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219Ratification Number: 47Act Number: 28Type of Legislation: General Bill GBIntroducing Body: SenateIntroduced Date: 20010125Primary Sponsor: LeathermanAll Sponsors: LeathermanDrafted Document Number: l:\council\bills\dka\4072mm01.docDate Bill Passed both Bodies: 20010522Date of Last Amendment: 20010517Governor's Action: SDate of Governor's Action: 20010529Subject: Investment of funds by State Treasurer; obligations of corporation, state, political subdivision; Bonds or Notes, BanksHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ ------ 20010611 Act No. A28 ------ 20010529 Signed by Governor ------ 20010523 Ratified R47 Senate 20010522 Concurred in House amendment, enrolled for ratification ------ 20010518 Scrivener's error corrected House 20010518 Read third time, returned with amendment House 20010517 Amended, read second time, unanimous consent for third reading on Friday, 20010518 House 20010516 Committee report: Favorable with 30 HWM amendment House 20010329 Introduced, read first time, 30 HWM referred to Committee Senate 20010328 Read third time, sent to House Senate 20010327 Amended, read second time, notice of general amendments ------ 20010326 Scrivener's error corrected Senate 20010322 Committee report: Favorable 06 SF Senate 20010125 Introduced, read first time, 06 SF referred to Committee Versions of This Bill Revised on March 22, 2001 - Word format Revised on March 26, 2001 - Word format Revised on March 27, 2001 - Word format Revised on May 16, 2001 - Word format Revised on May 17, 2001 - Word format Revised on May 18, 2001 - Word format
(A28, R47, S219)
AN ACT TO AMEND SECTION 11-9-660, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INVESTMENT OF FUNDS OF THE STATE BY THE STATE TREASURER, SO AS TO AUTHORIZE INVESTMENTS IN CORPORATIONS AND IN STATES AND POLITICAL SUBDIVISIONS OUTSIDE OF SOUTH CAROLINA SO LONG AS THE OBLIGATIONS ARE DENOMINATED IN UNITED STATES DOLLARS, TO MODIFY THE INVESTMENT GRADE RATING REQUIREMENT FOR INVESTMENT IN OBLIGATIONS, TO PROVIDE FOR INVESTMENT IN CERTAIN GUARANTEED INVESTMENT CONTRACTS ISSUED BY A DOMESTIC OR FOREIGN INSURANCE COMPANY OR OTHER FINANCIAL INSTITUTION, TO AUTHORIZE THE STATE TREASURER TO CONTRACT TO LEND INVESTED SECURITIES, AND TO PROHIBIT INVESTMENT BY THE STATE TREASURER IN AN OBLIGATION OF A COUNTRY DETERMINED TO BE IN VIOLATION OF HUMAN RIGHTS.
Be it enacted by the General Assembly of the State of South Carolina:
Investment of funds
SECTION 1. Section 11-9-660 of the 1976 Code, as last amended by Section 66A, Part II, Act 164 of 1993, is further amended to read:
"Section 11-9-660. (A) The State Treasurer has full power to invest and reinvest all funds of the State in any of the following:
(1) obligations of the United States, its agencies and instrumentalities;
(2) obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, the African Development Bank, and the Asian Development Bank;
(3) obligations of a corporation, state, or political subdivision denominated in United States dollars, if the obligations bear an investment grade rating of at least two nationally recognized rating services;
(4) certificates of deposit, if the certificates are secured collaterally by securities of the types described in items (1) and (3) of this section and held by a third party as escrow agent or custodian and are of a market value not less than the amount of the certificates of deposit so secured, including interest, except that this collateral is not required to the extent the certificates of deposit are insured by an agency of the federal government;
(5) repurchase agreements, if collateralized by securities of the types described in items (1) and (3) of this section and held by a third party as escrow agent or custodian and of a market value not less than the amount of the repurchase agreement so collateralized, including interest; and
(6) guaranteed investment contracts issued by a domestic or foreign insurance company or other financial institution, whose long-term unsecured debt rating bears the two highest ratings of at least two nationally recognized rating services.
(B) The State Treasurer may contract to lend securities invested pursuant to this section.
(C) The State Treasurer shall not invest in obligations issued by any country or corporation principally located in any country which the United States Department of State determines commits major human rights violations based on the Country Reports on Human Rights Practices by the Bureau of Democracy, Human Rights and Labor of the U. S. Department of State."
SECTION 2. This act takes effect upon approval by the Governor.
Ratified the 23rd day of May, 2001.
Approved the 29th day of May, 2001.
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