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TO AMEND SECTION 20-7-5050, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE LIMITATION ON THE AMOUNT OF CHILDREN'S TRUST FUND REVENUES WHICH MAY BE DISBURSED, SO AS TO REMOVE THIS LIMITATION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 20-7-5050 of the 1976 Code is amended to read:
"Section 20-7-5050. Until the assets of the Trust Fund exceed five million dollars, not more than seventy-five percent of the The amount deposited in the Trust Fund each year from contributions plus all earnings from the investment of monies of the Trust Fund credited during the previous fiscal year, after allowances for operating expenses, is available for disbursement upon the authorization of the board of trustees.
When the assets in the Trust Fund exceed five million dollars, all credited earnings plus all future annual deposits to the Trust Fund from contributions are available for disbursement upon the authorization of the board. At least six of the board members shall authorize the disbursement of funds."
SECTION 2. This act takes effect upon approval by the Governor.
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