South Carolina General Assembly
115th Session, 2003-2004

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Bill 305


Indicates Matter Stricken
Indicates New Matter


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

A BILL

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:

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."

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