Current Status Bill Number:4021 Type of Legislation:Joint Resolution JR Introducing Body:House Introduced Date:19950412 Primary Sponsor:Stille All Sponsors:Stille and Cooper Drafted Document Number:bbm\10161jm.95 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Federal Belly-up Reserve Fund
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ House 19950412 Introduced, read first time, 30 HWM referred to CommitteeView additional legislative information at the LPITS web site.
TO AMEND ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO FINANCE, TAXATION, AND BONDED DEBT, BY ADDING SECTION 23 SO AS TO PROVIDE FOR THE ESTABLISHMENT OF A RESERVE FUND FOR THE CONTINGENCY OF THE FEDERAL GOVERNMENT'S DECLARATION OF BANKRUPTCY SO THAT THE STATE OF SOUTH CAROLINA WILL HAVE SUFFICIENT FUNDS SET ASIDE AND IN RESERVE WHEN THAT ANTICIPATED DISASTER OCCURS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article X of the Constitution of this State is amended by adding:
"Section 23. The `Federal "Belly-up" Reserve Fund' is established as follows: