Current Status Introducing Body:Senate Bill Number:69 Primary Sponsor:McConnell Committee Number:06 Type of Legislation:GB Subject:Highway Fund, interest provisions Residing Body:Senate Current Committee:Finance Computer Document Number:JIC/5083HC.93 Introduced Date:19930112 Last History Body:Senate Last History Date:19930112 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:McConnell Passailaigue Wilson Rankin Greg Smith Rose Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
____ ______ ____________ ______________________________ ___ ____________
69 Senate 19930112 Introduced, read first time, 06
referred to Committee
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TO AMEND SECTION 57-11-20, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE STATE HIGHWAY FUND, SO AS TO REQUIRE INTEREST EARNED FROM THE FUND TO BE DEPOSITED IN THE 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 amended by 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 must be deposited into one fund to be known as the `state highway fund' and all federal revenues and federal 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. Interest income from the state highway fund must be deposited to the credit of the state highway fund."
SECTION 2. This act takes effect July 1, 1993.