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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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