South Carolina General Assembly
118th Session, 2009-2010

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Indicates Matter Stricken
Indicates New Matter

H. 3559

STATUS INFORMATION

Joint Resolution
Sponsors: Reps. Thompson and Simrill
Document Path: l:\council\bills\bbm\9161htc09.docx

Introduced in the House on February 18, 2009
Currently residing in the House Committee on Ways and Means

Summary: General Reserve Fund

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
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   2/18/2009  House   Introduced and read first time
   2/18/2009  House   Referred to Committee on Ways and Means

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

2/18/2009

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

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 QUARTER OF ONE PERCENT OF STATE GENERAL FUND REVENUE IN THE LATEST COMPLETED FISCAL YEAR TO BE HELD IN THE GENERAL RESERVE FUND IN SUCCEEDING FISCAL YEARS EACH TIME THE GENERAL ASSEMBLY ENACTS LEGISLATION CUMULATIVELY RAISING BY AT LEAST ONE PERCENT THE AMOUNT OF GENERAL FUND REVENUES OF THE PRECEDING FISCAL YEAR THAT MAY BE USED TO SERVICE STATE GENERAL 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 the Constitution of this State 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 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 quarter of 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 quarter of one percent of state general fund revenues in the latest completed fiscal year to be held in the General Reserve Fund in succeeding fiscal years each time the General Assembly enacts legislation which cumulatively raises by at least one percent the then existing amount of state general fund revenues which may be used for annual debt service on state general obligation debt?

Yes    []

No    []

Those voting in favor of the question shall deposit a ballot with a check or cross mark in the square after the word 'Yes', and those voting against the question shall deposit a ballot with a check or cross mark in the square after the word 'No'."

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This web page was last updated on February 17, 2010 at 10:38 AM