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COMMITTEE REPORT
February 7, 2006
S. 51
S. Printed 2/7/06--S.
Read the first time January 11, 2005.
To whom was referred a Bill (S. 51) to amend the Code of Laws of South Carolina, 1976, by adding Sections 59-4-110 and 59-4-120 so as to provide that the South Carolina Tuition Prepayment, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass with amendment:
Amend the bill, as and if amended, SECTION 1, Page 1, by striking line 36 and inserting:
/ remains in full operation for this purpose." /
Amend the bill further, as and if amended, SECTION 1, Page 1, by striking lines 38-42 and Page 2, by striking lines 1-4.
Amend the bill further, as and if amended, SECTION 2, Page 2, by striking line 6 and inserting:
/ SECTION 2. This act takes effect July 1, 2006. /
Renumber sections to conform.
Amend title to conform.
HUGH K. LEATHERMAN, SR. for Committee.
EXPLANATION OF IMPACT:
The Office of the State Treasurer indicates that the TPP has sufficient funds within the program to meet tuition contract benefits for all current subscribers until 2017. By amending the law to provide that the TPP continue to meet tuition contract obligations for existing subscribers, implementation of this bill would require an appropriation of $89,380,834 in 2017. Alternatively, an appropriation of $41,387,967 in 2006 or an appropriation of $44,388,594 in 2007 would provide the same benefit. These estimates are based on TPP contracts currently in place and an estimated tuition increase of 8.5 percent for two additional academic years and 7 percent annually thereafter.
SPECIAL NOTES:
The italicized portion of this impact indicates the items that have been revised. For this impact, the revised constitutes information that was not available in the original impact.
Approved By:
Don Addy
Office of State Budget
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTIONS 59-4-110 AND 59-4-120 SO AS TO PROVIDE THAT THE SOUTH CAROLINA TUITION PREPAYMENT PROGRAM MAY NOT ACCEPT NEW PARTICIPANTS, THAT THE PROGRAM SHALL REMAIN IN OPERATION FOR EXISTING PARTICIPANTS, THAT THE STATE SHALL MEET THE OBLIGATIONS TO BENEFICIARIES IF THE TUITION PREPAYMENT PROGRAM FUND CANNOT, AND THAT THE GENERAL ASSEMBLY SHALL APPROPRIATE MONIES TO THE FUND TO PAY TUITION AND FEES TO THE INSTITUTION IF THERE IS NOT ENOUGH MONEY IN THE FUND.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 4, Title 59 of the 1976 Code is amended by adding:
"Section 59-4-110. (A) Notwithstanding another provision of law, the South Carolina Tuition Prepayment Program may not accept new participants until the General Assembly authorizes the program to accept new participants by joint resolution.
(B) This section does not affect the existing participants in the program, and the South Carolina Tuition Prepayment Program remains in full operation for this purpose.
Section 59-4-120. The State shall meet the obligations to beneficiaries if monies in the fund fail to offset the existing obligations of the South Carolina Tuition Prepayment Program. If there is not enough money in the fund to pay the tuition and required fees of the institution of higher learning in which a beneficiary enrolls as provided by the tuition prepayment contract, the General Assembly shall appropriate to the fund the amount necessary for the Treasurer to pay the applicable tuition and required fees of the institution."
SECTION 2. This act takes effect July 1, 2005.
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