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H. 3396
STATUS INFORMATION
Joint Resolution
Sponsors: Reps. Harrell, Thompson, Scott, Cooper, Erickson, Bingham, A.D. Young, Edge, J.R. Smith, G.R. Smith, Bedingfield, Whitmire, Hiott, D.C. Smith, Bannister, Brady, Cato, Chalk, Forrester, Gambrell, Hamilton, Horne, Long, Nanney, Parker, E.H. Pitts, Rice, Sottile, Stewart, Viers, White, Willis, Toole, Neilson, Bales, T.R. Young and Wylie
Document Path: l:\council\bills\nbd\11098htc09.docx
Introduced in the House on January 29, 2009
Introduced in the Senate on April 14, 2009
Currently residing in the Senate Committee on Judiciary
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-36
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 Roll call Yeas-105 Nays-0 HJ-19
4/2/2009 House Unanimous consent for third reading on next legislative
day HJ-19
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 Judiciary 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. 3396
Introduced by Reps. Harrell, Thompson, Scott, Cooper, Erickson, Bingham, A.D. Young, Edge, J.R. Smith, G.R. Smith, Bedingfield, Whitmire, Hiott, D.C. Smith, Bannister, Brady, Cato, Chalk, Forrester, Gambrell, Hamilton, Horne, Long, Nanney, Parker, E.H. Pitts, Rice, Sottile, Stewart, Viers, White, Willis and Toole
S. Printed 3/31/09--H.
Read the first time January 29, 2009.
To whom was referred a Joint Resolution (H. 3396) proposing an amendment to Section 36, Article III of the Constitution of South Carolina, 1895, relating to the General Reserve Fund and the Capital Reserve Fund, so as to increase, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
DANIEL T. COOPER for Committee.
PROPOSING AN AMENDMENT TO SECTION 36, ARTICLE III OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO THE GENERAL RESERVE FUND AND THE CAPITAL RESERVE FUND, SO AS TO INCREASE FROM THREE TO FIVE PERCENT THE AMOUNT OF STATE GENERAL FUND REVENUE IN THE LATEST COMPLETED FISCAL YEAR REQUIRED TO BE HELD IN THE GENERAL RESERVE FUND.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. It is proposed that Section 36(A), Article III of the Constitution of this State be amended to read:
"(A) The General Assembly shall provide for a General Reserve Fund of three five percent of the general fund revenue of the latest completed fiscal year. Funds may be withdrawn from the reserve only for the purpose of covering operating deficits of state government. The General Assembly must provide for the orderly restoration of funds withdrawn from the reserve from future revenues and out of funds accumulating in excess of annual operating expenditures.
(1) The General Assembly shall provide by law for a procedure to survey the progress of the collection of revenue and the expenditure of funds and to authorize and direct reduction of appropriations as may be necessary to prevent a deficit.
(2) In the event of a year-end operating deficit, so much of the reserve fund as may be necessary must be used to cover the deficit; and the amount must be restored to the reserve fund within three fiscal years out of future revenues until the three five percent General Reserve Fund is again reached and maintained. Provided that a minimum of one percent of the general fund revenue of the latest completed fiscal year, if so much is necessary, must be restored to the reserve fund each year following the deficit until the three five percent General Reserve Fund is restored."
SECTION 2. Must Section 36, Article III of the Constitution of this State be amended so as to increase from three to five percent the amount of state general fund revenue in the latest completed fiscal year required to be held in the General Reserve Fund?
Those voting in favor of the question shall deposit a ballot with a check or cross mark in the square after the word "Yes" and those voting against the question shall deposit a ballot with a check or cross mark in the square after the word "No".
This web page was last updated on April 15, 2009 at 9:05 AM