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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING ARTICLE 5 TO CHAPTER 127, TITLE 59 SO AS TO PROVIDE FOR AN ENDOWMENT FUND TO BE FUNDED FROM APPROPRIATIONS FROM THE SOUTH CAROLINA EDUCATION LOTTERY ACCOUNT FOR THE PURPOSE OF PROVIDING MATCHING FUNDS TO SOUTH CAROLINA STATE UNIVERSITY TO CREATE AN ENDOWED PROFESSORSHIP.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 127, Title 59 of the 1976 Code is amended by adding:
Section 59-127-705. The General Assembly finds that:
(1) it is in the public interest to create incentives for South Carolina State University to raise capital from the private sector to fund an endowment for a professorship in areas targeted to create well-paying jobs and enhanced economic opportunities for the people of South Carolina;
(2) the endowed professorship should be used to recruit and maintain leading scientists and engineers at South Carolina State University for the purposes of developing and leveraging the capabilities of the university for the creation of well-paying jobs and enhanced economic opportunities in knowledge-based industries for all South Carolinians;
(3) in communities across the United States in which better paying jobs and enhanced economic development in knowledge-based industries has flourished, the local or state government has created incentives and made a long-term commitment to public and private funding for a significant number of endowments for professorships in targeted knowledge-based industries;
(4) the South Carolina Education Lottery provides a source of funding and an incentive for South Carolina State University to raise, in dollar-for-dollar matching amounts, sums from private sources sufficient to create endowed professorships;
(5) an endowed professorship should be awarded to South Carolina State University through a competitive application process; and
(6) the endowed professorship, funded from the South Carolina Education Lottery and from other private sources, provides a foundation for the creation of enhanced economic opportunities for the people of South Carolina.
Section 59-127-710. (A) There is created the South Carolina State University Matching Endowment. The endowment must be funded annually from appropriations from the South Carolina Education Lottery Account in the amount of at least five million dollars per year for at least eight years.
(B) The fund must be managed by the State Treasurer, subject to awards from the endowment as provided in this article. Interest earnings of the endowment must remain in the fund. Any amount remaining in the fund at the end of a fiscal year must be carried forward to the next fiscal year to be used for the endowed professorship.
Section 59-127-720. (A) The funds must be used to implement an endowed professorship at South Carolina State University to enable the institution to attract or retain productive faculty scholars who are making or show promise of making substantial contributions to the intellectual life of the State.
(B) The professorship must be supported by the income from the endowment fund created in Section 59-127-710. Half of the corpus of the fund must be provided by the State and half must be provided by the university from private or federal funds or land grants specifically donated for this purpose.
Section 59-127-730. (A) There is created the South Carolina State University Review Board, which shall consist of nine members. Of the nine members, three must be appointed by the Governor, three must be appointed by the President Pro Tempore of the Senate, and three must be appointed by the Speaker of the House of Representatives. The terms of the members are for three years, and members are eligible to be appointed for not more than two additional terms. Of the members initially appointed by the Governor, the President Pro Tempore of the Senate, and the Speaker of the House of Representatives, one must be appointed for a term of one year, one for a term of two years, and one for a term of three years, the initial term of each member to be designated by the Governor, the President Pro Tempore, and the Speaker of the House when making the appointments.
(B) The board shall recommend annually to the Budget and Control Board for approval a schedule by which applications for funding are received and awarded on a competitive basis, awarding of matching funds as provided for in Section 59-127-750, and for oversight and operation of the fund created by Section 59-127-710. The review board shall provide an annual report to the Budget and Control Board, which must include an audit performed by an independent auditor.
Section 59-127-740. An application for an award from the endowment must:
(1) provide to the board documentation of matching funds, on hand, in an amount equal to the amount for which application is made;
(2) provide to the board documentation that all matching funds are committed and raised exclusively from sources other than South Carolina tax dollars, and that the funds are committed and raised after January 1, 2006;
(3) be in an amount of not less than two million dollars and not more than five million dollars;
(4) document that the application has significant potential to provide for enhanced economic development for the citizens of South Carolina in a specific knowledge-based industry or field of commerce; and
(5) provide specific partnering activities with other institutions, businesses, or the community.
Section 59-127-750. Upon a determination by the board that the provisions of Section 59-127-740 are met, the board shall appoint a panel of experts chosen from outside the State for their expertise in the appropriate field to review the application. The members appointed to the panel shall have no affiliation with South Carolina State University. The panel shall convene in the State to review the proposals and to conduct site visits to ensure that appropriate infrastructure exists at the university. The panel shall make a report and recommendation to the board as to the merits of the application not more than ninety days after its submission to the panel. The board then shall make a determination as to whether or not to award the matching funds and the amount of the award.
Section 59-127-760. Staff and support for the operations of the board and the panels must be provided by the Budget and Control Board. The Budget and Control Board shall approve all necessary funds for the prudent operation of the board, including per diem, subsistence, and mileage expenses of board members as provided by law for members of state boards, committees, and commissions, and for the costs and expenses of the panel members. The expenditures authorized by this section must be provided from the fund created by Section 59-127-710, upon approval by the Budget and Control Board."
SECTION 2. This act takes effect upon approval by the Governor.
This web page was last updated on Tuesday, June 23, 2009 at 2:42 P.M.