/ (C) Effective July 1, 2011, the following offices, divisions, or components of the State Budget and Control Board are transferred to, and incorporated into, the South Carolina Rural Infrastructure Authority as established in Section 11-50-30:
(1) South Carolina Infrastructure Facilities Authority;
(2) Office of Local Government in support of the local government loan and grant programs;
(3) State Revolving Fund in support of water quality projects. /
Amend the committee amendment further, as and if amended, page [3066-66], after line 30, by inserting an appropriately numbered PART and SECTIONS to read:
SECTION ___. Section 11-50-60(A)(15) of the 1976 Code is amended to read:
/ (15) expend funds to obtain accounting, management, legal, financial consulting, and other professional services necessary to the operations of the authority and may hire a director for the authority, so long as one of the gubernatorial appointees and three of the legislative appointees vote in favor of the hiring; /
SECTION ___. Chapter 10 of Title 12 of the 1976 Code is amended by adding:
"Section 12-10-86. Notwithstanding Section 12-10-85, the Department of Revenue is authorized to deposit revenues from the Rural Infrastructure Fund in excess of twelve million dollars to the South Carolina Rural Infrastructure Fund under the South Carolina Rural Infrastructure Authority. Any revenues in excess of seventeen million dollars shall be deposited in the Rural Infrastructure Fund under the Department of Commerce, Coordinating Council."
SECTION ___. The State Budget and Control Board shall transfer all the funds in the South Carolina Rural Infrastructure Bank Trust Fund, created by Act 115 of 2005, to the South Carolina Rural Infrastructure Fund, authorized by Act 171 of 2010.
SECTION ___. Section 1-11-25 of the 1976 Code, relating to the Local Government Division of the State Budget and Control Board, and Section 1-11-26 of the 1976 Code, relating to the use of funds from the Local Government Division, are repealed. /
Renumber parts and sections to conform.
Amend title to conform.