South Carolina General Assembly
111th Session, 1995-1996

Bill 4920


Indicates Matter Stricken
Indicates New Matter


                    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



History


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

House   19960411  Introduced, read first time,             30 HWM
                  referred to Committee

View additional legislative information at the LPITS web site.


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

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.

-----XX-----