South Carolina General Assembly
118th Session, 2009-2010

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Indicates Matter Stricken
Indicates New Matter

S. 706

STATUS INFORMATION

General Bill
Sponsors: Senator Lourie
Document Path: l:\s-resmin\drafting\jl\012muni.tcm.jl.docx

Introduced in the Senate on April 14, 2009
Currently residing in the Senate Committee on Finance

Summary: Local government units and political subdivisions

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
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   4/14/2009  Senate  Introduced and read first time SJ-13
   4/14/2009  Senate  Referred to Committee on Finance SJ-13

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

4/14/2009

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

A BILL

TO AMEND SECTION 6-5-10 OF THE 1976 CODE, RELATING TO ENTITIES IN WHICH LOCAL GOVERNMENT UNITS AND POLITICAL SUBDIVISIONS ARE ALLOWED TO INVEST, TO ALLOW LOCAL GOVERNMENT UNITS AND POLITICAL SUBDIVISIONS TO INVEST IN OBLIGATIONS OF A CORPORATION, STATE, OR POLITICAL SUBDIVISION DENOMINATED IN UNITED STATES DOLLARS, IF THE OBLIGATIONS BEAR AN INVESTMENT GRADE RATING OF AT LEAST TWO NATIONALLY RECOGNIZED RATING SERVICES.

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

SECTION    1.    Section 6-5-10(a) of the 1976 Code is amended by adding an appropriately numbered item to read:

"(9)    Obligations of a corporation, state, or political subdivision denominated in United States dollars, if the obligations bear an investment grade rating of at least two nationally recognized rating services."

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

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