H*4998 Session 112 (1997-1998)
H*4998(Rat #0542, Act #0446 of 1998) Joint Resolution, By Boan and Lanford
A JOINT RESOLUTION PROPOSING AN AMENDMENT TO SECTION 11, ARTICLE X OF THE
CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO FINANCE, TAXATION, AND DEBT,
SO AS TO ALLOW THE STATE TREASURER TO INVEST ENDOWMENT FUNDS DONATED
SPECIFICALLY TO STATE-SUPPORTED INSTITUTIONS OF HIGHER LEARNING IN EQUITY
SECURITIES OF UNITED STATES CORPORATIONS REGISTERED ON A NATIONAL SECURITIES
EXCHANGE OR QUOTED THROUGH A NATIONAL QUOTATIONS SYSTEM, SUBJECT TO
LEGISLATION ENACTED BY THE GENERAL ASSEMBLY WHICH REQUIRES THESE ENDOWMENT
FUNDS HELD AND INVESTED BY THE STATE TREASURER TO BE INVESTED PURSUANT TO A
PLAN RECOMMENDED BY THE STATE RETIREMENT SYSTEMS INVESTMENT PANEL WHICH MUST
BE SUBMITTED TO AND APPROVED BY THE BOARDS OF TRUSTEES OF THE RESPECTIVE
COLLEGES AND UNIVERSITIES; AND BY PROPOSING AN AMENDMENT TO SECTION 14 OF THIS
ARTICLE TO AUTHORIZE THE GENERAL ASSEMBLY TO PROVIDE BY LAW FOR THE INCURRENCE
OF INDEBTEDNESS BY COUNTIES FOR REDEVELOPMENT PURPOSES AND TO PROVIDE FOR THE
DEBT SERVICE OF SUCH INDEBTEDNESS TO BE PROVIDED FROM THE ADDED INCREMENT OF
TAX REVENUES TO RESULT FROM THE PROJECT.-AMENDED TITLE
04/14/98 House Introduced, read first time, placed on calendar
without reference HJ-13
04/16/98 House Read second time HJ-25
04/16/98 House Roll call Yeas-103 Nays-0 HJ-27
04/16/98 House Unanimous consent for third reading on next
legislative day HJ-28
04/17/98 House Read third time and sent to Senate HJ-2
04/21/98 Senate Introduced and read first time SJ-28
04/21/98 Senate Referred to Committee on Finance SJ-28
04/29/98 Senate Recalled from Committee on Finance SJ-9
06/02/98 Senate Amended SJ-64
06/02/98 Senate Read second time SJ-64
06/02/98 Senate Ordered to third reading with notice of
amendments SJ-64
06/03/98 Senate Amended
06/03/98 Senate Read third time and returned to House with amendments
06/03/98 House Needs 3 readings in present form to satisfy
Constitutional requirements HJ-88
06/03/98 House Joint Resolution, as amended by the Senate, read
first time (2/3 vote required) HJ-89
06/03/98 House Roll call Yeas-98 Nays-0 HJ-90
06/04/98 House Joint Resolution, as amended by the Senate, read
second time in present form HJ-18
06/16/98 House Debate adjourned HJ-10
06/16/98 House House concurred in Senate amendments, and Joint
Resolution, having received three readings in
both Houses, enrolled for ratification HJ-13
06/17/98 Ratified R 542
06/17/98 No signature required
06/25/98 Copies available
09/14/98 Act No. 446
(A446, R542, H4998)
A JOINT RESOLUTION PROPOSING AN AMENDMENT TO
SECTION 11, ARTICLE X OF THE CONSTITUTION OF SOUTH
CAROLINA, 1895, RELATING TO FINANCE, TAXATION, AND
DEBT, SO AS TO ALLOW THE STATE TREASURER TO INVEST
ENDOWMENT FUNDS DONATED SPECIFICALLY TO
STATE-SUPPORTED INSTITUTIONS OF HIGHER LEARNING IN
EQUITY SECURITIES OF UNITED STATES CORPORATIONS
REGISTERED ON A NATIONAL SECURITIES EXCHANGE OR
QUOTED THROUGH A NATIONAL QUOTATIONS SYSTEM,
SUBJECT TO LEGISLATION ENACTED BY THE GENERAL
ASSEMBLY WHICH REQUIRES THESE ENDOWMENT FUNDS
HELD AND INVESTED BY THE STATE TREASURER TO BE
INVESTED PURSUANT TO A PLAN RECOMMENDED BY THE
STATE RETIREMENT SYSTEMS INVESTMENT PANEL WHICH
MUST BE SUBMITTED TO AND APPROVED BY THE BOARDS OF
TRUSTEES OF THE RESPECTIVE COLLEGES AND
UNIVERSITIES; AND BY PROPOSING AN AMENDMENT TO
SECTION 14 OF THIS ARTICLE TO AUTHORIZE THE GENERAL
ASSEMBLY TO PROVIDE BY LAW FOR THE INCURRENCE OF
INDEBTEDNESS BY COUNTIES FOR REDEVELOPMENT
PURPOSES AND TO PROVIDE FOR THE DEBT SERVICE OF SUCH
INDEBTEDNESS TO BE PROVIDED FROM THE ADDED
INCREMENT OF TAX REVENUES TO RESULT FROM THE
PROJECT.
Be it enacted by the General Assembly of the State of South Carolina:
Endowment funds, investment of
SECTION 1. It is proposed that Section 11, Article X of the
Constitution of this State be amended by adding a paragraph at the end to
read:
"Provided, however, that endowment funds donated
specifically to state-supported institutions of higher learning and held by
the State Treasurer may be invested and reinvested in equity securities of
a corporation within the United States that is registered on a national
securities exchange, as provided in the Securities Exchange Act of 1934
or a successor act, or quoted through the National Association of
Securities Dealers Automatic Quotations System or similar service. The
General Assembly shall implement this paragraph by enacting legislation
in which these endowment funds held and invested by the State Treasurer
must be invested pursuant to a plan recommended by the State Retirement
Systems Investment Panel which must be submitted to and approved by
the boards of trustees of the respective colleges and universities."
Constitutional amendment question
SECTION 2. The proposed amendment must be submitted to the
qualified electors at the next general election for representatives. Ballots
must be provided at the various voting precincts with the following words
printed or written on the ballot:
"Must Section 11, Article X of the Constitution of this State
relating to the pledging of the credit of the State and prohibiting
ownership of the State in a company, association, or corporation be
amended so as to allow the State Treasurer to invest endowment funds
donated specifically to state-supported institutions of higher learning in
equity securities of United States corporations registered on a national
securities exchange or quoted through a national quotations system,
subject to legislation enacted by the General Assembly which requires
these endowment funds held and invested by the State Treasurer to be
invested pursuant to a plan recommended by the State Retirement
Systems Investment Panel which must be submitted to and approved by
the boards of trustees of the respective colleges and universities?
Yes []
No []
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'."
Counties added to tax increment financing authority
SECTION 3. It is proposed that Section 14(10), Article X of the
Constitution of this State be amended to read:
"(10) Indebtedness payable solely from a revenue-producing
project or from a special source, which source does not involve revenues
from any tax or license, may be issued upon such terms and conditions as
the General Assembly may prescribe by general law; provided, that the
General Assembly may authorize by general law that indebtedness for the
purpose of redevelopment within incorporated municipalities and counties
may be incurred, and that the debt service of such indebtedness be
provided from the added increments of tax revenues to result from any
such project. Any and all indebtedness incurred pursuant to the provisions
of this subsection shall contain a statement on the face thereof specifying
the sources from which payment is to be made and shall state that the full
faith, credit, and taxing powers are not pledged therefor."
Constitutional amendment question
SECTION 4. The proposed amendment must be submitted to the
qualified electors at the next general election for representatives. Ballots
must be provided at the various voting precincts with the following words
printed or written on the ballot:
"Shall Section 14, Article X of the Constitution of this State,
relating to indebtedness payable from revenue-producing projects and
from special sources, be amended so as to provide that the General
Assembly may provide by general law for counties to incur indebtedness
for the purpose of redevelopment and to provide that the debt service for
such indebtedness be provided from the added increments of tax revenues
to result from such project?
Yes []
No []
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'."
Ratified the 17th day of June, 1998.
|