Current Status Bill Number:332 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19950110 Primary Sponsor:Elliott All Sponsors:Elliott Drafted Document Number:jic\5264htc.95 Companion Bill Number:58, 333 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Highway Fund
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
Senate 19950110 Introduced, read first time, 06 SF
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 AND THE FINANCES OF THE DEPARTMENT OF TRANSPORTATION, SO AS TO PROVIDE THAT INTEREST EARNED ON THE STATE HIGHWAY FUND MUST BE CREDITED TO IT AND USED FOR HIGHWAY CONSTRUCTION PROJECTS IDENTIFIED AS PRIORITY PROJECTS UNDER THE FORMER SHIMS PROGRAM.
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 earned on the state highway fund must be credited to it and these interest revenues must be expended on highway construction projects identified as priority projects under the former SHIMS program until the completion of these projects."
SECTION 2. This act takes effect July 1, 1995.