South Carolina General Assembly
115th Session, 2003-2004

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A93, R115, S305

STATUS INFORMATION

General Bill
Sponsors: Senators Leatherman and Drummond
Document Path: l:\council\bills\ggs\22801htc03.doc

Introduced in the Senate on January 30, 2003
Introduced in the House on April 2, 2003
Passed by the General Assembly on May 30, 2003
Governor's Action: No signature required

Summary: Constitutional amendment, ratified; political subdivisions, firefighters, pension plans

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   1/30/2003  Senate  Introduced and read first time SJ-5
   1/30/2003  Senate  Referred to Committee on Judiciary SJ-5
   3/26/2003  Senate  Committee report: Favorable Judiciary SJ-35
   3/27/2003  Senate  Read second time SJ-76
   3/27/2003          Scrivener's error corrected
    4/1/2003  Senate  Read third time and sent to House SJ-10
    4/2/2003  House   Introduced and read first time HJ-14
    4/2/2003  House   Referred to Committee on Judiciary HJ-15
   5/28/2003  House   Committee report: Favorable Judiciary HJ-4
   5/29/2003  House   Read second time HJ-13
   5/29/2003  House   Unanimous consent for third reading on next legislative 
                        day HJ-14
   5/30/2003  House   Read third time and enrolled HJ-4
    6/3/2003          Ratified R 115
    6/3/2003          No signature required
   9/15/2003          Copies available
   9/23/2003          Act No. 93

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

1/30/2003
3/26/2003
3/27/2003
5/28/2003

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

(A93, R115, S305)

AN ACT TO RATIFY AN AMENDMENT TO SECTION 11, ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO PROHIBITIONS ON THE STATE AND ITS POLITICAL SUBDIVISIONS PLEDGING THEIR CREDIT TO PRIVATE INTERESTS AND THE PROHIBITION ON THE STATE AND ITS POLITICAL SUBDIVISIONS HAVING A JOINT OWNER OR STOCKHOLDER IN A COMPANY, ASSOCIATION, OR CORPORATION AND THE EXCEPTIONS TO THESE PROHIBITIONS, SO AS TO ALLOW A SEPARATE PENSION PLAN OPERATED FOR FIREFIGHTERS BY A MUNICIPALITY, COUNTY, SPECIAL PURPOSE DISTRICT, OR PUBLIC SERVICE DISTRICT TO INVEST ITS FUNDS IN EQUITY SECURITIES TRADED ON A NATIONAL SECURITIES EXCHANGE AS PROVIDED IN THE SECURITIES EXCHANGE ACT OF 1934 OR QUOTED THROUGH THE NATIONAL ASSOCIATION OF SECURITIES DEALERS AUTOMATIC QUOTATIONS SYSTEM OR SIMILAR SERVICE.

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

Equity Investments allowed

SECTION    1.    The amendment to Section 11, Article X of the Constitution of South Carolina, 1895, prepared under the terms of Joint Resolution 367 of 2002, having been submitted to the qualified electors at the General Election of 2002 as prescribed in Section 1, Article XVI of the Constitution of South Carolina, 1895, and a favorable vote having been received on the amendment, is ratified and declared to be a part of the constitution so that Section 11 of Article X is amended by adding at the end:

"Notwithstanding any other provision of this section, a municipality, county, special purpose district, or public service district of this State which provides firefighting service and which administers a separate pension plan for its employees performing this service may invest and reinvest the funds in this pension plan in equity securities traded on a national securities exchange as provided in the Securities Exchange Act of 1934 of a successor act, or in equity securities quoted through the National Association of Securities Dealers Automatic Quotations System or similar service."

Ratified the 3rd day of June, 2003.

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