Amend the joint resolution, as and if amended, by striking all after the enacting words and inserting:
/SECTION 1. (A) Santee Cooper's property and business is transferred to the South Carolina retirement systems, with the exclusive authority to manage Santee Cooper's property and business as an asset of the retirement systems vested in the South Carolina Retirement System Investment Commission ("RSIC"), upon RSIC's written certification to the Department of Administration of the following:
(1) that Santee Cooper's property and business may be held as an asset of the retirement systems in a manner and structure that does not impact the tax exempt status of Santee Cooper's property and outstanding bonded indebtedness, or Santee Cooper's ability to continue to issue tax exempt debt;
(2) that Santee Cooper's property and business may be held as an asset of the retirement systems in a manner and structure that does not impact the tax exempt status of the South Carolina Retirement Systems Group Trust and in a manner and structure by which Santee Cooper's outstanding and future bonded indebtedness continues to be secured by Santee Cooper's revenue and does not become a liability of the retirement systems;
(3) that the transfer of Santee Cooper's property and business to the retirement systems will positively impact the systems' unfunded liability;
(4) that RSIC's management of Santee Cooper's property and business will result in meaningful short-term and long-term rate relief for all electric service customer classes;
(5) that Santee Cooper's employees will continue to be eligible to participate in the South Carolina Retirement System and the State Health Plan or that reasonable financial and other protections for Santee Cooper employees will be provided in a manner that would not impact South Carolina's pension system liability or the liability associated with providing health insurance coverage to employees who have retired from employment at Santee Cooper;
(6) that RSIC's management of Santee Cooper will comply with all applicable federal and state environmental protections regarding Lakes Marion and Moultrie, their rivers and tributaries, and other recreational assets of Santee Cooper, including a covenant to maintain the present status quo regarding these lakes and other resources and the quality of and access to them; and
(7) that under RSIC's management, Santee Cooper will continue to partner with the State for future economic development projects.
(B) RSIC's written certification required by subsection (A) must include a detailed description of:
(1) the means, methods, terms, and conditions by which RSIC will manage Santee Cooper's property and business to meet the certification requirements of subsection (A);
(2) Santee Cooper's governance structure, as well as the nature and extent to which RSIC intends to enter into a management or partnership agreement with any third-party entity to ensure that the requirements of subsection (A) are complied with and that Santee Cooper is professionally managed in conformity with the highest levels of best practice; and
(3) the rate-setting policy by which the requirement of providing meaningful short-term and long-term rate relief for all customer classes is met, and the means by which the policy will provide for enhanced transparency and greater customer participation in the rate-setting process.
(C) RSIC's exclusive authority to manage Santee Cooper's property and business specifically includes the authority to sell, lease, or dispose of any portion of Santee Cooper's property and business. If any sale, lease, or disposal of any portion of Santee Cooper's property or business would impair Santee Cooper's ability to pay the principal of and interest on any portion of its notes, bonds, evidences of indebtedness, or other obligations, then a corresponding portion of Santee Cooper's bonds and other indebtedness must be defeased to the extent necessary to ensure that Santee Cooper's ability to pay the principal of and interest on any remaining bonds or other indebtedness is not impaired. Any sale of all or a controlling interest in Santee Cooper's property or business must not only comply with the requirements of this subsection, but also with subsection (A)(4) through (7).
(D) The portion of Santee Cooper's property held and managed as an asset of the retirement systems shall continue to be exempt from taxation and assessment, however, the corresponding portion of any fee in lieu of payments required by Article 1, Chapter 31, Title 58 on any exempt property must continue in accordance with the provisions of Article 1, Chapter 31, Title 58.
(E) The Department of Administration must execute any documents necessary to effectuate a transfer upon receipt of RSIC's certification pursuant to subsection (A).
(F) Santee Cooper is directed to provide any and all resources necessary to effectuate the transfer required herein.
SECTION 2. This act takes effect upon approval by the Governor. /
Renumber sections to conform.
Amend title to conform.