South Carolina General Assembly
114th Session, 2001-2002

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Bill 4998


Indicates Matter Stricken
Indicates New Matter


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


Indicates Matter Stricken

Indicates New Matter

AMENDED

April 17, 2002

    H. 4998

Introduced by Rep. Kelley

S. Printed 4/17/02--H.

Read the first time April 3, 2002.

            

A BILL

TO REPEAL SECTION 1-1-1020, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE AUTHORIZATION OF THE STATE TREASURER TO MAKE INSTALLMENT LOANS TO ENTITIES OF STATE GOVERNMENT FOR THE PURPOSE OF RENTING, LEASING, OR PURCHASING OF CERTAIN EQUIPMENT.

    Amend Title To Conform

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

SECTION    1.    Section 1-1-1020 of the 1976 Code, as last amended by Act 497 of 1994, is further amended to read:

    "Section 1-1-1020.    A.(A)    The Office of State Treasurer is authorized to make installment loans to provide financing arrangements under the master lease program on behalf of boards, commissions, institutions, and agencies of state government for the purpose of renting, leasing, or purchasing office equipment, telecommunications equipment, energy conservation equipment, medical equipment, data processing equipment, and related software in accordance with procurement statutes and regulations. When these loans are made, they must be at an interest rate not less than seven percent a year nor greater than fifteen percent a year.

    B.    For the purpose of carrying out the provisions of subsection (A), the Office of State Treasurer may borrow up to thirty-five million dollars from the State Insurance Reserve Fund at an interest rate of six and one-half percent a year but these loans may not be made in an amount that jeopardizes the actuarial soundness of the fund.

    C.    When making these loans, the Office of State Treasurer shall insure that sufficient sums are raised to reimburse the principal and interest payments to the Insurance Reserve Fund and to defray the cost of administering the provisions of this program, which costs may be retained by the Office of State Treasurer. Any excess funds must be deposited in the general fund of the State.

    D.    The Budget and Control Board may from time to time review the interest rates assigned in subsections (A) and (B) and may adjust them as it considers appropriate.

    E.(B)    The Office of State Treasurer shall negotiate the terms of any financing arrangement and prescribe the procedures necessary to administer this program."

SECTION    2.    This act takes effect upon approval by the Governor.

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