H 5131 Session 110 (1993-1994)
H 5131 General Bill, By H.M. Hallman
A Bill to amend Section 51-13-770, Code of Laws of South Carolina, 1976,
relating to the powers of the Patriot's Point Development Authority, so as to
allow the Authority to establish for-profit or not-for-profit corporations as
the authority considers necessary to carry out the purposes of Article 11,
Chapter 13 of Title 51, provide that officials or employees of the Authority
may act as officials or employees without additional compensation of such
corporations, and provide that such corporations must be considered "public
procurement units" for purposes of Article 19, Chapter 35 of Title 11; and to
amend the 1976 Code by adding Section 51-13-775 so as to provide that all
Patriot's Point Development Authority funds on deposit with the State
Treasurer shall accrue interest for the benefit of the Authority, and empower
the Authority to use and expend the interest and all other Authority funds on
deposit for any purpose the Authority considers expedient or necessary without
having first to obtain approval or permission.
04/14/94 House Introduced and read first time HJ-34
04/14/94 House Referred to Committee on Ways and Means HJ-34
A BILL
TO AMEND SECTION 51-13-770, CODE OF LAWS OF SOUTH
CAROLINA, 1976, RELATING TO THE POWERS OF THE
PATRIOT'S POINT DEVELOPMENT AUTHORITY, SO AS TO
ALLOW THE AUTHORITY TO ESTABLISH FOR-PROFIT OR
NOT-FOR-PROFIT CORPORATIONS AS THE AUTHORITY
CONSIDERS NECESSARY TO CARRY OUT THE PURPOSES OF
ARTICLE 11, CHAPTER 13 OF TITLE 51, PROVIDE THAT
OFFICIALS OR EMPLOYEES OF THE AUTHORITY MAY ACT AS
OFFICIALS OR EMPLOYEES WITHOUT ADDITIONAL
COMPENSATION OF SUCH CORPORATIONS, AND PROVIDE
THAT SUCH CORPORATIONS MUST BE CONSIDERED
"PUBLIC PROCUREMENT UNITS" FOR PURPOSES OF
ARTICLE 19, CHAPTER 35 OF TITLE 11; AND TO AMEND THE
1976 CODE BY ADDING SECTION 51-13-775 SO AS TO PROVIDE
THAT ALL PATRIOT'S POINT DEVELOPMENT AUTHORITY
FUNDS ON DEPOSIT WITH THE STATE TREASURER SHALL
ACCRUE INTEREST FOR THE BENEFIT OF THE AUTHORITY,
AND EMPOWER THE AUTHORITY TO USE AND EXPEND THE
INTEREST AND ALL OTHER AUTHORITY FUNDS ON DEPOSIT
FOR ANY PURPOSE THE AUTHORITY CONSIDERS EXPEDIENT
OR NECESSARY WITHOUT HAVING FIRST TO OBTAIN
APPROVAL OR PERMISSION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 51-13-770 of the 1976 Code is amended by
adding:
"(12) Is authorized to establish for-profit or not-for-profit
corporations as the authority considers necessary to carry out the
purposes of this article. Officials or employees of the authority may act
as officials or employees without additional compensation of a
corporation created pursuant to this item (12). A corporation established
pursuant to this item (12) must be considered a `public procurement unit'
for purposes of Article 19, Chapter 35 of Title 11."
SECTION 2. Article 11, Chapter 13 of Title 51 of the 1976 Code is
amended by adding:
"Section 51-13-775. Notwithstanding any other provision of
law, all authority funds on deposit with the State Treasurer shall accrue
interest for the benefit of the authority, and the authority is authorized
and empowered to use and expend such interest, as well as all other
authority funds on deposit, at any time for any purpose the authority
considers expedient or necessary, including, but not limited to, the
establishing of an endowment, without having first to obtain the
approval or permission of the State Treasurer, the Budget and Control
Board, or any other state agency, department, or officer."
SECTION 3. This act takes effect upon approval by the Governor.
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