H 4889 General Bill, By Easterday, Allison, Altman, Bailey, Barrett, 
J.M. Baxley, Beck, Breeland, T. Brown, Cato, Chellis, J.L.M. Cromer, Edge, 
Fleming, Gamble, Hamilton, Harrell, Harris, Haskins, J. Hines, M. Hines, 
B.L. Jordan, Kelley, M.H. Kinon, Kirsh, Klauber, Knotts, Lanford, Leach, 
Limehouse, Littlejohn, Loftis, Mason, McGee, McKay, W. McLeod, McMahand, 
J.D. McMaster, Moody-Lawrence, J.H. Neal, Neilson, Phillips, Rice, Riser, 
Robinson, Rodgers, Sandifer, Sheheen, Simrill, F. Smith, R. Smith, D. Smith, 
Stille, E.C. Stoddard, Tripp, Whatley, Whipper, Wilder, Wilkes, Woodrum, 
Young-Brickell and W.J. Young
 A BILL TO AMEND SECTION 11-11-140, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA,
 1976, RELATING TO LIMITATIONS ON APPROPRIATIONS, SO AS TO REQUIRE GENERAL FUND
 SURPLUS REVENUES TO BE USED TO ACCELERATE REPAYMENT OF STATE CAPITAL
 IMPROVEMENT BONDS AND PAY CASH FOR PREVIOUSLY AUTHORIZED CAPITAL IMPROVEMENT
 BOND PROJECTS FOR WHICH BONDS HAVE NOT YET BEEN ISSUED, TO PROVIDE FOR THE
 PLAN FOR THE USE OF THE SURPLUS TO BE ADOPTED BY THE JOINT BOND REVIEW
 COMMITTEE AFTER RECEIVING THE RECOMMENDATIONS OF THE STATE TREASURER ON
 POTENTIAL INTEREST EXPENSE SAVINGS AND FORWARDED FOR IMPLEMENTATION TO THE
 STATE BUDGET AND CONTROL BOARD.

   03/25/98  House  Introduced and read first time HJ-25
   03/25/98  House  Referred to Committee on Ways and Means HJ-25
   04/23/98  House  Recalled from Committee on Ways and Means HJ-35
   04/29/98  House  Debate adjourned HJ-21
   04/29/98  House  Point of order- Under Code Sec. 11-11-140(A)(2),
                     no surplus general fund revenue may be
                     appropriated in excess of amounts officially
                     recognized as such by the Board of Economic
                     Advisors HJ-91
   04/29/98  House   Point of order sustained-Bill ruled out of order HJ-91

April 23, 1998

H. 4889

Introduced by Reps. Easterday, Allison, Altman, Askins, Bailey, Barfield, Barrett, Battle, Bauer, Baxley, Beck, Breeland, T. Brown, Cato, Cave, Chellis, Cromer, Edge, Fleming, Gamble, Hamilton, Harrell, A. Harris, Haskins, J. Hines, M. Hines, Jordan, Kelley, Kinon, Kirsh, Klauber, Knotts, Lanford, Law, Leach, Lee, Limehouse, Littlejohn, Loftis, Mason, McGee, McKay, McLeod, McMahand, Moody-Lawrence, Neal, Neilson, Phillips, Rice, Riser, Robinson, Rodgers, Sandifer, Sheheen, Simrill, D. Smith, F. Smith, R. Smith, Stille, Stoddard, Tripp,Whatley, Whipper, Wilder, Wilkes, Woodrum, Young and Young-Brickell

S. Printed 4/23/98--H.

Read the first time March 25, 1998.

A BILL

TO AMEND SECTION 11-11-140, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO LIMITATIONS ON APPROPRIATIONS, SO AS TO REQUIRE GENERAL FUND SURPLUS REVENUES TO BE USED TO ACCELERATE REPAYMENT OF STATE CAPITAL IMPROVEMENT BONDS AND PAY CASH FOR PREVIOUSLY AUTHORIZED CAPITAL IMPROVEMENT BOND PROJECTS FOR WHICH BONDS HAVE NOT YET BEEN ISSUED, TO PROVIDE FOR THE PLAN FOR THE USE OF THE SURPLUS TO BE ADOPTED BY THE JOINT BOND REVIEW COMMITTEE AFTER RECEIVING THE RECOMMENDATIONS OF THE STATE TREASURER ON POTENTIAL INTEREST EXPENSE SAVINGS AND FORWARDED FOR IMPLEMENTATION TO THE STATE BUDGET AND CONTROL BOARD.

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

SECTION 1. Section 11-11-140 of the 1976 Code, as last amended by Act 155 of 1997, is further amended by adding:

"(C) Surplus general fund revenues in excess of those officially recognized by the Board of Economic Advisors must be used as provided in this subsection and are considered appropriated for these purposes. After a review of interest rates, the State Treasurer shall make recommendations to the Joint Bond Review Committee on savings that could be obtained by using the surplus to accelerate the repayment of outstanding capital improvement bonds and by paying cash for projects for which bonds have been authorized but not issued. The committee shall review the recommendations and adopt a plan incorporating the recommendations it determines best able to achieve maximum savings and forward the plan to the State Budget and Control Board which shall proceed to implement the plan."

SECTION 2. This act takes effect July 1,1998, and first applies for otherwise unappropriated general fund surplus revenues attributable to fiscal year 1997-98.