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Current Status Bill Number:View additional legislative information at the LPITS web site.4684 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:20020207 Primary Sponsor:White All Sponsors:White, Bales, Dantzler, Govan, Harvin, Keegan, Koon, Martin, Perry, Riser, Robinson, Stuart, Thompson, Trotter and Wilder Drafted Document Number:l:\council\bills\gjk\20543sd01.doc Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Public colleges and universities, construction and renovation projects; three percent of private funds solicited for must be placed in escrow account History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 20020207 Introduced, read first time, 30 HWM referred to Committee Versions of This Bill
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 59-101-415 SO AS TO PROVIDE THAT ANY PUBLIC COLLEGE OR UNIVERSITY OF THIS STATE SOLICITING PRIVATE FUNDS FOR THE PURPOSE OF PAYING ANY COSTS ASSOCIATED WITH THE CONSTRUCTION OR RENOVATION OF A COLLEGE OR UNIVERSITY BUILDING OR FACILITY MUST SET ASIDE NOT LESS THAN THREE PERCENT OF THESE MONIES IN A SPECIAL ESCROW ACCOUNT TO BE USED FOR THE SOLE PURPOSE OF PROVIDING REGULAR OR DEFERRED MAINTENANCE FOR THE BUILDING OR FACILITY AND TO PROVIDE EXCEPTIONS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The 1976 Code is amended by adding:
"Section 59-101-415. Any public college or university of this State soliciting private funds for the purpose of paying any costs associated with the construction or renovation of a college or university building or facility must set aside not less than three percent of these monies in a special escrow account to be used for the sole purpose of providing regular or deferred maintenance for the building or facility. The interest or other earnings on this escrow account shall be retained in the account and also used for regular or deferred maintenance purposes. These maintenance funds must be used to supplement state funds available for maintenance expenses. The Commission on Higher Education in special circumstances is authorized to waive this provision where the nature or form of a private gift is not conducive to setting aside the required maintenance portion."
SECTION 2. This act takes effect upon approval by the Governor.
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