Current Status Bill Number:58 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19950110 Primary Sponsor:McConnell All Sponsors:McConnell, Wilson, Rose, O'Dell, Rankin, Elliott, Gregory, Reese Drafted Document Number:JIC\5044HTC.95 Companion Bill Number:332, 333 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Highway Fund
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
Senate 19950110 Introduced, read first time, 06 SF
referred to Committee
Senate 19941003 Prefiled, referred to Committee 06 SF
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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, SO AS TO REQUIRE INTEREST EARNED FROM THE FUND TO BE DEPOSITED IN THE 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 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 must be deposited into one fund to be known as the `state highway fund' and all federal revenues and federal 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. Interest income from the state highway fund must be deposited to the credit of the state highway fund."
SECTION 2. This act takes effect July 1, 1995.