South Carolina General Assembly
113th Session, 1999-2000

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Bill 3945

Indicates Matter Stricken
Indicates New Matter

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INTRODUCED

April 20, 1999

H. 3945

Introduced by Education and Public Works Committee

S. Printed 4/20/99--H.

Read the first time April 20, 1999.

A JOINT RESOLUTION

TO APPROVE REGULATIONS OF THE COMMISSION ON HIGHER EDUCATION, RELATING TO SOUTH CAROLINA ACADEMIC ENDOWMENT INCENTIVE ACT OF 1997, SOUTH CAROLINA HIGHER EDUCATION MATCHING GIFT FUND, DESIGNATED AS REGULATION DOCUMENT NUMBER 2361, PURSUANT TO THE PROVISIONS OF ARTICLE 1, CHAPTER 23, TITLE 1 OF THE 1976 CODE.

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

SECTION 1. The regulations of the Commission on Higher Education, relating to South Carolina Academic Endowment Incentive Act of 1997, South Carolina Higher Education Matching Gift Fund, designated as Regulation Document Number 2361, and submitted to the General Assembly pursuant to the provisions of Article 1, Chapter 23, Title 1 of the 1976 Code, are approved.

SECTION 2. This joint resolution takes effect upon approval by the Governor.

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SUMMARY AS SUBMITTED

BY PROMULGATING AGENCY.

Pursuant to Section 59-118-10 passed by the General Assembly during the 1996-97 legislative session, the Commission on Higher Education shall promulgate regulations for the South Carolina Academic Endowment Incentive Act of 1997 and establish procedures to administer the program. Regulations include the establishment of the South Carolina Higher Education Matching Gift Fund and institutional endowments for purposes of this program, program oversight, policies and procedures for provision of matching funds to qualified colleges and universities, submission and documentation of requests for matching state funds, disbursements to qualified colleges and universities, application to receive matching state funds, transfer of funds to qualified institutions, reports on earnings, gifts, or donations used for the purposes of this program, and forwarding and retaining unused funds and earnings to the next fiscal year. During the 1997-98 session, the General Assembly included the technical colleges in the program by amending Section 59-118-30(1) of the 1976 Code, in Section 21A, Part II, Act 155 of 1997.

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