Current Status Introducing Body:House Bill Number:4701 Primary Sponsor:Stille Committee Number:30 Type of Legislation:GB Subject:Interest on State Highway Fund Residing Body:House Introduced Date:19940209 Last History Body:House Last History Date:19940209 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Stille Simrill Richardson Lanford Robinson Davenport R. Smith Trotter D. Wilder Phillips Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
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4701 House 19940209 Introduced, read first time, 30
referred to Committee
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TO AMEND SECTION 57-11-20, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO STATE HIGHWAY FUND, SO AS TO PROVIDE THAT INTEREST ON STATE HIGHWAY FUND MUST BE CREDITED TO THE STATE HIGHWAY FUND.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 57-11-20(A) of the 1976 Code, as last amended by Section 41B, Part II, Act 501 of 1992, is further amended to read:
"(A) All state revenues and state monies dedicated by statute to the operation of the department and any interest accruing on these monies must be deposited into one fund to be known as the `state highway fund' and all federal revenues and federal monies and any interest accruing on these monies must be deposited into the `federal aid highway fund'. These funds must be held and managed by the State Treasurer separate and distinct from the general fund, except as to monies utilized by the State Treasurer for the payment of principal or interest on state highway bonds as provided by law."
SECTION 2. This act takes effect upon approval by the Governor.