Current Status Bill Number:4998 Ratification Number:542 Act Number:446 Type of Legislation:Joint Resolution JR Introducing Body:House Introduced Date:19980414 Primary Sponsor:Boan All Sponsors:Boan and Lanford Drafted Document Number:pt\1860mm.98 Date Bill Passed both Bodies:19980616 Date of Last Amendment:19980603 Governor's Action:U Signature of Governor not required Date of Governor's Action:19980617 Subject:Constitution of S.C., Endowment funds donated to state-supported colleges in equity securities, Treasurer to invest
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
------ 19980910 Act No. A446
------ 19980617 Signature of Governor not required
------ 19980617 Ratified R542
House 19980616 Concurred in Senate amendment,
Enrolled for ratification
House 19980616 Debate adjourned on Senate amendments
House 19980604 Read second time, ordered to
third reading under Senate
Amendments
House 19980603 Senate amendments read first time
and ordered to second reading under
Senate amendments (needs three readings
in its present form to satisfy
constitutional requirements)
Senate 19980603 Read third time, returned to House
with amendment
Senate 19980603 Amended
Senate 19980602 Read second time, notice of
general amendments
Senate 19980602 Amended
Senate 19980602 Reconsidered vote whereby
read second time with notice of
general amendments
Senate 19980602 Read second time, notice of
general amendments, carrying over
all amendments to third reading
Senate 19980429 Recalled from Committee 06 SF
Senate 19980421 Introduced, read first time, 06 SF
referred to Committee
House 19980417 Read third time, sent to Senate
House 19980416 Read second time, unanimous consent
for third reading on the next
Legislative day
House 19980414 Introduced, read first time,
placed on Calendar without reference
View additional legislative information at the LPITS web site.
(A446, R542, H4998)
A JOINT RESOLUTION PROPOSING AN AMENDMENT TO SECTION 11, ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO FINANCE, TAXATION, AND DEBT, SO AS TO ALLOW THE STATE TREASURER TO INVEST ENDOWMENT FUNDS DONATED SPECIFICALLY TO STATE-SUPPORTED INSTITUTIONS OF HIGHER LEARNING IN EQUITY SECURITIES OF UNITED STATES CORPORATIONS REGISTERED ON A NATIONAL SECURITIES EXCHANGE OR QUOTED THROUGH A NATIONAL QUOTATIONS SYSTEM, SUBJECT TO LEGISLATION ENACTED BY THE GENERAL ASSEMBLY WHICH REQUIRES THESE ENDOWMENT FUNDS HELD AND INVESTED BY THE STATE TREASURER TO BE INVESTED PURSUANT TO A PLAN RECOMMENDED BY THE STATE RETIREMENT SYSTEMS INVESTMENT PANEL WHICH MUST BE SUBMITTED TO AND APPROVED BY THE BOARDS OF TRUSTEES OF THE RESPECTIVE COLLEGES AND UNIVERSITIES; AND BY PROPOSING AN AMENDMENT TO SECTION 14 OF THIS ARTICLE TO AUTHORIZE THE GENERAL ASSEMBLY TO PROVIDE BY LAW FOR THE INCURRENCE OF INDEBTEDNESS BY COUNTIES FOR REDEVELOPMENT PURPOSES AND TO PROVIDE FOR THE DEBT SERVICE OF SUCH INDEBTEDNESS TO BE PROVIDED FROM THE ADDED INCREMENT OF TAX REVENUES TO RESULT FROM THE PROJECT.
Be it enacted by the General Assembly of the State of South Carolina:
Endowment funds, investment of
SECTION 1. It is proposed that Section 11, Article X of the Constitution of this State be amended by adding a paragraph at the end to read:
"Provided, however, that endowment funds donated specifically to state-supported institutions of higher learning and held by the State Treasurer may be invested and reinvested in equity securities of a corporation within the United States that is registered on a national securities exchange, as provided in the Securities Exchange Act of 1934 or a successor act, or quoted through the National Association of Securities Dealers Automatic Quotations System or similar service. The General Assembly shall implement this paragraph by enacting legislation in which these endowment funds held and invested by the State Treasurer must be invested pursuant to a plan recommended by the State Retirement Systems Investment Panel which must be submitted to and approved by the boards of trustees of the respective colleges and universities."
Constitutional amendment question
SECTION 2. The proposed amendment must be submitted to the qualified electors at the next general election for representatives. Ballots must be provided at the various voting precincts with the following words printed or written on the ballot:
"Must Section 11, Article X of the Constitution of this State relating to the pledging of the credit of the State and prohibiting ownership of the State in a company, association, or corporation be amended so as to allow the State Treasurer to invest endowment funds donated specifically to state-supported institutions of higher learning in equity securities of United States corporations registered on a national securities exchange or quoted through a national quotations system, subject to legislation enacted by the General Assembly which requires these endowment funds held and invested by the State Treasurer to be invested pursuant to a plan recommended by the State Retirement Systems Investment Panel which must be submitted to and approved by the boards of trustees of the respective colleges and universities?
Those voting in favor of the question shall deposit a ballot with a check or cross mark in the square after the word 'Yes', and those voting against the question shall deposit a ballot with a check or cross mark in the square after the word 'No'."
Counties added to tax increment financing authority
SECTION 3. It is proposed that Section 14(10), Article X of the Constitution of this State be amended to read:
"(10) Indebtedness payable solely from a revenue-producing project or from a special source, which source does not involve revenues from any tax or license, may be issued upon such terms and conditions as the General Assembly may prescribe by general law; provided, that the General Assembly may authorize by general law that indebtedness for the purpose of redevelopment within incorporated municipalities and counties may be incurred, and that the debt service of such indebtedness be provided from the added increments of tax revenues to result from any such project. Any and all indebtedness incurred pursuant to the provisions of this subsection shall contain a statement on the face thereof specifying the sources from which payment is to be made and shall state that the full faith, credit, and taxing powers are not pledged therefor."
Constitutional amendment question
SECTION 4. The proposed amendment must be submitted to the qualified electors at the next general election for representatives. Ballots must be provided at the various voting precincts with the following words printed or written on the ballot:
"Shall Section 14, Article X of the Constitution of this State, relating to indebtedness payable from revenue-producing projects and from special sources, be amended so as to provide that the General Assembly may provide by general law for counties to incur indebtedness for the purpose of redevelopment and to provide that the debt service for such indebtedness be provided from the added increments of tax revenues to result from such project?
Those voting in favor of the question shall deposit a ballot with a check or cross mark in the square after the word 'Yes', and those voting against the question shall deposit a ballot with a check or cross mark in the square after the word 'No'."
Ratified the 17th day of June, 1998.