(Doc Name COUNCIL\DG\4000C023.NBD.DG19.DOCX):
EXPLANATION:
Amend the bill, as and if amended, Part IB, Section 117, GENERAL
PROVISIONS, page 523, by amending amendment 12A Sub, doc path
h:/legwork\house\amend\h-wm\001\
h2 santee cooper.docx, beginning on page 18, by striking (H)(1)
and inserting:
/ (H)
(1) At the conclusion of the
evaluation of the bids and proposals, and negotiations, as
required by this joint resolution, but no later than December 1,
2019, the department shall concurrently present a recommendation
by its professional service experts on all bids for sale and all
management proposals that the professional service experts
consider to be in the best interests of the State, its
taxpayers, Santee Cooper's employees and retirees, economic
development interests, and the customers of Santee Cooper.
Also, the department shall present its recommendation for Santee
Cooper's proposal. Each recommendation must include
justifications for the recommendation; also, the recommendations
in regard to the sale and management proposal must include a
contract for each recommended bidder obligating the bidder to
comply with terms of its bid in the event it is approved by the
General Assembly, along with a proposed contract to execute the
sale or management proposal, and any supporting documents. The
proposed contracts must include covenants that the bidder will
abide by the terms of its bid for sale or its proposal, as
applicable. The department must also present a full evaluation
of each recommendation and for Santee Cooper's proposal. An
evaluation must include, but not be limited to: (a) a
description of each item listed in Sections B, C or D, as
applicable, along with a copy of an opinion letter submitted by
a bond attorney and/or tax attorney; (b) a proposed contract
with Central Power Electric Cooperative, Inc., including a
statement from the professional service experts involved in the
negotiations that each party did or did not negotiate in good
faith; (c) the Office of Regulatory Staff's commentary; (d) any
recommendations or concerns from the department's professional
services; and (e) any supporting documents.
The department must enter
into a contract with each entity that submitted a bid for sale
or management proposal that establishes penalties for failure to
proceed with finalizing the sale or management proposal in the
event the bid or proposal is selected by the General Assembly.
This contract must include, but is not limited to, earnest money
to be paid upon a recommendation of that entity being made to
the General Assembly and penalties for failure to finalize the
terms of the bid or proposal upon selection by the General
Assembly.
/
Renumber sections to conform.
Amend totals and titles to conform.