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Current Status Bill Number:View additional legislative information at the LPITS web site.4429 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:20000112 Primary Sponsor:Davenport All Sponsors:Davenport Drafted Document Number:l:\council\bills\bbm\9117htc00.doc Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Appropriation, surplus revenues; use to replenish General Reserve Fund, to accelerate payment of general obligation debt History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 20000112 Introduced, read first time, 30 HWM referred to Committee Versions of This Bill
TO AMEND SECTION 11-11-410, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE STATUTORY STATE SPENDING LIMITATION AND THE USE OF SURPLUS REVENUE, SO AS TO REQUIRE AT LEAST SEVENTY-FIVE PERCENT OF SURPLUS REVENUES TO BE USED TO ACCELERATE THE PAYMENT OF STATE GENERAL OBLIGATION DEBT, TO CLARIFY THAT THE FIRST USE OF SURPLUS REVENUE IS TO REPLENISH THE GENERAL RESERVE FUND, AND TO PROVIDE THAT REFERENCES TO APPROPRIATING SURPLUS REVENUES APPLY TO SURPLUS FUNDS REMAINING AFTER THE FIRST TWO PRIORITIES ARE MET.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 11-11-410(F) of the 1976 Code is amended to read:
"(F) In any year When surplus funds are collected, and after the transfer to the General Reserve Fund required pursuant to Section 11-11-310(A), not less than seventy-five percent of the balance of such surplus revenue, if so much is necessary, must be used to accelerate the payment of state general obligation debt. Any remaining such revenue surplus may be appropriated by the General Assembly to match funds for public education, public welfare, public health, road and highway construction, rehabilitation, replacement, or maintenance financed in part with federal participation funding or federal grants or tolls, or further to accelerate the retirement of bonded indebtedness or transferred to the general fund reserve, or tax relief or for avoiding the issuance of bonds for projects that are authorized but not issued or any combination of these purposes without regard to the spending limitation. For the purposes of this section, surplus funds mean that portion of revenues, as defined in subsection (A) of this section, over and above revenues authorized for appropriation in subsection (B). Whenever reference is made in any law to the appropriation of surplus revenue, it refers to the surplus remaining after the replenishment of the General Reserve Fund and the acceleration of debt repayment."
SECTION 2. This act takes effect July 1, 2000, and applies for surplus revenues accruing on and after that date.
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