Current Status Introducing Body:House Bill Number:5131 Primary Sponsor:Hallman Committee Number:30 Type of Legislation:GB Subject:Patriot's Point Development Authority Residing Body:House Current Committee:Ways and Means Computer Document Number:BBM/9118JM.94 Introduced Date:19940414 Last History Body:House Last History Date:19940414 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Hallman Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
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5131 House 19940414 Introduced, read first time, 30
referred to Committee
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TO AMEND SECTION 51-13-770, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE POWERS OF THE PATRIOT'S POINT DEVELOPMENT AUTHORITY, SO AS TO ALLOW THE AUTHORITY TO ESTABLISH FOR-PROFIT OR NOT-FOR-PROFIT CORPORATIONS AS THE AUTHORITY CONSIDERS NECESSARY TO CARRY OUT THE PURPOSES OF ARTICLE 11, CHAPTER 13 OF TITLE 51, PROVIDE THAT OFFICIALS OR EMPLOYEES OF THE AUTHORITY MAY ACT AS OFFICIALS OR EMPLOYEES WITHOUT ADDITIONAL COMPENSATION OF SUCH CORPORATIONS, AND PROVIDE THAT SUCH CORPORATIONS MUST BE CONSIDERED "PUBLIC PROCUREMENT UNITS" FOR PURPOSES OF ARTICLE 19, CHAPTER 35 OF TITLE 11; AND TO AMEND THE 1976 CODE BY ADDING SECTION 51-13-775 SO AS TO PROVIDE THAT ALL PATRIOT'S POINT DEVELOPMENT AUTHORITY FUNDS ON DEPOSIT WITH THE STATE TREASURER SHALL ACCRUE INTEREST FOR THE BENEFIT OF THE AUTHORITY, AND EMPOWER THE AUTHORITY TO USE AND EXPEND THE INTEREST AND ALL OTHER AUTHORITY FUNDS ON DEPOSIT FOR ANY PURPOSE THE AUTHORITY CONSIDERS EXPEDIENT OR NECESSARY WITHOUT HAVING FIRST TO OBTAIN APPROVAL OR PERMISSION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 51-13-770 of the 1976 Code is amended by adding:
"(12) Is authorized to establish for-profit or not-for-profit corporations as the authority considers necessary to carry out the purposes of this article. Officials or employees of the authority may act as officials or employees without additional compensation of a corporation created pursuant to this item (12). A corporation established pursuant to this item (12) must be considered a `public procurement unit' for purposes of Article 19, Chapter 35 of Title 11."
SECTION 2. Article 11, Chapter 13 of Title 51 of the 1976 Code is amended by adding:
"Section 51-13-775. Notwithstanding any other provision of law, all authority funds on deposit with the State Treasurer shall accrue interest for the benefit of the authority, and the authority is authorized and empowered to use and expend such interest, as well as all other authority funds on deposit, at any time for any purpose the authority considers expedient or necessary, including, but not limited to, the establishing of an endowment, without having first to obtain the approval or permission of the State Treasurer, the Budget and Control Board, or any other state agency, department, or officer."
SECTION 3. This act takes effect upon approval by the Governor.