Current Status Bill Number:4373 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19980113 Primary Sponsor:Trotter All Sponsors:Trotter, Barrett, Cromer, McLeod, Robinson, Sandifer, Simrill, Spearman, Wilder, Riser and Meacham Drafted Document Number:jic5080ac.98 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Jocassee Gorges Endowment Fund created, Oconee and Pickens County; Natural Resources Department
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
House 19980113 Introduced, read first time, 30 HWM
referred to Committee
House 19971217 Prefiled, referred to Committee 30 HWM
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TO AMEND CHAPTER 3, TITLE 50, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE DEPARTMENT OF NATURAL RESOURCES, BY ADDING ARTICLE 9 SO AS TO CREATE THE SOUTH CAROLINA JOCASSEE GORGES ENDOWMENT FUND.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 3, Title 50 of the 1976 Code is amended by adding:
Section 50-3-900. There is created the South Carolina Jocassee Gorges Endowment Fund, the income and principal of which must be used only for the purposes of supporting the operation and maintenance and the acquisition of additional real property complementary to those tracts of real property owned by the South Carolina Department of Natural Resources in Oconee and Pickens Counties, South Carolina, in the vicinity of Lake Jocassee which are known collectively as the Jocassee Gorges. All gifts, grants, and contributions for this purpose must be accounted for separately from other assets of the fund.
Section 50-3-910. There is created the Board of Trustees of the Jocassee Gorges Endowment Fund Resources, with full authority over the administration of the fund. The chairman and members of the Board of the Department of Natural Resources shall serve, respectively, as the chairman and members of the board of trustees of the fund. The State Treasurer is the custodian of the fund and shall invest its assets in accordance with the provisions of Title 11.
Section 50-3-920. The assets of the fund are derived from:
(1) the proceeds of any gifts, grants, and contributions to the State which are designated specifically for inclusion;
(2) other lawful sources.
Section 50-3-930. The fund constitutes a special trust derived from a contractual relationship between the State and the members of the public whose investments contribute to the fund. In recognition of the special trust, these limitations and restrictions apply to expenditures from the fund:
(1) Any limitations or restrictions specified by the donors on the uses of the income derived from the gifts, grants, and voluntary contributions must be respected but are not binding.
(2) After applying income received and accruing from the investments of gifts, grants, and contributions, the board of trustees of the fund may liquidate and expend the principal of the fund.
(3) The income received and accruing from the investments of the fund must be spent only to acquire additional real property complementary to or protective of the Jocassee Gorges and in furthering the operation and maintenance of the Jocassee Gorges and the efficient operation of the department in accomplishing the purposes of the department as set forth in this title.
Section 50-3-940. The board of trustees may accumulate the investment income of the fund and may direct expenditures from the income of the fund for the purposes set forth in Section 50-3-930(3).
Section 50-3-950. Expenditure of the income derived from the fund must be made through the board of trustees in accordance with the provisions of the annual general appropriations act. The fund is subject to the oversight of the State Auditor.
Section 50-3-960. The fund and income do not take the place of state appropriations or department receipts placed in the fund, but any portion of the income of the fund available for the purpose set out in Section 50-3-930(3) must be used to supplement other income of an appropriations to the department.
Section 50-3-970. If the Board of the Department of Natural Resources is dissolved, the succeeding agency shall assume the trusteeship of the fund and is bound by the limitations and restrictions placed by this article on expenditures from the fund."
SECTION 2. This act takes effect upon approval by the Governor.