H*4998(Rat #0542, Act #0446 of 1998)  Joint Resolution, By Boan and Lanford
 A JOINT RESOLUTION PROPOSING AN AMENDMENT TO SECTION 11, ARTICLE X OF THE
 CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO FINANCE, TAXATION, AND DEBT,
 SO AS TO ALLOW THE STATE TREASURER TO INVEST ENDOWMENT FUNDS DONATED
 SPECIFICALLY TO STATE-SUPPORTED INSTITUTIONS OF HIGHER LEARNING IN EQUITY
 SECURITIES OF UNITED STATES CORPORATIONS REGISTERED ON A NATIONAL SECURITIES
 EXCHANGE OR QUOTED THROUGH A NATIONAL QUOTATIONS SYSTEM, SUBJECT TO
 LEGISLATION ENACTED BY THE GENERAL ASSEMBLY WHICH REQUIRES THESE ENDOWMENT
 FUNDS HELD AND INVESTED BY THE STATE TREASURER TO BE INVESTED PURSUANT TO A
 PLAN RECOMMENDED BY THE STATE RETIREMENT SYSTEMS INVESTMENT PANEL WHICH MUST
 BE SUBMITTED TO AND APPROVED BY THE BOARDS OF TRUSTEES OF THE RESPECTIVE
 COLLEGES AND UNIVERSITIES; AND BY PROPOSING AN AMENDMENT TO SECTION 14 OF THIS
 ARTICLE TO AUTHORIZE THE GENERAL ASSEMBLY TO PROVIDE BY LAW FOR THE INCURRENCE
 OF INDEBTEDNESS BY COUNTIES FOR REDEVELOPMENT PURPOSES AND TO PROVIDE FOR THE
 DEBT SERVICE OF SUCH INDEBTEDNESS TO BE PROVIDED FROM THE ADDED INCREMENT OF
 TAX REVENUES TO RESULT FROM THE PROJECT.-AMENDED TITLE

   04/14/98  House  Introduced, read first time, placed on calendar
                     without reference HJ-13
   04/16/98  House  Read second time HJ-25
   04/16/98  House  Roll call Yeas-103  Nays-0 HJ-27
   04/16/98  House  Unanimous consent for third reading on next
                     legislative day HJ-28
   04/17/98  House  Read third time and sent to Senate HJ-2
   04/21/98  Senate Introduced and read first time SJ-28
   04/21/98  Senate Referred to Committee on Finance SJ-28
   04/29/98  Senate Recalled from Committee on Finance SJ-9
   06/02/98  Senate Amended SJ-64
   06/02/98  Senate Read second time SJ-64
   06/02/98  Senate Ordered to third reading with notice of
                     amendments SJ-64
   06/03/98  Senate Amended
   06/03/98  Senate Read third time and returned to House with amendments
   06/03/98  House   Needs 3 readings in present form to satisfy
                     Constitutional requirements HJ-88
   06/03/98  House   Joint Resolution, as amended by the Senate, read
                     first time (2/3 vote required) HJ-89
   06/03/98  House  Roll call Yeas-98  Nays-0 HJ-90
   06/04/98  House   Joint Resolution, as amended by the Senate, read
                     second time in present form HJ-18
   06/16/98  House  Debate adjourned HJ-10
   06/16/98  House   House concurred in Senate amendments, and Joint
                     Resolution, having received three readings in
                     both Houses, enrolled for ratification HJ-13
   06/17/98         Ratified R 542
   06/17/98         No signature required
   06/25/98         Copies available
   09/14/98         Act No. 446

A JOINT RESOLUTION PROPOSING AN AMENDMENT TO SECTION 11, ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO FINANCE, TAXATION, AND DEBT, SO AS TO ALLOW THE STATE TREASURER TO INVEST ENDOWMENT FUNDS DONATED SPECIFICALLY TO STATE-SUPPORTED INSTITUTIONS OF HIGHER LEARNING IN EQUITY SECURITIES OF UNITED STATES CORPORATIONS REGISTERED ON A NATIONAL SECURITIES EXCHANGE OR QUOTED THROUGH A NATIONAL QUOTATIONS SYSTEM, SUBJECT TO LEGISLATION ENACTED BY THE GENERAL ASSEMBLY WHICH REQUIRES THESE ENDOWMENT FUNDS HELD AND INVESTED BY THE STATE TREASURER TO BE INVESTED PURSUANT TO A PLAN RECOMMENDED BY THE STATE RETIREMENT SYSTEMS INVESTMENT PANEL WHICH MUST BE SUBMITTED TO AND APPROVED BY THE BOARDS OF TRUSTEES OF THE RESPECTIVE COLLEGES AND UNIVERSITIES; AND BY PROPOSING AN AMENDMENT TO SECTION 14 OF THIS ARTICLE TO AUTHORIZE THE GENERAL ASSEMBLY TO PROVIDE BY LAW FOR THE INCURRENCE OF INDEBTEDNESS BY COUNTIES FOR REDEVELOPMENT PURPOSES AND TO PROVIDE FOR THE DEBT SERVICE OF SUCH INDEBTEDNESS TO BE PROVIDED FROM THE ADDED INCREMENT OF TAX REVENUES TO RESULT FROM THE PROJECT.

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

Endowment funds, investment of

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

"Provided, however, that endowment funds donated specifically to state-supported institutions of higher learning and held by the State Treasurer may be invested and reinvested in equity securities of a corporation within the United States that is registered on a national securities exchange, as provided in the Securities Exchange Act of 1934 or a successor act, or quoted through the National Association of Securities Dealers Automatic Quotations System or similar service. The General Assembly shall implement this paragraph by enacting legislation in which these endowment funds held and invested by the State Treasurer must be invested pursuant to a plan recommended by the State Retirement Systems Investment Panel which must be submitted to and approved by the boards of trustees of the respective colleges and universities."

Constitutional amendment question

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 the pledging of the credit of the State and prohibiting ownership of the State in a company, association, or corporation be amended so as to allow the State Treasurer to invest endowment funds donated specifically to state-supported institutions of higher learning in equity securities of United States corporations registered on a national securities exchange or quoted through a national quotations system, subject to legislation enacted by the General Assembly which requires these endowment funds held and invested by the State Treasurer to be invested pursuant to a plan recommended by the State Retirement Systems Investment Panel which must be submitted to and approved by the boards of trustees of the respective colleges and universities?

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'."

Counties added to tax increment financing authority

SECTION 3. It is proposed that Section 14(10), Article X of the Constitution of this State be amended to read:

"(10) Indebtedness payable solely from a revenue-producing project or from a special source, which source does not involve revenues from any tax or license, may be issued upon such terms and conditions as the General Assembly may prescribe by general law; provided, that the General Assembly may authorize by general law that indebtedness for the purpose of redevelopment within incorporated municipalities and counties may be incurred, and that the debt service of such indebtedness be provided from the added increments of tax revenues to result from any such project. Any and all indebtedness incurred pursuant to the provisions of this subsection shall contain a statement on the face thereof specifying the sources from which payment is to be made and shall state that the full faith, credit, and taxing powers are not pledged therefor."

Constitutional amendment question

SECTION 4. 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:

"Shall Section 14, Article X of the Constitution of this State, relating to indebtedness payable from revenue-producing projects and from special sources, be amended so as to provide that the General Assembly may provide by general law for counties to incur indebtedness for the purpose of redevelopment and to provide that the debt service for such indebtedness be provided from the added increments of tax revenues to result from such project?

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'."

Ratified the 17th day of June, 1998.