Bill 351

                    Current Status

Bill Number:                    351
Ratification Number:            4
Act Number:                     10
Type of Legislation:            General Bill GB
Introducing Body:               Senate
Introduced Date:                19950110
Primary Sponsor:                Giese 
All Sponsors:                   Giese, Passailaigue, Glover, Bryan,
                                Lander, Reese, Rose, Russell and
                                J. Verne Smith 
Drafted Document Number:        PT\1593AC.95
Date Bill Passed both Bodies:   19950217
Date of Last Amendment:         19950214
Governor's Action:              S
Date of Governor's Action:      19950307
Subject:                        Eldercare Trust Fund

Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

------  19950307  Act No. A10
------  19950307  Signed by Governor
------  19950302  Ratified R4
House   19950217  Read third time, enrolled for
                  ratification
House   19950216  Unanimous consent for third
                  reading on the next Legislative day
House   19950216  Read second time
House   19950215  Introduced, read first time,
                  placed on Calendar without reference
Senate  19950215  Read third time, sent to House
Senate  19950214  Amended, read second time
Senate  19950209  Committee report: Favorable with         13 SMA
                  amendment
Senate  19950110  Introduced, read first time,             13 SMA
                  referred to Committee

(A10, R4, S351)

AN ACT TO AMEND SECTION 43-21-180, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO ELDERCARE TRUST FUND MONIES AND DISBURSEMENTS, SO AS TO MAKE ALL ASSETS OF THE FUND AVAILABLE FOR DISBURSEMENT UP TO TWO HUNDRED THOUSAND DOLLARS AFTER ALLOWANCES FOR OPERATING EXPENSES RATHER THAN ONLY SEVENTY-FIVE PERCENT OF THE FUNDS AND TO DEPOSIT FUNDS IN EXCESS OF TWO HUNDRED THOUSAND DOLLARS IN A SEPARATE ACCOUNT UNTIL FIVE MILLION DOLLARS ACCRUES; AND TO PROVIDE THAT ANY ASSETS HELD IN THE FUND UNDER THE FORMER PROVISIONS OF SECTION 43-21-180 MUST BE RELEASED AND DISBURSED IN ACCORDANCE WITH THIS SECTION.

Be it enacted by the General Assembly of the State of South Carolina:

Funds available for disbursement increased

SECTION 1. Section 43-21-180 of the 1976 Code, as last amended by Section 1029, Act 181 of 1993, is further amended to read:

"Section 43-21-180. Funds deposited in the trust fund and all earnings from the investment of these funds, after allowances for operating expenses, are available for disbursement upon authorization of the division. However, in any year in which more than two hundred thousand dollars is deposited in the trust fund, twenty-five percent of the amount over two hundred thousand dollars and earnings from the investment of these funds must be placed in a separate account. When the assets of this separate account exceed five million dollars, no further deposits are required to be made to the separate account and all future earnings from the investment of the monies in this separate account also are available for distribution upon authorization of the division."

Previously held funds to be released

SECTION 2. Assets in the Eldercare Trust Fund, which have been held pursuant to Section 43-21-180 of the 1976 Code, before amendment by Section 1 of this act, must be released for disbursement pursuant to Section 43-21-180 of the 1976 Code, as amended by Section 1 of this act.

Time effective

SECTION 3. This act takes effect upon approval by the Governor.

Approved the 7th day of March, 1995.