H 3764 Joint Resolution, By Wilkins and Lourie
 A JOINT RESOLUTION PROPOSING AN AMENDMENT TO SECTION 11, ARTICLE X OF THE
 CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO THE RESTRICTIONS ON PLEDGING
 THE CREDIT OF THIS STATE OR ITS POLITICAL SUBDIVISIONS FOR A PRIVATE PURPOSE
 AND THE RESTRICTION ON THE STATE OR ANY OF ITS POLITICAL SUBDIVISIONS BECOMING
 A JOINT OWNER OR STOCKHOLDER OF A BUSINESS, SO AS TO ALLOW A MUNICIPALITY,
 COUNTY, SPECIAL PURPOSE DISTRICT, OR PUBLIC SERVICE DISTRICT OF THIS STATE
 WHICH PROVIDES FIREFIGHTING SERVICE AND WHICH ADMINISTERS A SEPARATE PENSION
 PLAN FOR ITS EMPLOYEES PERFORMING THIS SERVICE TO INVEST AND REINVEST THE
 FUNDS IN THIS PENSION PLAN IN EQUITY SECURITIES TRADED ON A NATIONAL
 SECURITIES EXCHANGE, AS PROVIDED IN THE SECURITIES EXCHANGE ACT OF 1934 OR
 SUCCESSOR ACT, OR QUOTED THROUGH THE NATIONAL ASSOCIATION OF SECURITIES
 DEALERS AUTOMATIC QUOTATIONS SYSTEM OR SIMILAR SERVICE.

   03/21/01  House  Introduced and read first time HJ-9
   03/21/01  House  Referred to Committee on Ways and Means HJ-10
   04/03/02  House  Committee report: Favorable Ways and Means HJ-15
   04/04/02  House  Read second time HJ-77
   04/04/02  House  Roll call Yeas-99  Nays-0 HJ-80
   04/04/02  House  Unanimous consent for third reading on next
                     legislative day HJ-80
   04/05/02  House  Read third time and sent to Senate HJ-9
   04/09/02  Senate Introduced and read first time SJ-7
   04/09/02  Senate Referred to Committee on Finance SJ-7

April 3, 2002

    H. 3764

S. Printed 4/3/02--H.

Read the first time March 21, 2001.

    To whom was referred a Joint Resolution (H. 3764) proposing an amendment to Section 11, Article X of the Constitution of South Carolina, 1895, relating to the restrictions on pledging the credit of this State or its political subdivisions, etc., respectfully

    That they have duly and carefully considered the same and recommend that the same do pass:

ROBERT W. HARRELL, JR. for Committee.

EXPLANATION OF IMPACT:

    The Election Commission estimates there will be no fiscal impact on the General Fund of the State nor on federal and/or other funds.

LOCAL GOVERNMENT IMPACT:

    Enactment of this bill will have no fiscal impact on the local governments.

    Approved By:

    Don Addy

    Office of State Budget

PROPOSING AN AMENDMENT TO SECTION 11, ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO THE RESTRICTIONS ON PLEDGING THE CREDIT OF THIS STATE OR ITS POLITICAL SUBDIVISIONS FOR A PRIVATE PURPOSE AND THE RESTRICTION ON THE STATE OR ANY OF ITS POLITICAL SUBDIVISIONS BECOMING A JOINT OWNER OR STOCKHOLDER OF A BUSINESS, SO AS TO ALLOW A MUNICIPALITY, COUNTY, SPECIAL PURPOSE DISTRICT, OR PUBLIC SERVICE DISTRICT OF THIS STATE WHICH PROVIDES FIREFIGHTING SERVICE AND WHICH ADMINISTERS A SEPARATE PENSION PLAN FOR ITS EMPLOYEES PERFORMING THIS SERVICE TO INVEST AND REINVEST THE FUNDS IN THIS PENSION PLAN IN EQUITY SECURITIES TRADED ON A NATIONAL SECURITIES EXCHANGE, AS PROVIDED IN THE SECURITIES EXCHANGE ACT OF 1934 OR SUCCESSOR ACT, OR QUOTED THROUGH THE NATIONAL ASSOCIATION OF SECURITIES DEALERS AUTOMATIC QUOTATIONS SYSTEM OR SIMILAR SERVICE.

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

SECTION    1.    It is proposed that Section 11, Article X of the Constitution of this State be amended by adding at the end:

    "Notwithstanding any other provision of this section, a municipality, county, special purpose district, or public service district of this State which provides firefighting service and which administers a separate pension plan for its employees performing this service may invest and reinvest the funds in this pension plan in equity securities traded on a national securities exchange as provided in the Securities Exchange Act of 1934 or a successor act, or in equity securities quoted through the National Association of Securities Dealers Automatic Quotations System or similar service."

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 Section 11, Article X of the Constitution of this State relating to restrictions on pledging the credit of the State or its political subdivisions for a private purpose and the restrictions on the State or its political subdivisions from becoming a joint owner or stockholder of a business, be amended so as to allow a municipality, county, special purpose district, or public service district of this State which provides firefighting service and which administers a separate pension plan for its employees performing this service to invest and reinvest the funds in this pension plan in equity securities traded on a national securities exchange as provided in the Securities Exchange Act of 1934 or a successor act, or in equity securities quoted through the National Association of Securities Dealers Automatic Quotations System or similar service?

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'."