South Carolina General Assembly
113th Session, 1999-2000

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Bill 3973

Indicates Matter Stricken
Indicates New Matter

                    Current Status

Bill Number:                      3973
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  19990422
Primary Sponsor:                  Barrett
All Sponsors:                     Barrett
Drafted Document Number:          l:\council\bills\dka\3361mm99.doc
Residing Body:                    House
Current Committee:                Ways and Means Committee 30 HWM
Subject:                          Appropriations, surplus funds designated 
                                  for cash payments for capital projects and pay 
                                  off debt; State Agencies


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   19990422  Introduced, read first time,           30 HWM
                  referred to Committee


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

A BILL

TO AMEND SECTION 11-11-140, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO LIMITS ON APPROPRIATION OF SURPLUS GENERAL FUND REVENUES, SO AS TO PROVIDE FOR DESIGNATION AND USE OF THOSE FUNDS REALIZED AT FISCAL YEAR END FOR CASH PAYMENTS FOR PREVIOUSLY APPROVED CAPITAL PROJECTS AND TO PAY OFF EXISTING DEBT, IN SPECIFIED PERCENTAGES.

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

SECTION 1. Section 11-11-140(A) of the 1976 Code is amended by adding:

"(3) Notwithstanding the provisions of items (1) and (2), any surplus general fund revenue realized at year end in excess of amounts officially recognized by the Board of Economic Advisors must be designated and used as follows:

(a) sixty percent to make cash payment toward capital projects previously authorized for financing by the issuance of bonds; and

(b) forty percent to pay off existing debt."

SECTION 2. This act takes effect upon approval by the Governor and is effective for fiscal years beginning after 1999-2000.

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