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TO AMEND SECTION 11-13-30, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE AUTHORITY OF THE STATE TREASURER TO INVEST AND DEPOSIT PUBLIC FUNDS, SO AS TO ALLOW THE STATE TREASURER TO CHARGE A FEE FOR OPERATING AND MANAGEMENT COSTS ASSOCIATED WITH INVESTMENT MANAGEMENT OF STATE FUNDS AND PROGRAMS, TO ALLOW THE STATE TREASURER TO RETAIN AND EXPEND THESE FEES TO PROVIDE INVESTMENT MANAGEMENT SERVICES, TO PROVIDE THE AMOUNT OF THE FEE, TO PROVIDE THAT THE FEE MUST NOT EXCEED EARNINGS OF THE FUNDS INVESTED, AND TO MAKE GRAMMATICAL CHANGES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 11-13-30 of the 1976 Code is amended to read:
"Section 11-13-30. (A) To facilitate the management, investment, and disbursement of public funds, no board, commission, agency, or officer within the state government, except the State Treasurer shall be is authorized to invest and deposit funds from any source, including, but not limited to, funds for which he the State Treasurer is custodian,. such Funds must be invested to draw the best rate of interest obtainable.
(B) Unless otherwise prohibited by law, the State Treasurer may charge a fee for the operating and management costs associated with the investment management of various state funds and programs. The State Treasurer may retain and expend the fees to provide these services. The fees assessed may not exceed the lesser of (1) 0.02 percent of the funds managed; or (2) the actual cost of providing these services. Fees assessed must not exceed the earnings on these investments."
SECTION 2. This act takes effect July 1, 2003.
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