South Carolina General Assembly
116th Session, 2005-2006

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Bill 365

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

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COMMITTEE REPORT

February 23, 2005

S. 365

Introduced by Senator Leatherman

S. Printed 2/23/05--S.

Read the first time January 27, 2005.

            

THE COMMITTEE ON FINANCE

To whom was referred a Bill (S. 365) to amend Section 11-35-3030, as amended, Code of Laws of South Carolina, 1976, relating to bond and security for construction contract performance and payment pursuant, etc., respectfully

REPORT:

That they have duly and carefully considered the same and recommend that the same do pass:

HUGH K. LEATHERMAN, SR. for Committee.

            

STATEMENT OF ESTIMATED FISCAL IMPACT

ESTIMATED FISCAL IMPACT ON GENERAL FUND EXPENDITURES:

Minimal (Some additional costs expected but can be absorbed)

ESTIMATED FISCAL IMPACT ON FEDERAL & OTHER FUND EXPENDITURES:

Minimal (Some additional costs expected but can be absorbed)

EXPLANATION OF IMPACT:

A review of this bill indicates agencies may incur minimal costs which can be absorbed within existing resources for modifying existing contract forms and staff manuals as well as informing agencies and vendors regarding the statute.

Approved By:

Don Addy

Office of State Budget

A BILL

TO AMEND SECTION 11-35-3030, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO BOND AND SECURITY FOR CONSTRUCTION CONTRACT PERFORMANCE AND PAYMENT PURSUANT TO THE STATE CONSOLIDATED PROCUREMENT CODE, SO AS TO REDUCE THE MAXIMUM RETENTION AMOUNT FOR EACH INSTALLMENT PENDING COMPLETION OF THE PROJECT FROM FIVE PERCENT TO THREE AND ONE-HALF PERCENT.

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

SECTION    1.    Section 11-35-3030(4)(a) of the 1976 Code, as last amended by Act 153 of 1997, is further amended to read:

"(4)    Retention. (a) Maximum amount to be withheld. In any contract or subcontract for construction which contract or subcontract provides for progress payments in installments based upon an estimated percentage of completion, with a percentage of the contract's proceeds to be retained by the State or general contractor pending completion of the contract or subcontract, the retained amount of each progress payment or installment shall must be no more than five three and one-half percent."

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

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