South Carolina General Assembly
116th Session, 2005-2006

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Indicates Matter Stricken
Indicates New Matter

H. 3172

STATUS INFORMATION

General Bill
Sponsors: Reps. Umphlett, Bailey and Mahaffey
Document Path: l:\council\bills\gjk\20045sd05.doc

Introduced in the House on January 11, 2005
Currently residing in the House Committee on Ways and Means

Summary: Public Service Authority's use of net revenue

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
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  12/15/2004  House   Prefiled
  12/15/2004  House   Referred to Committee on Ways and Means
   1/11/2005  House   Introduced and read first time HJ-110
   1/11/2005  House   Referred to Committee on Ways and Means HJ-111

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

12/15/2004

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

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 58-31-115 SO AS TO PROVIDE THAT THE NET REVENUE DERIVED FROM THE SALE OR LEASE OF REAL PROPERTY OR CERTAIN CAPITAL ASSETS OF THE STATE PUBLIC SERVICE AUTHORITY MUST BE USED BY THE AUTHORITY IN PRIORITY ORDER FOR FACILITIES MAINTENANCE, DEBT SERVICE OR RETIREMENT OF DEBT OBLIGATIONS, AND THEN RATE REDUCTIONS.

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

SECTION    1.    Chapter 31, Title 58 of the 1976 Code is amended by adding:

"Section 58-31-115.    Notwithstanding the provisions of Section 58-31-110 or any other provision of law, the net revenue derived from the sale or lease of real property or capital assets valued on the books of the authority at over twenty-five thousand dollars shall not be deposited in the state general fund but instead must be used by the authority in the following priority order:

(1)    facilities maintenance;

(2)    debt service or retirement of debt obligations; or

(3)    rate reductions."

SECTION    2.    This act takes effect upon approval by the Governor.

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