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TO PROVIDE THAT THE STATE PORTS AUTHORITY SHALL SUBMIT TO THE BUDGET AND CONTROL BOARD AND THE GENERAL ASSEMBLY BY SPECIFIED DATES A FINANCIAL PLAN DETAILING THE ANTICIPATED COSTS AND EXPENSES ASSOCIATED WITH THE DEVELOPMENT OF A NEW TERMINAL FACILITY IN JASPER COUNTY ON THE SAVANNAH RIVER AND DETAILING THE SOURCES OF FUNDS BOTH PUBLIC AND PRIVATE TO MEET THESE COSTS AND EXPENSES, AND TO REQUIRE APPROVAL OF THIS FINANCIAL PLAN BEFORE THE NEW TERMINAL FACILITY MAY BEGIN TO BE DEVELOPED OR CONTRACTS ENTERED INTO FOR ITS DEVELOPMENT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. In order to ensure that adequate resources are in place for the important and time sensitive development of a terminal facility in Jasper County on the Savannah River by the State Ports Authority, the State Ports Authority shall submit to the State Budget and Control Board by August 1, 2006, a financial plan detailing the anticipated costs and expenses associated with the development of this new terminal facility over the period of its development, including acquisition costs of any real property involved with this development, and including the amount of expenditures of state-appropriated or other public funds during fiscal year 2006-2007 as part of these costs. The financial plan also shall include the source of funds both public and private to meet these costs and expenses over the development life of this project. The Budget and Control Board within ninety days and the General Assembly during its 2007 session must approve this financial plan before the new terminal facility may begin to be developed or contracts entered into for its development. Any changes to this financial plan involving more than five percent of the total development costs must be similarly approved by the Budget and Control Board within ninety days of the change and by the General Assembly at its next session immediately following the change.
SECTION 2. This joint resolution takes effect upon approval by the Governor.
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