South Carolina General Assembly
118th Session, 2009-2010

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H. 3345

STATUS INFORMATION

General Bill
Sponsors: Rep. R.L. Brown
Document Path: l:\council\bills\nbd\11106bh09.docx

Introduced in the House on January 27, 2009
Currently residing in the House Committee on Ways and Means

Summary: Centers of Excellence Matching Endowment

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
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   1/27/2009  House   Introduced and read first time HJ-17
   1/27/2009  House   Referred to Committee on Ways and Means HJ-17

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

1/27/2009

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

A BILL

TO AMEND SECTION 2-75-30, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE CENTERS OF EXCELLENCE MATCHING ENDOWMENT, SO AS TO PROVIDE THAT THE ENDOWMENT MUST BE FUNDED BY APPROPRIATIONS FROM THE GENERAL FUND.

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

SECTION    1.    Section 2-75-30(A) of the 1976 Code, as last amended by Act 355 of 2008, is further amended to read:

"(A)    There is created the Centers of Excellence Matching Endowment. The endowment must be funded annually by appropriations from the South Carolina Education Lottery Account in an amount equal to thirty million dollars annually general fund as provided by law by the General Assembly, except that endowment appropriations may not be funded until all state-supported scholarships are fully funded and only if eighty percent of the total state appropriations have been awarded by the review board as of June thirtieth of the previous fiscal year. The total state appropriated funding amount shall include funds that have been returned to the endowment due to a dissolution, withdrawal, or termination of a center of excellence. The fund must be managed by the State Treasurer, subject to awards from the endowment as provided in this chapter. Interest earnings of the endowment must remain in the fund, and may be used at the review board's discretion for additional state awards. Interest earnings are not considered part of the total state appropriations unless used by the review board for additional state awards."

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

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