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Indicates Matter Stricken
Indicates New Matter
S. 706
STATUS INFORMATION
General Bill
Sponsors: Senator Lourie
Document Path: l:\s-resmin\drafting\jl\012muni.tcm.jl.docx
Introduced in the Senate on April 14, 2009
Currently residing in the Senate Committee on Finance
Summary: Local government units and political subdivisions
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 4/14/2009 Senate Introduced and read first time SJ-13 4/14/2009 Senate Referred to Committee on Finance SJ-13
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND SECTION 6-5-10 OF THE 1976 CODE, RELATING TO ENTITIES IN WHICH LOCAL GOVERNMENT UNITS AND POLITICAL SUBDIVISIONS ARE ALLOWED TO INVEST, TO ALLOW LOCAL GOVERNMENT UNITS AND POLITICAL SUBDIVISIONS TO INVEST IN OBLIGATIONS OF A CORPORATION, STATE, OR POLITICAL SUBDIVISION DENOMINATED IN UNITED STATES DOLLARS, IF THE OBLIGATIONS BEAR AN INVESTMENT GRADE RATING OF AT LEAST TWO NATIONALLY RECOGNIZED RATING SERVICES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 6-5-10(a) of the 1976 Code is amended by adding an appropriately numbered item to read:
"(9) Obligations of a corporation, state, or political subdivision denominated in United States dollars, if the obligations bear an investment grade rating of at least two nationally recognized rating services."
SECTION 2. This act takes effect upon approval by the Governor.
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