S*0305(Rat #0115, Act #0093 of 2003)  General Bill, By Leatherman and Drummond
 AN ACT TO RATIFY AN AMENDMENT TO SECTION 11, ARTICLE X OF THE CONSTITUTION OF
 SOUTH CAROLINA, 1895, RELATING TO PROHIBITIONS ON THE STATE AND ITS POLITICAL
 SUBDIVISIONS PLEDGING THEIR CREDIT TO PRIVATE INTERESTS AND THE PROHIBITION ON
 THE STATE AND ITS POLITICAL SUBDIVISIONS HAVING A JOINT OWNER OR STOCKHOLDER
 IN A COMPANY, ASSOCIATION, OR CORPORATION AND THE EXCEPTIONS TO THESE
 PROHIBITIONS, SO AS TO ALLOW A SEPARATE PENSION PLAN OPERATED FOR FIREFIGHTERS
 BY A MUNICIPALITY, COUNTY, SPECIAL PURPOSE DISTRICT, OR PUBLIC SERVICE
 DISTRICT TO INVEST ITS FUNDS IN EQUITY SECURITIES TRADED ON A NATIONAL
 SECURITIES EXCHANGE AS PROVIDED IN THE SECURITIES EXCHANGE ACT OF 1934 OR
 QUOTED THROUGH THE NATIONAL ASSOCIATION OF SECURITIES DEALERS AUTOMATIC
 QUOTATIONS SYSTEM OR SIMILAR SERVICE. - ratified title

   01/30/03  Senate Introduced and read first time SJ-5
   01/30/03  Senate Referred to Committee on Judiciary SJ-5
   03/26/03  Senate Committee report: Favorable Judiciary SJ-35
   03/27/03  Senate Read second time SJ-76
   03/27/03         Scrivener's error corrected
   04/01/03  Senate Read third time and sent to House SJ-10
   04/02/03  House  Introduced and read first time HJ-14
   04/02/03  House  Referred to Committee on Judiciary HJ-15
   05/28/03  House  Committee report: Favorable Judiciary HJ-4
   05/29/03  House  Read second time HJ-13
   05/29/03  House  Unanimous consent for third reading on next
                     legislative day HJ-14
   05/30/03  House  Read third time and enrolled HJ-4
   06/03/03         Ratified R 115
   06/03/03         No signature required
   09/15/03         Copies available
   09/23/03         Act No. 93

(A93, R115, S305)

AN ACT TO RATIFY AN AMENDMENT TO SECTION 11, ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO PROHIBITIONS ON THE STATE AND ITS POLITICAL SUBDIVISIONS PLEDGING THEIR CREDIT TO PRIVATE INTERESTS AND THE PROHIBITION ON THE STATE AND ITS POLITICAL SUBDIVISIONS HAVING A JOINT OWNER OR STOCKHOLDER IN A COMPANY, ASSOCIATION, OR CORPORATION AND THE EXCEPTIONS TO THESE PROHIBITIONS, SO AS TO ALLOW A SEPARATE PENSION PLAN OPERATED FOR FIREFIGHTERS BY A MUNICIPALITY, COUNTY, SPECIAL PURPOSE DISTRICT, OR PUBLIC SERVICE DISTRICT TO INVEST ITS FUNDS IN EQUITY SECURITIES TRADED ON A NATIONAL SECURITIES EXCHANGE AS PROVIDED IN THE SECURITIES EXCHANGE ACT OF 1934 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:

Equity Investments allowed

SECTION    1.    The amendment to Section 11, Article X of the Constitution of South Carolina, 1895, prepared under the terms of Joint Resolution 367 of 2002, having been submitted to the qualified electors at the General Election of 2002 as prescribed in Section 1, Article XVI of the Constitution of South Carolina, 1895, and a favorable vote having been received on the amendment, is ratified and declared to be a part of the constitution so that Section 11 of Article X is 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 of a successor act, or in equity securities quoted through the National Association of Securities Dealers Automatic Quotations System or similar service."

Ratified the 3rd day of June, 2003.