H 5055 General Bill, By Sellers and Clemmons
 A BILL TO AMEND SECTION 6-5-10, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA,
 1976, RELATING TO AUTHORIZED INVESTMENTS OF POLITICAL SUBDIVISIONS, SO AS TO
 AUTHORIZE INVESTMENT IN OBLIGATIONS OF AN ISRAELI CORPORATION, THE STATE OF
 ISRAEL, OR A POLITICAL SUBDIVISION OF THE STATE OF ISRAEL, SO LONG AS THE
 OBLIGATION IS DENOMINATED IN UNITED STATES DOLLARS AND BEAR AN INVESTMENT
 GRADE RATING OF AT LEAST TWO NATIONALLY RECOGNIZED RATING SERVICES.

   03/21/12  House  Introduced and read first time (House Journal-page 63)
   03/21/12  House  Referred to Committee on Ways and Means
                     (House Journal-page 63)

TO AMEND SECTION 6-5-10, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO AUTHORIZED INVESTMENTS OF POLITICAL SUBDIVISIONS, SO AS TO AUTHORIZE INVESTMENT IN OBLIGATIONS OF AN ISRAELI CORPORATION, THE STATE OF ISRAEL, OR A POLITICAL SUBDIVISION OF THE STATE OF ISRAEL, SO LONG AS THE OBLIGATION IS DENOMINATED IN UNITED STATES DOLLARS AND 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, as last amended by Act 116 of 2007, is further amended by adding an appropriately numbered item at the end to read:

"( )    Obligations of an Israeli corporation, the State of Israel, or a political subdivision of the State of Israel, so long as the obligation is denominated in United States dollars and bear an investment grade rating of at least two nationally recognized rating services."

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