South Carolina General Assembly
115th Session, 2003-2004

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Bill 3567

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

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COMMITTEE REPORT

April 9, 2003

H. 3567

Introduced by Rep. Witherspoon

S. Printed 4/9/03--H.

Read the first time February 11, 2003.

            

THE COMMITTEE ON WAYS AND MEANS

To whom was referred a Bill (H. 3567) to amend Section 11-5-120, Code of Laws of South Carolina, 1976, relating to the quarterly cash reports required to be published by the State Treasurer, etc., respectfully

REPORT:

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

Amend the bill, as and if amended, by striking Section 11-5-120 as contained in SECTION 1 and inserting:

/     Section 11-5-120.    The Treasurer shall publish, quarterly, by electronic means and in a manner that allows for public review, in one daily paper in the city of Columbia a statement showing the amount of money on hand and in what banks it is deposited and the respective funds to which it belongs. Notwithstanding the provisions of this section, electronic publication does not satisfy other publication or public notice requirements imposed by law. /

Renumber sections to conform.

Amend title to conform.

ROBERT W. HARRELL, JR. for Committee.

            

STATEMENT OF ESTIMATED FISCAL IMPACT

REVENUE IMPACT 1/

The Board of Economic Advisors has reviewed the bill and has determined that there is no impact on state or local general fund revenue in FY2003-04.

Explanation

This bill would amend Section 11-5-120 to change the requirement of the State Treasurer to publish a quarterly listing of deposits held in state financial institutions from being listed "in one daily paper in the city of Columbia" to allowing the list to be distributed "by electronic means and in a manner that allows for public review" by the Office of State Treasurer. The Board of Economic Advisors has reviewed the bill and has determined that there is no impact on state or local general fund revenue in FY2003-04.

Approved By:

William C. Gillespie

Board of Economic Advisors

1/ This statement meets the requirement of Section 2-7-71 for a state revenue impact, Section 2-7-76 for a local revenue impact, and Section 6-1-85(B) for an estimate of the shift in local property tax incidence.

A BILL

TO AMEND SECTION 11-5-120, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE QUARTERLY CASH REPORTS REQUIRED TO BE PUBLISHED BY THE STATE TREASURER IN A DAILY COLUMBIA NEWSPAPER, SO AS TO ALLOW THE REPORT TO BE PUBLISHED ELECTRONICALLY, IN A MANNER THAT ALLOWS FOR PUBLIC REVIEW.

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

SECTION    1.    Section 11-5-120 of the 1976 Code is amended to read:

"Section 11-5-120.    The Treasurer shall publish, quarterly, by electronic means and in a manner that allows for public review, in one daily paper in the city of Columbia a statement showing the amount of money on hand and in what banks it is deposited and the respective funds to which it belongs."

SECTION    2.    This act takes effect upon approval by the Governor.

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