S 36 Session 108 (1989-1990)
S 0036 General Bill, By J.M. Waddell
A Bill to ratify an amendment to Section 36, Article III of the Constitution
of South Carolina, 1895, relating to the General Fund Reserve, so as to change
the name of the General Fund Reserve to the General Reserve Fund, reduce from
four to three percent of the General Fund Revenue of the latest completed
fiscal year the amount required in the Fund, delete provisions requiring a
special vote to adjust the percentage required in the Fund, delete provisions
requiring the General Assembly to review the law on this subject every five
years, provide a mechanism for restoring the Fund should monies from the fund
be expended, require a Capital Reserve Fund equal to two percent of the
General Fund Revenue of the latest completed fiscal year, and provide that
before March first the Capital Reserve Fund must be used to offset mid-year
budget reductions before mandating cuts in operating appropriations and after
March first monies from the Fund may be appropriated by a special vote in
separate legislation by the General Assembly to finance in cash previously
authorized capital improvement bond projects, retire bond principal or
interest on bonds previously issued, and for capital improvements or other
nonrecurring purposes which must be ranked in order of priority of expenditure
and not be funded until thirty days after completion of the fiscal year and
provide that any appropriations of monies from the Capital Reserve Fund after
March first must be reduced based on the rank of priority beginning with the
lowest priority to the extent necessary and applied to the year-end deficits
before withdrawing monies from the General Reserve Fund and to provide that
monies in the Capital Reserve Fund not appropriated or any appropriation for a
particular project or item which has been reduced due to application of the
monies to year-end deficit must lapse and be credited to the General Fund.
01/12/89 Senate Introduced and read first time SJ-42
01/12/89 Senate Referred to Committee on Finance SJ-42
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