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Current Status Bill Number:View additional legislative information at the LPITS web site.222 Ratification Number:11 Act Number:7 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:20010125 Primary Sponsor:Leatherman All Sponsors:Leatherman Drafted Document Number:l:\council\bills\bbm\9855htc01.doc Date Bill Passed both Bodies:20010207 Date of Last Amendment:20010206 Governor's Action:S Date of Governor's Action:20010216 Subject:Tobacco Master Settlement Agreement, State Treasurer; invest revenue in obligations; Agriculture, Bonds or Notes, Banks History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ ------ 20010302 Act No. A7 ------ 20010216 Signed by Governor ------ 20010215 Ratified R11 Senate 20010207 Concurred in House amendment, enrolled for ratification House 20010207 Read third time, returned to Senate with amendment House 20010206 Amended, read second time House 20010201 Introduced, read first time, placed on Calendar without reference Senate 20010131 Read third time, sent to House Senate 20010130 Read second time, notice of general amendments Senate 20010125 Introduced, read first time, placed on Calendar without reference Versions of This Bill Revised on January 25, 2001 - Word format Revised on February 1, 2001 - Word format Revised on February 6, 2001 - Word format
(A7, R11, S222)
AN ACT TO AMEND SECTION 11-11-170, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE STATE'S USE OF REVENUES OF THE TOBACCO MASTER SETTLEMENT AGREEMENT, SO AS TO AUTHORIZE ADDITIONAL LEGAL INVESTMENTS FOR THESE REVENUES BY THE STATE TREASURER IN OBLIGATIONS OF CORPORATIONS AND IN STATES AND POLITICAL SUBDIVISIONS OUTSIDE OF SOUTH CAROLINA IF THE OBLIGATIONS ARE DENOMINATED IN UNITED STATES DOLLARS AND BEAR AN INVESTMENT GRADE RATING OF AT LEAST TWO NATIONALLY RECOGNIZED RATING SERVICES.
Be it enacted by the General Assembly of the State of South Carolina:
Investments allowed
SECTION 1. Section 11-11-170 of the 1976 Code, as added by Section 69B, Part II, Act 387 of 2000, is amended by adding at the end:
"(C) In addition to those investments allowed pursuant to Section 11-9-660, the State Treasurer may invest and reinvest the revenues payable to the State pursuant to the Tobacco Master Settlement Agreement or funds raised pursuant to the provisions of Chapter 49 of this title and credited to the funds established by this section in any 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."
Time effective
SECTION 2. This act takes effect upon approval by the Governor.
Ratified the 15th day of February, 2001.
Approved the 16th day of February, 2001.
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