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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 51-19-30 SO AS TO TRANSFER ALL ADMINISTRATIVE, ACCOUNTING, MANAGEMENT, MARKETING, AND OPERATING FUNCTIONS OF THE OLD EXCHANGE BUILDING FROM THE CITY OF CHARLESTON TO THE OLD EXCHANGE BUILDING COMMISSION AND TO REQUIRE ALL REVENUES RECEIVED AS A RESULT OF OPERATING THE BUILDING MUST BE USED TO ENSURE THAT THE BUILDING IS FINANCIALLY SELF-SUFFICIENT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 19, Title 51 of the 1976 Code is amended by adding:
"Section 51-19-30. (A) Notwithstanding another provision of this chapter, effective July 1, 2004, all administrative, accounting, management, marketing, and operating functions of the Old Exchange Building are transferred to the State of South Carolina to be implemented by the Old Exchange Building Commission.
(B) All revenues received as a result of operating the building must be used to guarantee that the building is financially self-sufficient."
SECTION 2. This act takes effect upon approval by the Governor.
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