South Carolina General Assembly
116th Session, 2005-2006

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Bill 29


Indicates Matter Stricken
Indicates New Matter


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

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 1-11-148 SO AS TO PROVIDE THAT NO FUNDS OF THE INSURANCE RESERVE FUND SHALL BE LOANED DIRECTLY TO AGENCIES, ENTITIES, OR POLITICAL SUBDIVISIONS OF THIS STATE NOR SHALL ANY OF THESE FUNDS BE DIRECTLY INVESTED IN ANY NOTES, BONDS, OR OTHER DEBT OBLIGATIONS OF THE STATE OF SOUTH CAROLINA OR ITS POLITICAL SUBDIVISIONS, AND TO PROVIDE EXCEPTIONS.

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

SECTION    1.    Chapter 11, Title 1 of the 1976 Code is amended by adding:

"Section 1-11-148.    Notwithstanding any other provision of law, no funds of the Insurance Reserve Fund shall be loaned directly to agencies, entities, or political subdivisions of this State nor shall any of these funds be directly invested in any notes, bonds, or other debt obligations of the State of South Carolina or its political subdivisions; provided, that the State Treasurer may continue to invest the funds of the Insurance Reserve Fund under the authority now provided by law. It is the intent of the General Assembly that the funds of the Insurance Reserve Fund are to be used solely for the purpose of providing insurance and the administration and support of the insurance programs. This provision shall govern any transactions entered after the effective date of this section."

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

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