obligations; or
(3) rate reductions."
SECTION 2. This act takes effect upon approval by the Governor.
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