Current Status Bill Number:721 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19970430 Primary Sponsor:McConnell All Sponsors:McConnell, Rose, Washington, Ford, Mescher and Ravenel Drafted Document Number:res1406.gfm Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Patriot's Point Development Authority, to maintain funds in special accounts
Body Date Action Description Com Leg Involved
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Senate 19970430 Introduced, read first time, 06 SF
referred to Committee
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TO AMEND ARTICLE 11, CHAPTER 13, TITLE 51, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PATRIOT'S POINT DEVELOPMENT AUTHORITY, BY ADDING SECTION 51-13-765, SO AS TO ALLOW THE PATRIOT'S POINT DEVELOPMENT AUTHORITY TO MAINTAIN FUNDS IN SPECIAL ACCOUNTS WHICH SHALL BE RETAINED AND CARRIED OVER FROM YEAR TO YEAR WITH ALL EARNINGS AND INTEREST TO BE HELD FOR THE BENEFIT OF THE AUTHORITY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 11, Chapter 13, Title 51 of the 1976 Code is amended by adding:
"Section 51-13-765. (A) The Patriot's Point Development Authority shall be permitted to maintain all funds, including any appropriated funds, federal funds, donations, and grants made available to the Authority, in special accounts controlled by the Authority. The Authority shall be permitted to retain and carry over any funds it has on account from fiscal year to fiscal year. The receipt and expenditure of any funds shall be reported in an annual fiscal audit of the Authority.
(B) All earnings and interest accrued on any accounts held on behalf of the Authority shall be retained and expended by the Authority to carry out its purpose and mission."
SECTION 2. This act takes effect upon approval by the Governor.