H 4373 Session 112 (1997-1998)
H 4373 General Bill, By Trotter, Barrett, J.L.M. Cromer, W. McLeod, Meacham,
Riser, Robinson, Sandifer, Simrill, Spearman and Wilder
Similar(S 852)
A BILL TO AMEND CHAPTER 3, TITLE 50, CODE OF LAWS OF SOUTH CAROLINA, 1976,
RELATING TO THE DEPARTMENT OF NATURAL RESOURCES, BY ADDING ARTICLE 9 SO AS TO
CREATE THE SOUTH CAROLINA JOCASSEE GORGES ENDOWMENT FUND.
12/17/97 House Prefiled
12/17/97 House Referred to Committee on Ways and Means
01/13/98 House Introduced and read first time HJ-33
01/13/98 House Referred to Committee on Ways and Means HJ-33
A BILL
TO AMEND CHAPTER 3, TITLE 50, CODE OF LAWS OF
SOUTH CAROLINA, 1976, RELATING TO THE DEPARTMENT
OF NATURAL RESOURCES, BY ADDING ARTICLE 9 SO AS
TO CREATE THE SOUTH CAROLINA JOCASSEE GORGES
ENDOWMENT FUND.
Be it enacted by the General Assembly of the State of South
Carolina:
SECTION 1. Chapter 3, Title 50 of the 1976 Code is amended by
adding:
"Article 9
Jocassee Gorges Endowment Fund
Section 50-3-900. There is created the South Carolina Jocassee
Gorges Endowment Fund, the income and principal of which must be
used only for the purposes of supporting the operation and
maintenance and the acquisition of additional real property
complementary to those tracts of real property owned by the South
Carolina Department of Natural Resources in Oconee and Pickens
Counties, South Carolina, in the vicinity of Lake Jocassee which are
known collectively as the Jocassee Gorges. All gifts, grants, and
contributions for this purpose must be accounted for separately from
other assets of the fund.
Section 50-3-910. There is created the Board of Trustees of the
Jocassee Gorges Endowment Fund Resources, with full authority
over the administration of the fund. The chairman and members of
the Board of the Department of Natural Resources shall serve,
respectively, as the chairman and members of the board of trustees of
the fund. The State Treasurer is the custodian of the fund and shall
invest its assets in accordance with the provisions of Title 11.
Section 50-3-920. The assets of the fund are derived from:
(1) the proceeds of any gifts, grants, and contributions to the State
which are designated specifically for inclusion;
(2) other lawful sources.
Section 50-3-930. The fund constitutes a special trust derived from
a contractual relationship between the State and the members of the
public whose investments contribute to the fund. In recognition of
the special trust, these limitations and restrictions apply to
expenditures from the fund:
(1) Any limitations or restrictions specified by the donors on the
uses of the income derived from the gifts, grants, and voluntary
contributions must be respected but are not binding.
(2) After applying income received and accruing from the
investments of gifts, grants, and contributions, the board of trustees
of the fund may liquidate and expend the principal of the fund.
(3) The income received and accruing from the investments of the
fund must be spent only to acquire additional real property
complementary to or protective of the Jocassee Gorges and in
furthering the operation and maintenance of the Jocassee Gorges and
the efficient operation of the department in accomplishing the
purposes of the department as set forth in this title.
Section 50-3-940. The board of trustees may accumulate the
investment income of the fund and may direct expenditures from the
income of the fund for the purposes set forth in Section 50-3-930(3).
Section 50-3-950. Expenditure of the income derived from the
fund must be made through the board of trustees in accordance with
the provisions of the annual general appropriations act. The fund is
subject to the oversight of the State Auditor.
Section 50-3-960. The fund and income do not take the place of
state appropriations or department receipts placed in the fund, but any
portion of the income of the fund available for the purpose set out in
Section 50-3-930(3) must be used to supplement other income of an
appropriations to the department.
Section 50-3-970. If the Board of the Department of Natural
Resources is dissolved, the succeeding agency shall assume the
trusteeship of the fund and is bound by the limitations and restrictions
placed by this article on expenditures from the fund."
SECTION 2. This act takes effect upon approval by the Governor.
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