Current Status Bill Number:
351Ratification Number: 4Act Number: 10Type of Legislation: General Bill GBIntroducing Body: SenateIntroduced Date: 19950110Primary Sponsor: GieseAll Sponsors: Giese, Passailaigue, Glover, Bryan, Lander, Reese, Rose, Russell and J. Verne SmithDrafted Document Number: PT\1593AC.95Date Bill Passed both Bodies: 19950217Date of Last Amendment: 19950214Governor's Action: SDate of Governor's Action: 19950307Subject: 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 CommitteeView additional legislative information at the LPITS web site.
(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.
SECTION 3. This act takes effect upon approval by the Governor.
Approved the 7th day of March, 1995.