S*1166 Session 106 (1985-1986)
S*1166(Rat #0541, Act #0552 of 1986) Joint Resolution, By Moore, Drummond and
Setzler
Similar(H 3567)
A Joint Resolution to provide for the handling of certain oil overcharge
refund monies, including the imposition of duties and responsibilities upon
the Joint Legislative Committee on Energy; to require that any state agency,
board, commission, institution, or other entity funded from the general fund
of the State which receives a financial gain as a result of energy efficiency
improvements undertaken as a result of the State's energy programs must be
evaluated as to the actual annual dollar savings attained; to provide for the
reporting of the cost savings; to provide for the deposit of oil overcharge
funds in interest-bearing accounts and for the earmarking of interest earned;
and to provide, among other things, that the State Auditor shall conduct an
annual financial compliance audit and budget adequate funds to cover its cost.
03/20/86 Senate Introduced, read first time, placed on calendar
without reference SJ-1128
03/25/86 Senate Read second time SJ-1177
03/25/86 Senate Ordered to third reading with notice of
amendments SJ-1177
04/24/86 Senate Read third time and sent to House SJ-2264
04/29/86 House Introduced and read first time HJ-2638
04/29/86 House Referred to Committee on Labor, Commerce and
Industry HJ-2638
05/20/86 House Committee report: Favorable Labor, Commerce and
Industry HJ-3102
05/28/86 House Read second time HJ-3389
05/29/86 House Read third time and enrolled HJ-3494
06/04/86 Ratified R 541
06/06/86 Signed By Governor
06/06/86 Effective date 06/06/86
06/06/86 Act No. 552
06/12/86 Copies available
(A552, R541, S1166)
A JOINT RESOLUTION TO PROVIDE FOR THE HANDLING OF CERTAIN OIL OVERCHARGE REFUND
MONIES, INCLUDING THE IMPOSITION OF DUTIES AND RESPONSIBILITIES UPON THE JOINT
LEGISLATIVE COMMITTEE ON ENERGY; TO REQUIRE THAT ANY STATE AGENCY, BOARD,
COMMISSION, INSTITUTION, OR OTHER ENTITY FUNDED FROM THE GENERAL FUND OF THE
STATE WHICH RECEIVES A FINANCIAL GAIN AS A RESULT OF ENERGY EFFICIENCY
IMPROVEMENTS UNDERTAKEN AS A RESULT OF THE STATE'S ENERGY PROGRAMS MUST BE
EVALUATED AS TO THE ACTUAL ANNUAL DOLLAR SAVINGS ATTAINED; TO PROVIDE FOR THE
REPORTING OF THE COST SAVINGS; TO PROVIDE FOR THE DEPOSIT OF OIL OVERCHARGE FUNDS
IN INTEREST-BEARING ACCOUNTS AND FOR THE EARMARKING OF INTEREST EARNED; AND TO
PROVIDE, AMONG OTHER THINGS, THAT THE STATE AUDITOR SHALL CONDUCT AN ANNUAL
FINANCIAL COMPLIANCE AUDIT AND BUDGET ADEQUATE FUNDS TO COVER ITS COST.
Whereas, the State of South Carolina will be a recipient state of substantial oil
overcharge funds resulting from the United States Supreme Court settlement of the
two billion dollars final judgment against the Exxon Oil Company; and
Whereas, the State of South Carolina is expected to receive in excess of
twenty-three million dollars as its pro rata share of the settlement based upon
national market shares during the overcharge period; and
Whereas, the Department of Energy requires states to deposit all oil overcharge
refunds in separate interest-bearing accounts with the accrued interest to be
used for the same energy conservation measures as the refunds themselves; and
Whereas, the receipt, administration, and use of these oil overcharge funds will
be restricted by the court settlement and Department of Energy rules and
regulations on utilizing the funds to benefit directly those consumers injured
through the overcharges; and
Whereas, it is imperative that this State take appropriate action to assure the
court, the public, and the Department of Energy that the oil overcharge funds
received through the Exxon settlement, as well as any other oil overcharge funds,
will be utilized in accordance with Department of Energy rules and regulations
to benefit directly those consumers injured through the overcharges by adopting
cost-effective energy conservation policies and programs directly beneficial to
the injured consumers. Now, therefore,
Be it enacted by the General Assembly of the State of South Carolina:
Committee to review and make recommendations
SECTION 1. Prior to authorization of the expenditure of any oil overcharge
refund monies by the Governor and the Joint Appropriations Review Committee,
pursuant to the provisions of Act 651 of 1978, the Joint Legislative Committee
on Energy shall review and make a recommendation as to the approval and adoption
of this State's energy policy and the specific uses for proposed energy
conservation programs. Consideration for funding any energy program or activity
by the Joint Legislative Committee on Energy must be based primarily on the
potential for reducing the costs of energy consumption, and such potential cost
savings must be estimated and documented for future analysis.
Funds to be within restrictions
SECTION 2. The Joint Legislative Committee on Energy, in making its review,
shall ensure that the proposed use of such funds for program administrative
costs, if any, is within any restriction imposed by the courts and Department of
Energy rules and regulations applicable to the use of any oil overcharge refunds
and that any administrative cost is absolutely justified.
Committee to have continuous energy program oversight
SECTION 3. The Joint Legislative Committee on Energy has the authority and
responsibility of continuous energy program oversight on the actual expenditure
and use of the oil overcharge funds, including, but not limited to, the receipt
and review of all reports, contracts, and subcontracts issued and any other
information considered necessary to assure that such funds are being utilized in
accordance with the energy policy and energy program plans approved as stated in
this act.
Evaluation
SECTION 4. Any state agency, board, commission, institution, or other entity
funded from the general fund of the State which receives a financial gain as a
result of energy efficiency improvements undertaken as a result of the State's
energy programs must be evaluated as to the actual annual dollar savings
attained. The cost savings must be reported to the Joint Legislative Committee
on Energy by the entity administering the state energy program. The Joint
Legislative Committee on Energy shall review the report of cost savings to ensure
that the dollar amounts saved are accurate, and the Committee shall report its
findings to the Senate Finance Committee and to the House Ways and Means
Committee annually, not later than January first. The entity administering the
state energy program shall cooperate fully with the Joint Legislative Committee
on Energy to ensure that the annual reporting requirement is met.
Oil overcharge funds
SECTION 5. Oil overcharge funds must be deposited by the State Treasurer in
interest-bearing accounts of the State, with interest earned to be earmarked for
the same purposes as the oil overcharge monies. The administering entity shall
ensure that funds are drawn down and disbursed in a manner which ensures the
maximum interest accruing to the State Treasurer's oil overcharge funds account.
The State Auditor shall conduct an annual financial compliance audit and budget
adequate funds to cover its cost.
Expiration of provisions
SECTION 6. The provisions of this act expire June 30, 1988.
Time effective
SECTION 7. This act shall take effect upon approval by the Governor. |