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FREE CONFERENCE COMMITTEE REPORT ADOPTED -- NOT PRINTED
March 9, 2004
H. 3900
Introduced by Reps. Harrell, Wilkins, Cato, Keegan, Cooper, Loftis, Altman, Ceips, Clark, Clemmons, Dantzler, Duncan, Haskins, Herbkersman, Hinson, Huggins, Limehouse, Littlejohn, Mahaffey, Cobb-Hunter, Perry, E.H. Pitts, M.A. Pitts, Mack, Richardson, J.H. Neal, Sandifer, Howard, Simrill, Bales, Skelton, Neilson, J.R. Smith, Owens, Snow, Talley, Trotter, Bailey, Umphlett, White, Whitmire, Thompson, Witherspoon, Whipper and Young
S. Printed 2/5/04--S.
Read the first time April 29, 2003.
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING CHAPTER 45 TO TITLE 11 SO AS TO ENACT THE "VENTURE CAPITAL INVESTMENT ACT OF SOUTH CAROLINA" TO PROVIDE FOR THE ESTABLISHMENT OF A FUND SEPARATE AND DISTINCT FROM THE STATE GENERAL FUND IN THE DEPARTMENT OF COMMERCE KNOWN AS THE VENTURE CAPITAL FUND, TO PROVIDE FOR THE MANAGEMENT OF THIS SPECIAL FUND, TO PROVIDE FOR MONIES TO BE OBTAINED BY THE FUND FOR ITS STATED PURPOSES THROUGH LOANS MADE BY CERTAIN LENDERS, TO PROVIDE FOR REPAYMENTS TO LENDERS, AND TO PROVIDE THAT LENDERS SHALL RECEIVE TAX CREDITS WHICH MAY BE USED AS A CONTINGENT RESOURCE TO MEET PRINCIPAL AND INTEREST PAYMENTS WHEN DUE, TO PROVIDE FOR THE MANNER IN WHICH AND CONDITIONS UNDER WHICH INVESTMENTS FROM THE FUND MAY BE MADE IN VENTURE CAPITAL INVESTMENTS FOR THE BENEFIT OF THIS STATE; TO ESTABLISH THE SOUTH CAROLINA TECHNOLOGY INNOVATION FUND UNDER THE ADMINISTRATION OF THE BOARD OF DIRECTORS OF THE VENTURE CAPITAL FUND AND PROVIDE FOR ITS USES, AND TO PROVIDE THAT ON THE EFFECTIVE DATE OF THIS ACT, THE ASSETS AND LIABILITIES OF THE PALMETTO SEED CAPITAL FUND LIMITED PARTNERSHIP, AS ESTABLISHED IN CHAPTER 44, TITLE 41 OF THE 1976 CODE, ARE TRANSFERRED TO THE SOUTH CAROLINA TECHNOLOGY INNOVATION FUND WITHIN THE SOUTH CAROLINA VENTURE CAPITAL FUND; AND TO REPEAL CHAPTER 44, TITLE 41 RELATING TO THE PALMETTO SEED CAPITAL FUND LIMITED PARTNERSHIP.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. (A) The proceeds of bonds authorized pursuant to the 'South Carolina Research University Infrastructure Act', codified as Chapter 51 of Title 11 of the 1976 Code are hereby appropriated and authorized to be expended for the purposes and in the manner set forth in that act, including the costs of issuance of such bonds.
(B) The proceeds of bonds authorized pursuant to the amendments to the State General Obligation Economic Development Bond Act, codified as Chapter 41 of Title 11 of the 1976 Code and contained in S.560 of 2004 (ratification number ________ ) are hereby appropriated and authorized to be expended for the purposes and in the manner set forth in that act, including the costs of issuance of such bonds.
SECTION 2. This act takes effect upon approval by the Governor.
/s/Hon. Hugh K. Leatherman /s/Hon. Robert W. Harrell, Jr.
/s/Hon. Phil P. Leventis /s/Hon. James G. McGee III
/s/Hon. William H. O'Dell /s/Hon. James A. Battle, Jr.
On Part of the Senate. On Part of the House.
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