S 1179 Joint Resolution, By Martin, Giese and Wilson

Similar(H 4518)
 A Joint Resolution proposing an amendment to Section 11, Article X of the
 Constitution of South Carolina, 1895, relating to the credit of the State and
 its political subdivisions, so as to remove the prohibition on the State and
 its political subdivisions from becoming joint owners of or stockholders in a
 company, association, or corporation and to conform other language of the
 paragraph to this revision.

   02/27/96  Senate Introduced and read first time SJ-8
   02/27/96  Senate Referred to Committee on Finance SJ-8

A JOINT RESOLUTION

PROPOSING AN AMENDMENT TO SECTION 11, ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO THE CREDIT OF THE STATE AND ITS POLITICAL SUBDIVISIONS, SO AS TO REMOVE THE PROHIBITION ON THE STATE AND ITS POLITICAL SUBDIVISIONS FROM BECOMING JOINT OWNERS OF OR STOCKHOLDERS IN A COMPANY, ASSOCIATION, OR CORPORATION AND TO CONFORM OTHER LANGUAGE OF THE PARAGRAPH TO THIS REVISION.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. It is proposed that the first paragraph of Section 11, Article X of the Constitution of this State be amended to read:

"The credit of neither the State nor of any of its political subdivisions shall be pledged or loaned for the benefit of any individual, company, association, corporation, or any religious or other private education institution except as permitted by Section 3, Article XI of this Constitution. Neither the State nor any of its political subdivisions shall become a joint owner of or stockholder in any company, association, or corporation. The General Assembly may, however, authorize the South Carolina Public Service Authority to become a joint owner with privately owned electric utilities, including electric cooperatives, of electric generation or transmission facilities, or both, and to enter into and carry out agreements with respect to such jointly owned facilities."

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 the first paragraph of Section 11, Article X of the Constitution of this State be amended so as to remove the prohibition on the State and its political subdivisions from becoming joint owners of or stockholders in a company, association, or corporation and to conform the other language of the paragraph to this revision?

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'."