Current Status Bill Number:4920 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19960411 Primary Sponsor:Carnell All Sponsors:Carnell and Boan Drafted Document Number:jic\5823htc.96 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Political subdivisions, investments in participation units
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ House 19960411 Introduced, read first time, 30 HWM referred to CommitteeView additional legislative information at the LPITS web site.
TO AMEND SECTION 6-5-10, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO AUTHORIZED INVESTMENTS FOR POLITICAL SUBDIVISIONS OF THE STATE, SO AS TO AUTHORIZE INVESTMENTS IN PARTICIPATION UNITS IN A COMBINED INVESTMENT FUND MANAGED BY AN INVESTMENT ADVISOR REGISTERED AND DOMICILED IN THIS STATE, TO PROVIDE THAT THESE PARTICIPATION UNITS ARE LEGAL INVESTMENTS FOR FUNDS UNDER THE CUSTODY OF MUNICIPALITIES, COUNTIES, SCHOOL DISTRICTS, OTHER POLITICAL SUBDIVISIONS OF THE STATE, AND COUNTY TREASURERS, AND TO REQUIRE THE ADMINISTRATION OF THESE FUNDS TO COMPLY WITH THE APPLICABLE REQUIREMENTS OF GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND UNITED STATES SECURITIES AND EXCHANGE COMMISSION RULES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 6-5-10(a) of the 1976 Code, as last amended by Act 326 of 1990, is further amended by adding an appropriately numbered item at the end to read:
"( ) Participation units in a combined investment fund managed by an investment advisor registered and domiciled in this State if the funds are invested solely in securities authorized in items (1), (2), and (5) of this subsection and Section 11-9-660(4). These participation units are made legal investments for all the funds under the custody of such municipalities, counties, school districts, or other political subdivisions and county treasurers. The administration of these funds must comply with all applicable requirements of generally accepted accounting principles and United States Securities and Exchange Commission rules."
SECTION 2. This act takes effect upon approval by the Governor.