Current Status Bill Number:3415 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19950131 Primary Sponsor:Stille All Sponsors:Stille, Kelley, Keyserling, Inabinett, Cotty, Knotts, Townsend, Cromer, Chamblee, Cooper, Lloyd, Klauber, Law, Harrison, J. Brown, Wright and Keegan Drafted Document Number:dka\3584cm.95 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Highway Fund, Federal Aid Highway Fund
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
House 19950131 Introduced, read first time, 30 HWM
referred to Committee
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TO AMEND SECTION 57-11-20, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE STATE HIGHWAY FUND AND FEDERAL AID HIGHWAY FUND, SO AS TO PROVIDE THAT INTEREST ACCRUING ON THE STATE HIGHWAY FUND MUST BE CREDITED TO THE STATE HIGHWAY FUND AND INTEREST ACCRUING ON THE FEDERAL AID HIGHWAY FUND MUST BE CREDITED TO THE FEDERAL AID HIGHWAY FUND.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 57-11-20(A) of the 1976 Code, as amended by Section 41B, Part II, Act 501 of 1992, is further amended to read:
"(A) All state revenues and state monies dedicated by statute to the operation of the department and any interest accruing on these monies must be deposited into one fund to be known as the `state highway fund' and all federal revenues and federal monies and any interest accruing on these monies must be deposited into the `federal aid highway fund'. These funds must be held and managed by the State Treasurer separate and distinct from the general fund, except as to monies utilized by the State Treasurer for the payment of principal or interest on state highway bonds as provided by law."
SECTION 2. This act takes effect upon approval by the Governor.