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Current Status Bill Number:View additional legislative information at the LPITS web site.148 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19990112 Primary Sponsor:McConnell All Sponsors:McConnell, Passailaigue Drafted Document Number:l:\council\bills\bbm\10029mm99.doc Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Patriot's Point Development Authority, funds in special accounts for use by History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 19990112 Introduced, read first time, 06 SF referred to Committee Senate 19981216 Prefiled, referred to Committee 06 SF Versions of This Bill
TO AMEND ARTICLE 11, CHAPTER 13, TITLE 51, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PATRIOT'S POINT DEVELOPMENT AUTHORITY, BY ADDING SECTION 51-13-765, SO AS TO ALLOW THE PATRIOT'S POINT DEVELOPMENT AUTHORITY TO MAINTAIN SPECIAL ACCOUNTS WHICH RETAIN AND CARRY OVER FUNDS FROM YEAR TO YEAR AND TO HOLD ALL EARNINGS AND INTEREST FOR THE BENEFIT OF THE AUTHORITY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 11, Chapter 13, Title 51 of the 1976 Code is amended by adding:
"Section 51-13-765. (A) The Patriot's Point Development Authority may maintain special accounts controlled by the authority and made up of all funds received by the authority, including appropriated funds, federal funds, donations, and grants made available to it. The authority may retain and carry over funds it has on account from fiscal year to fiscal year. The receipt and expenditure of funds must be reported in an annual fiscal audit of the authority.
(B) All earnings and interest accrued on accounts held by the authority must be retained and expended by the authority to carry out its purpose and mission."
SECTION 2. This act takes effect upon approval by the Governor.
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