Current Status Bill Number:
333Type of Legislation: General Bill GBIntroducing Body: SenateIntroduced Date: 19950110Primary Sponsor: ElliottAll Sponsors: ElliottDrafted Document Number: jic\5251htc.95Companion Bill Number: 58, 332Residing Body: SenateCurrent Committee: Finance Committee 06 SFSubject: Highway Fund
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ Senate 19950110 Introduced, read first time, 06 SF referred to CommitteeView additional legislative information at the LPITS web site.
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 EARNED ON THE 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 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 July 1, 1995.