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Sponsors: Senator Gregory
Document Path: l:\council\bills\agm\18030mm06.doc
Introduced in the Senate on January 19, 2006
Introduced in the House on February 8, 2006
Currently residing in the House Committee on Agriculture, Natural Resources and Environmental Affairs
Summary: Mitigation Trust Fund
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 1/19/2006 Senate Introduced and read first time SJ-4 1/19/2006 Senate Referred to Committee on Fish, Game and Forestry SJ-4 2/1/2006 Senate Committee report: Favorable Fish, Game and Forestry SJ-43 2/2/2006 Senate Read second time 2/2/2006 Scrivener's error corrected 2/7/2006 Senate Read third time and sent to House SJ-21 2/8/2006 House Introduced and read first time HJ-11 2/8/2006 House Referred to Committee on Agriculture, Natural Resources and Environmental Affairs HJ-11
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VERSIONS OF THIS BILL
Indicates Matter Stricken
Indicates New Matter
February 1, 2006
S. Printed 2/1/06--S. [SEC 2/2/06 2:24 PM]
Read the first time January 19, 2006.
To whom was referred a Bill (S. 1064) to amend the Code of Laws of South Carolina, 1976, by redesignating Section 50-3-180, as amended, relating to the Mitigation Trust Fund, as Article 12, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
CHAUNCEY K. GREGORY for Committee.
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY REDESIGNATING SECTION 50-3-180, AS AMENDED, RELATING TO THE MITIGATION TRUST FUND, AS ARTICLE 12 OF CHAPTER 3 OF TITLE 50, TO FURTHER PROVIDE FOR THE AUTHORITY OF THE TRUSTEES OF THE FUND, THE PURPOSES OF THE FUND, AND USES FOR WHICH THE FUND MAY BE EXPENDED; TO REPEAL SECTION 50-1-310, RELATING TO THE MITIGATION TRUST FUND.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 50-3-180 of the 1976 Code, as last amended by Act 419 of 1998, is redesignated as Section 50-3-1310 to be part of new Article 12 of Chapter 3, Title 50. When redesignated Article 12 shall read:
50-3-180 50-3-1310. (A) The Mitigation Trust Fund of South Carolina is credited created for the purpose s of receiving gifts, grants, contributions, and other proceeds funding in satisfaction of a public or private obligation for environmental mitigation, whether the obligation arises out of law, equity, contract, regulation, administrative proceeding, or judicial proceeding, for mitigation projects in the State. The Board of Trustees for the Mitigation Trust Fund is the Chairman and the Members of the South Carolina Department of Natural Resources Board with full authority over the administration of the funds deposited in the fund. The State Treasurer is the custodian of the fund and shall invest its assets in an interest-bearing account pursuant to South Carolina law.
(B) The Mitigation Trust Fund may receive appropriations of state general funds, interagency transfers, federal funds, donations, gifts, bond issue receipts, securities, and other monetary instruments of value. Reimbursement for monies expended from this fund must be deposited in this fund. Funds received through sale, exchange, or otherwise, of products of the property including, but not limited to, timber and utility easement rights, accrue to the Mitigation Trust Fund. Funds recovered for losses or damages to natural resources must be deposited to the Mitigation Trust Fund to be used first for restoration in the areas affected and then as provided in subsection (C)
of this section.
(C)(1) The income received and accruing from the fund must be spent only for the acquisition
, restoration, enhancement, or and management of mitigation property and the development and implementation of restoration and enhancement plans for mitigation for of adverse impacts to natural resources. As a part of a mitigation plan the trustees may contract with not-for-profit entities that have tax-exempt status under the Internal Revenue Code to act for the trustees to acquire or manage mitigation projects if the entity:
(a) is authorized to do business in this State; and
(b) has the principal activity of acquisition and management of interests in land for conservation purposes.
(2) Lands acquired for mitigation must be protected permanently and demonstrate a direct benefit to the public.
(D) The proceeds from this fund may be carried forward from year to year and do not revert to the general fund of the State."
SECTION 2. Section 50-1-310 of the 1976 Code is repealed.
SECTION 3. This act takes effect upon approval by the Governor.
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