S 0138 General Bill, By Lourie and Fair
 A BILL TO AMEND SECTION 6-5-10 OF THE 1976 CODE, RELATING TO ENTITIES IN WHICH
 LOCAL GOVERNMENT UNITS AND POLITICAL SUBDIVISIONS ARE ALLOWED TO INVEST, TO
 ALLOW LOCAL GOVERNMENT UNITS AND POLITICAL SUBDIVISIONS TO INVEST IN
 OBLIGATIONS OF A CORPORATION, STATE, OR POLITICAL SUBDIVISION DENOMINATED IN
 UNITED STATES DOLLARS, IF THE OBLIGATIONS BEAR AN INVESTMENT GRADE RATING OF
 AT LEAST TWO NATIONALLY RECOGNIZED RATING SERVICES.

   12/18/12  Senate Prefiled
   12/18/12  Senate Referred to Committee on Finance
   01/08/13  Senate Introduced and read first time (Senate Journal-page 93)
   01/08/13  Senate Referred to Committee on Finance
                     (Senate Journal-page 93)

TO AMEND SECTION 6-5-10 OF THE 1976 CODE, RELATING TO ENTITIES IN WHICH LOCAL GOVERNMENT UNITS AND POLITICAL SUBDIVISIONS ARE ALLOWED TO INVEST, TO ALLOW LOCAL GOVERNMENT UNITS AND POLITICAL SUBDIVISIONS TO INVEST IN OBLIGATIONS OF A CORPORATION, STATE, OR POLITICAL SUBDIVISION DENOMINATED IN UNITED STATES DOLLARS, IF THE OBLIGATIONS BEAR AN INVESTMENT GRADE RATING OF AT LEAST TWO NATIONALLY RECOGNIZED RATING SERVICES.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Section 6-5-10(a) of the 1976 Code is amended by adding an appropriately numbered item to read:

"(9)    Obligations of a corporation, state, or political subdivision denominated in United States dollars, if the obligations bear an investment grade rating of at least two nationally recognized rating services."

SECTION    2.    This act takes effect upon approval by the Governor.