Current Status Introducing Body:Senate Bill Number:47 Primary Sponsor:Rose Committee Number:06 Type of Legislation:GB Subject:Pooled Investment Fund Residing Body:Senate Current Committee:Finance Computer Document Number:47 Introduced Date:Jan 08, 1991 Last History Body:Senate Last History Date:Jan 08, 1991 Last History Type:Introduced and read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Rose Type of Legislation:General Bill
Bill Body Date Action Description CMN
---- ------ ------------ ------------------------------ ---
47 Senate Jan 08, 1991 Introduced and read first 06
time, referred to Committee
47 Senate Sep 10, 1990 Prefiled, referred to 06
Committee
View additional legislative information at the LPITS web site.
TO AMEND SECTIONS 6-6-10, 6-6-20, AND 6-6-30, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE SOUTH CAROLINA POOLED INVESTMENT FUND, SO AS TO MAKE THE PROVISIONS OF LAW RELATING TO THE ESTABLISHMENT AND MAINTENANCE OF THIS FUND MANDATORY RATHER THAN PERMISSIVE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 6-6-10 of the 1976 Code is amended to read:
"Section 6-6-10. Notwithstanding any other provision of law, the State Treasurer may shall establish and maintain a common trust fund to be known as the South Carolina Pooled Investment Fund in which may be deposited public monies in excess of current needs which are under the custody of any county treasurer or the governing body of any municipality, county, school district, regional council of government, or any other political subdivision of the State."
SECTION 2. Section 6-6-20 of the 1976 Code is amended to read:
"Section 6-6-20. The treasurer shall adopt accounting procedures from which the exact interest of the monies combined for investment can be determined and may shall adopt regulations as may be necessary to administer the provisions of this chapter. He may shall invest the monies of the fund in the same types of investments provided for in Sections 6-5-10, 11-9-660, and 11-9-661."
SECTION 3. Section 6-6-30 of the 1976 Code is amended to read:
"Section 6-6-30. The Treasurer may shall sell to all political subdivisions of the State participation units in the fund which shall be are legal investments for the subdivisions in addition to the investments and deposits authorized in Sections 6-5-10, 12-45-220, and 11-1-60. The officials charged with custody of the monies of the political subdivisions are authorized to invest in the participation units of the fund only with the consent of their governing bodies."
SECTION 4. This act takes effect upon approval by the Governor.