H 4429 General Bill, By Davenport
 A BILL TO AMEND SECTION 11-11-410, CODE OF LAWS OF SOUTH CAROLINA, 1976,
 RELATING TO THE STATUTORY STATE SPENDING LIMITATION AND THE USE OF SURPLUS
 REVENUE, SO AS TO REQUIRE AT LEAST SEVENTY-FIVE PERCENT OF SURPLUS REVENUES TO
 BE USED TO ACCELERATE THE PAYMENT OF STATE GENERAL OBLIGATION DEBT, TO CLARIFY
 THAT THE FIRST USE OF SURPLUS REVENUE IS TO REPLENISH THE GENERAL RESERVE
 FUND, AND TO PROVIDE THAT REFERENCES TO APPROPRIATING SURPLUS REVENUES APPLY
 TO SURPLUS FUNDS REMAINING AFTER THE FIRST TWO PRIORITIES ARE MET.

   01/12/00  House  Introduced and read first time HJ-10
   01/12/00  House  Referred to Committee on Ways and Means HJ-11

TO AMEND SECTION 11-11-410, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE STATUTORY STATE SPENDING LIMITATION AND THE USE OF SURPLUS REVENUE, SO AS TO REQUIRE AT LEAST SEVENTY-FIVE PERCENT OF SURPLUS REVENUES TO BE USED TO ACCELERATE THE PAYMENT OF STATE GENERAL OBLIGATION DEBT, TO CLARIFY THAT THE FIRST USE OF SURPLUS REVENUE IS TO REPLENISH THE GENERAL RESERVE FUND, AND TO PROVIDE THAT REFERENCES TO APPROPRIATING SURPLUS REVENUES APPLY TO SURPLUS FUNDS REMAINING AFTER THE FIRST TWO PRIORITIES ARE MET.

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

SECTION 1. Section 11-11-410(F) of the 1976 Code is amended to read:

"(F) In any year When surplus funds are collected, and after the transfer to the General Reserve Fund required pursuant to Section 11-11-310(A), not less than seventy-five percent of the balance of such surplus revenue, if so much is necessary, must be used to accelerate the payment of state general obligation debt. Any remaining such revenue surplus may be appropriated by the General Assembly to match funds for public education, public welfare, public health, road and highway construction, rehabilitation, replacement, or maintenance financed in part with federal participation funding or federal grants or tolls, or further to accelerate the retirement of bonded indebtedness or transferred to the general fund reserve, or tax relief or for avoiding the issuance of bonds for projects that are authorized but not issued or any combination of these purposes without regard to the spending limitation. For the purposes of this section, surplus funds mean that portion of revenues, as defined in subsection (A) of this section, over and above revenues authorized for appropriation in subsection (B). Whenever reference is made in any law to the appropriation of surplus revenue, it refers to the surplus remaining after the replenishment of the General Reserve Fund and the acceleration of debt repayment."

SECTION 2. This act takes effect July 1, 2000, and applies for surplus revenues accruing on and after that date.