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H. 3395
STATUS INFORMATION
General Bill
Sponsors: Reps. Harrell, Thompson, Cooper, Erickson, Bingham, A.D. Young, Edge, Bedingfield, J.R. Smith, G.R. Smith, D.C. Smith, Bannister, Brady, Cato, Chalk, Forrester, Gambrell, Hamilton, Hiott, Horne, Long, Nanney, Parker, E.H. Pitts, Rice, Scott, Sottile, Stewart, Viers, White, Willis, Toole, Neilson, Bales, T.R. Young and Wylie
Document Path: l:\council\bills\bbm\9084htc09.docx
Companion/Similar bill(s): 3558
Introduced in the House on January 29, 2009
Introduced in the Senate on April 14, 2009
Currently residing in the Senate Committee on Finance
Summary: General Reserve Fund
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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1/29/2009 House Introduced and read first time HJ-10
1/29/2009 House Referred to Committee on Ways and Means HJ-10
2/19/2009 House Member(s) request name added as sponsor: Toole
3/31/2009 House Committee report: Favorable Ways and Means HJ-5
4/1/2009 House Member(s) request name added as sponsor: Neilson, Bales,
T.R.Young
4/1/2009 House Debate adjourned until Thursday, April 2, 2009 HJ-35
4/1/2009 Scrivener's error corrected
4/2/2009 House Member(s) request name added as sponsor: Wylie
4/2/2009 House Read second time HJ-17
4/2/2009 House Unanimous consent for third reading on next legislative
day HJ-17
4/3/2009 House Read third time and sent to Senate
4/14/2009 Senate Introduced and read first time SJ-19
4/14/2009 Senate Referred to Committee on Finance SJ-19
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
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COMMITTEE REPORT
March 31, 2009
H. 3395
Introduced by Reps. Harrell, Thompson, Cooper, Erickson, Bingham, A.D. Young, Edge, Bedingfield, J.R. Smith, G.R. Smith, D.C. Smith, Bannister, Brady, Cato, Chalk, Forrester, Gambrell, Hamilton, Hiott, Horne, Long, Nanney, Parker, E.H. Pitts, Whitmire, Rice, Scott, Sottile, Stewart, Viers, White, Willis and Toole
S. Printed 3/31/09--H. [SEC 4/1/09 2:46 PM]
Read the first time January 29, 2009.
To whom was referred a Bill (H. 3395) to amend Section 11-11-310, as amended, Code of Laws of South Carolina, 1976, relating to the General Reserve Fund, so as to make conforming amendments, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
DANIEL T. COOPER for Committee.
TO AMEND SECTION 11-11-310, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE GENERAL RESERVE FUND, SO AS TO MAKE CONFORMING AMENDMENTS TO REFLECT ANY CHANGE IN THE AMOUNT REQUIRED TO BE HELD IN THE GENERAL RESERVE FUND PURSUANT TO THE CONSTITUTION OF THIS STATE AND THE RATE OF REPLENISHMENT OF THAT AMOUNT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 11-11-310 of the 1976 Code, as last amended by Act 385 of 1988, is further amended to read:
"Section 11-11-310. (A) The State Budget and Control Board shall provide for a General Reserve Fund. Funds accumulating in excess of the annual operating expenditures must be transferred to the General Reserve Fund and the transfer must continue to be made in succeeding fiscal years until the accumulated total in this reserve reaches an amount equal to three percent, or such other percentage as may be required pursuant to Section 36, Article III of the Constitution of this State, of the general fund revenue of the latest completed fiscal year.
(B) If there is a year-end operating deficit, so much of the General Reserve Fund as is necessary must be used to cover the deficit. The amount so applied must be restored to the General Reserve Fund out of future revenues as provided in Section 36 of Article III of the Constitution of this State and out of funds accumulating in excess of annual operating expenditures as provided in this section until the three percent maximum, or such other maximum percentage as may be required pursuant to Section 36, Article III of the Constitution of this State, is again reached and actually maintained."
SECTION 2. This act takes effect upon approval by the Governor.
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