H 3117 General Bill, By Sheheen and Wilkins
 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.
   01/10/89  House  Introduced, read first time, placed on calendar
                     without reference HJ-54
   01/11/89  House  Read second time HJ-9
   01/12/89  House  Read third time and sent to Senate HJ-16
   01/12/89  Senate Introduced and read first time SJ-86
   01/12/89  Senate Referred to Committee on Finance SJ-86