S 0002 General Bill, By Leatherman, Peeler, McGill, Rose, Campsen, Setzler, Fair and Rankin
Similar (S 0004)
Summary: Constitutional amendment proposed
    A BILL TO AMEND SECTION 11-11-410 OF THE 1976 CODE, RELATING TO THE SPENDING LIMIT REQUIRED BY SECTION 7(C), ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, TO REVISE THE LIMIT BY IMPOSING AN ANNUAL LIMIT WHICH SHALL BE THE GENERAL FUND REVENUES COLLECTED IN THE LATEST COMPLETED FISCAL YEAR PLUS SEVENTY-FIVE PERCENT OF ANY INCREASE IN RECURRING GENERAL FUND REVENUES, TO CREATE THE BUDGET STABILIZATION FUND IN THE STATE TREASURY TO WHICH MUST BE CREDITED TWENTY-FIVE PERCENT OF ANY INCREASE IN GENERAL FUND REVENUES, TO PROVIDE THAT FUNDS IN THE BUDGET STABILIZATION FUND SHALL BE USED TO OFFSET MID-YEAR REDUCTIONS, AND TO DEFINE EMERGENCIES AND PROVIDE FOR THE SUSPENSION OF THE SPENDING LIMIT IN CASE OF AN EMERGENCY.
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12/01/10	Senate	Prefiled
12/01/10	Senate	Referred to Committee on Finance
01/11/11	Senate	Introduced and read first time (Senate Journal-page 7)
01/11/11	Senate	Referred to Committee on Finance (Senate Journal-page 7)