South Carolina General Assembly
115th Session, 2003-2004

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H. 4907

STATUS INFORMATION

Joint Resolution
Sponsors: Reps. Thompson, Cotty, G.M. Smith, E.H. Pitts, Simrill, Duncan, Viers, McLeod, Vaughn, Lourie, Branham, Altman, Anthony, Bailey, Barfield, Battle, Bingham, Chellis, Clemmons, Cooper, Davenport, Delleney, Edge, Gilham, Hagood, Hamilton, Harrell, Hayes, Herbkersman, Hinson, Jennings, Keegan, Kirsh, Leach, Littlejohn, Lucas, McCraw, McGee, Merrill, Miller, Owens, Perry, Phillips, Pinson, M.A. Pitts, Rice, Richardson, Rivers, Sandifer, Scarborough, Sinclair, Skelton, D.C. Smith, F.N. Smith, G.R. Smith, J.R. Smith, Stille, Talley, Taylor, Toole, Tripp, Trotter, Umphlett, White, Whitmire, Witherspoon, Young, Cobb-Hunter, Bales, Neilson, Wilkins and J.E. Smith
Document Path: l:\council\bills\ggs\22485htc04.doc

Introduced in the House on March 4, 2004
Introduced in the Senate on April 28, 2004
Currently residing in the Senate Committee on Finance

Summary: Constitutional amendment, General Reserve Fund

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
    3/4/2004  House   Introduced and read first time HJ-73
    3/4/2004  House   Referred to Committee on Ways and Means HJ-74
   4/15/2004  House   Member(s) request name added as sponsor: Cobb-Hunter
   4/22/2004  House   Committee report: Favorable Ways and Means HJ-7
   4/26/2004          Scrivener's error corrected
   4/27/2004  House   Member(s) request name added as sponsor: Bales, Neilson, 
                        Wilkins, J.E.Smith
   4/27/2004  House   Read second time HJ-56
   4/27/2004  House   Roll call Yeas-106  Nays-0 HJ-59
   4/28/2004  House   Read third time and sent to Senate HJ-10
   4/28/2004  Senate  Introduced and read first time SJ-22
   4/28/2004  Senate  Referred to Committee on Finance SJ-22

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

3/4/2004
4/22/2004
4/26/2004

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

COMMITTEE REPORT

April 22, 2004

H. 4907

Introduced by Reps. Thompson, Cotty, G.M. Smith, E.H. Pitts, Simrill, Duncan, Viers, McLeod, Vaughn, Lourie, Branham, Altman, Anthony, Bailey, Barfield, Battle, Bingham, Chellis, Clemmons, Cooper, Davenport, Delleney, Edge, Gilham, Hagood, Hamilton, Harrell, Hayes, Herbkersman, Hinson, Jennings, Keegan, Kirsh, Leach, Littlejohn, Lucas, McCraw, McGee, Merrill, Miller, Owens, Perry, Phillips, Pinson, M.A. Pitts, Rice, Richardson, Rivers, Sandifer, Scarborough, Sinclair, Skelton, D.C. Smith, F.N. Smith, G.R. Smith, J.R. Smith, Stille, Talley, Taylor, Toole, Tripp, Trotter, Umphlett, White, Whitmire, Witherspoon, Young and Cobb-Hunter

S. Printed 4/22/04--H.    [SEC 4/26/04 11:32 AM]

Read the first time March 4, 2004.

            

THE COMMITTEE ON WAYS AND MEANS

To whom was referred a Joint Resolution (H. 4907) proposing an amendment to Section 36, Article III of the Constitution of South Carolina, 1895, relating to the General Reserve Fund and the Capital Reserve Fund, so as to, etc., respectfully

REPORT:

That they have duly and carefully considered the same and recommend that the same do pass:

ROBERT W. HARRELL, JR. for Committee.

            

STATEMENT OF ESTIMATED FISCAL IMPACT

ESTIMATED FISCAL IMPACT ON GENERAL FUND EXPENDITURES:

See Below

ESTIMATED FISCAL IMPACT ON FEDERAL & OTHER FUND EXPENDITURES:

$0 (No additional expenditures or savings are expected)

EXPLANATION OF IMPACT:

Pending the passage of this constitutional amendment, for each one-half percent of general fund revenues used for debt service, there would be a nonrecurring appropriation of approximately $50 million to be held in the General Reserve Fund of the State.

Approved By:

Don Addy

Office of State Budget

A JOINT RESOLUTION

PROPOSING AN AMENDMENT TO SECTION 36, ARTICLE III OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO THE GENERAL RESERVE FUND AND THE CAPITAL RESERVE FUND, SO AS TO REQUIRE AN ADDITIONAL AMOUNT EQUAL TO ONE PERCENT OF STATE GENERAL FUND REVENUE IN THE LATEST COMPLETED FISCAL YEAR TO BE HELD IN THE GENERAL RESERVE FUND EACH TIME THE GENERAL ASSEMBLY ENACTS LEGISLATION CUMULATIVELY RAISING BY AT LEAST ONE-HALF OF ONE PERCENT THE AMOUNT OF GENERAL FUND REVENUES OF THE PRECEDING FISCAL YEAR THAT MAY BE USED TO SECURE STATE OBLIGATION DEBT.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    It is proposed that SECTION 36(A), Article III of the Constitution of this State be amended by adding a new paragraph at the end to read:

"If after the ratification of this paragraph the General Assembly enacts legislation pursuant to SECTION 13(6)(c), Article X, of this Constitution increasing the then applicable limit on the amount of general fund revenue that may be used for annual debt service for state general obligation debt by cumulatively at least one-half of one percent of general fund revenue of the State for the preceding fiscal year, the amount required to be held in the General Reserve Fund in succeeding fiscal years is increased by an amount equal to one percent of general fund revenues of the latest completed fiscal year."

SECTION    2.    Must SECTION 36, Article III of the Constitution of this State be amended so as to require an additional amount equal to one percent of state general fund revenues in the latest completed fiscal year to be held in the General Reserve Fund each time the General Assembly enacts legislation which cumulatively has raised the then existing amount of state general fund revenues which may be used for annual debt service on state general obligation debt?

Yes    [ ]

No    [ ]

SECTION    3.    This joint resolution takes effect upon approval by the Governor.

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