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COMMITTEE REPORT
April 11, 2002
H. 5003
S. Printed 4/11/02--H.
Read the first time April 3, 2002.
To whom was referred a Joint Resolution (H. 5003) directing the State Treasurer to transfer sixty-one million dollars from the Extended Care Maintenance Fund to the General Fund of the State, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
ROBERT W. HARRELL, JR. for Committee.
REVENUE IMPACT1/
This joint resolution would increase revenue to the State general fund by $61 million in Fiscal Year 2001-2002.
Explanation
This bill directs the State Treasurer to transfer $61 million from the fund set aside for the long-term maintenance of the Barnwell low-level nuclear waste disposal facility. The State general fund is the recipient.
Approved By:
William C. Gillespie
Board of Economic Advisors
1/ This statement meets the requirement of Section 2-7-71 for a state revenue impact, Section 2-7-76 for a local revenue impact, and Section 6-1-85(B) for an estimate of the shift in local property tax incidence.
DIRECTING THE STATE TREASURER TO TRANSFER SIXTY-ONE MILLION DOLLARS FROM THE EXTENDED CARE MAINTENANCE FUND TO THE GENERAL FUND OF THE STATE TO OFFSET FISCAL YEAR 2001-2002 MID-YEAR SEQUESTRATIONS IMPOSED BY THE STATE BUDGET AND CONTROL BOARD AND TO PROVIDE THAT THE STATE IS SOLELY RESPONSIBLE FOR RESTORING THE EXTENDED CARE MAINTENANCE FUND IF THAT FUND IS INSUFFICIENT TO MEET ITS OBLIGATIONS AS DETERMINED BY THE STATE BUDGET AND CONTROL BOARD.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The State Treasurer shall transfer sixty-one million dollars from the Extended Care Maintenance Fund, as defined in Section 13-7-10 of the 1976 Code, to the general fund of the State to offset fiscal year 2001-2002 mid-year sequestrations as imposed by the State Budget and Control Board.
If the Extended Care Maintenance Fund is insufficient to meet its obligations as determined by the State Budget and Control Board due to this transfer of funding, the State is solely and exclusively responsible for repaying an amount to restore the transferred funds to the Extended Care Maintenance Fund. Regardless of the balance determined necessary for this fund, the State is obligated to repay only the amount transferred plus an amount equal to the rate of return that would have been earned on those monies had they remained in the fund, from the date of withdrawal to the date of repayment.
SECTION 2. This joint resolution takes effect upon approval by the Governor.
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