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TO AMEND SECTIONS 11-49-60 AND 11-49-150, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEFINITIONS FOR PURPOSES OF THE TOBACCO SETTLEMENT REVENUES MANAGEMENT AUTHORITY ACT AND THE CONSENT OF THE GENERAL ASSEMBLY TO THE MASTER SETTLEMENT AGREEMENT AND THE RESTRICTIONS ON AMENDMENTS TO THE AGREEMENT, SO AS TO DELETE REFERENCES TO GENERAL ASSEMBLY APPROVAL OF MASTER SETTLEMENT AGREEMENT AMENDMENTS BY THE GOVERNING BODY OF THE TOBACCO SETTLEMENT REVENUE MANAGEMENT AUTHORITY AND TO ALLOW THE GOVERNING BOARD OF THE AUTHORITY TO APPROVE AGREEMENT AMENDMENTS ON BEHALF OF THE STATE IF THE AMENDMENTS DO NOT DIMINISH THE RIGHTS AND REMEDIES OF THE AUTHORITY, BOND HOLDERS, OR OUTSTANDING BONDS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 11-49-60(16) of the 1976 Code, as added by Act 387 of 2000, is amended to read:
"(16) direct the Attorney General of this State to enforce in the name of the State of South Carolina, and if permissible to enforce directly through its own attorneys in the name of the State, the master settlement agreement, but the board may not give any approval of any amendment to the agreement without the approval of the General Assembly. This power is a part of the contractual obligation owed to the holders of any bonds; and"
SECTION 2. Section 11-49-150 of the 1976 Code, as added by Act 387 of 2000, is amended to read:
"Section 11-49-150. The General Assembly consents to and approves the master settlement agreement on behalf of this State and all of its agencies, departments, offices, political subdivisions, and other instrumentalities and bodies politic; and no such agencies, departments, offices, political subdivisions, and other instrumentalities or bodies politic of the State shall have any power or authority to bring suit against the participating manufacturers for claims in the nature of those settled by the master settlement agreement. At any time when bonds are outstanding and for one year and one day thereafter, the State must not agree to the amendment of the master settlement agreement without the approval of the authority; during that period, the authority may approve on behalf of the State amendments to the master settlement agreement if such amendments do not diminish the rights and remedies of the authority or the holders or any outstanding bonds. and This restriction on amendment of the master settlement agreement is a part of the covenant with the bondholders."
SECTION 3. This act takes effect upon approval by the Governor.
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