South Carolina General Assembly
119th Session, 2011-2012

Download This Bill in Microsoft Word format

A30, R53, S824

STATUS INFORMATION

Joint Resolution
Sponsors: Senators Land, Leatherman, Setzler, Nicholson, Hutto, Jackson and Ford
Document Path: l:\s-res\hkl\007smal.rem.hkl.docx

Introduced in the Senate on April 14, 2011
Introduced in the House on April 27, 2011
Passed by the General Assembly on May 5, 2011
Governor's Action: May 23, 2011, Signed

Summary: Jobs-Economic Development Authority

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   4/14/2011  Senate  Introduced, read first time, placed on calendar without 
                        reference (Senate Journal-page 7)
   4/19/2011  Senate  Read second time (Senate Journal-page 13)
   4/19/2011  Senate  Roll call Ayes-35  Nays-8 (Senate Journal-page 13)
   4/20/2011          Scrivener's error corrected
   4/27/2011  Senate  Read third time and sent to House 
                        (Senate Journal-page 10)
   4/27/2011  House   Introduced, read first time, placed on calendar without 
                        reference (House Journal-page 52)
   4/28/2011          Scrivener's error corrected
    5/4/2011  House   Read second time (House Journal-page 30)
    5/4/2011  House   Roll call Yeas-99  Nays-0 (House Journal-page 30)
    5/5/2011  House   Read third time and enrolled (House Journal-page 12)
   5/17/2011          Ratified R 53
   5/23/2011          Signed By Governor
   5/25/2011          Effective date 05/23/11
   5/26/2011          Act No. 30

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

4/14/2011
4/14/2011-A
4/20/2011
4/27/2011
4/28/2011

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

(A30, R53, S824)

A JOINT RESOLUTION TO DESIGNATE THE SOUTH CAROLINA JOBS-ECONOMIC DEVELOPMENT AUTHORITY AS THE AUTHORIZED AGENCY TO IMPLEMENT THE STATE SMALL BUSINESS CREDIT INITIATIVE WITHIN AND ON BEHALF OF THE STATE OF SOUTH CAROLINA; TO AUTHORIZE THE SOUTH CAROLINA JOBS-ECONOMIC DEVELOPMENT AUTHORITY TO EXECUTE AND DELIVER THE REQUISITE APPLICATION AND THE STATE SMALL BUSINESS CREDIT INITIATIVE ALLOCATION AGREEMENT FOR PARTICIPATING STATES, AND ALL OTHER RELATED AGREEMENTS, DOCUMENTS, CERTIFICATES, AND UNDERTAKINGS, ON BEHALF OF THE STATE OF SOUTH CAROLINA; AND TO AUTHORIZE THE SOUTH CAROLINA JOBS-ECONOMIC DEVELOPMENT AUTHORITY TO CONTRACT WITH THE BUSINESS DEVELOPMENT CORPORATION OF SOUTH CAROLINA TO ADMINISTER THE PROGRAMS PERMITTED UNDER AND SUPPORTED BY THE STATE SMALL BUSINESS CREDIT INITIATIVE.

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

Findings

SECTION    1.    The General Assembly finds:

(1)    Pursuant to the Small Business Jobs Act of 2010, the United States Congress created the State Small Business Credit Initiative and appropriated $1.5 billion to be allocated by the United States Department of the Treasury to provide direct support to states for use in programs designed to increase access to credit for small businesses.

(2)    The United States Treasury has allocated the amount of $17,990,415 as the "South Carolina Small Business Credit Initiative Allocation" to be made available to the State of South Carolina upon compliance by the State with the requirements of the Small Business Jobs Act of 2010.

(3)    The State may use this allocation to fund Capital Access Programs and Other Credit Support Programs, which may include collateral support programs, loan guarantee programs, or other similar programs.

(4)    In order to receive the allocation, the State must apply for and in connection therewith must designate a department, agency, authority, or political subdivision of the State to implement the Capital Access Programs and Other Credit Support Programs described in the application.

(5)    The State may further designate in its application an entity to administer the Capital Access Programs and Other Credit Support Programs described in the application.

(6)    The South Carolina Jobs-Economic Development Authority has the functions and duties under applicable law, specifically Section 41-43-70 of the 1976 Code, to promote and develop the business and economic welfare of this State, encourage and assist through loans, investments, research, technical and managerial advice, studies, data compilation and dissemination, and similar means, in the location of new business enterprises in this State and in rehabilitation and assistance of existing business enterprises and in the promotion of the export of goods, services, commodities, and capital equipment produced within the State, so as to provide maximum opportunities for creation and retention of jobs and improvement of the standard of living of the citizens of the State, and act in conjunction with other persons and organizations, public or private, in the promotion and advancement of industrial, commercial, agricultural, and recreational development in this State.

(7)    The South Carolina Jobs-Economic Development Authority has the necessary authority and functions to implement the State Small Business Credit Initiative within and on behalf of the State.

(8)    The Board of Directors of the South Carolina Jobs-Economic Development Authority has by resolution determined that implementing the State Small Business Credit Initiative within the State would be consistent with the South Carolina Jobs-Economic Development Authority's functions and duties, and would be within the South Carolina Jobs-Economic Development Authority's enumerated powers.

(9)    The Board of Directors of the South Carolina Jobs-Economic Development Authority has by resolution further authorized and directed the Executive Director of the South Carolina Jobs-Economic Development Authority to assist the State in applying for the South Carolina Small Business Credit Initiative Allocation and designating the South Carolina Jobs-Economic Development Authority as the implementing entity.

(10)    The Board of Directors of the South Carolina Jobs-Economic Development Authority has by resolution further determined that the Business Development Corporation of South Carolina has substantial expertise and experience in administering programs comparable to the Capital Access Program permitted under and supported by the State Small Business Credit Initiative, and that administering the State Small Business Credit Initiative within the State would be consistent with said corporation's functions and duties and would be within said corporation's specific expertise and experience. Therefore, the Board of Directors of the South Carolina Jobs-Economic Development Authority has authorized the South Carolina Jobs-Economic Development Authority to contract with said corporation to administer the State Small Business Credit Initiative within the State.

Implementation of Initiative

SECTION    2.    The South Carolina Jobs-Economic Development Authority is designated, authorized, and directed to implement the State Small Business Credit Initiative within the State. The South Carolina Jobs-Economic Development Authority is authorized to apply for and receive the South Carolina Small Business Credit Initiative Allocation; to execute and deliver the requisite application, the State Small Business Credit Initiative Allocation Agreement for Participating States, and all other agreements, documents, certificates, and undertakings related thereto, on behalf of the State; to implement one or more Capital Assistance Programs and/or Other Credit Support Programs as permitted under and supported by the State Small Business Credit Initiative; and to contract with the Business Development Corporation of South Carolina in order to administer such programs.

Execution of application and agreement

SECTION    3.    The Board of Directors of the South Carolina Jobs-Economic Development Authority may designate by resolution the appropriate officer, including, if so determined, the Executive Director of the South Carolina Jobs-Economic Development Authority, to execute and deliver, on behalf of the State, the application, the State Small Business Credit Initiative Allocation Agreement, and all other agreements, documents, certificates, and undertakings related thereto.

Time effective

SECTION    4.    This joint resolution takes effect upon approval by the Governor.

Ratified the 17th day of May, 2011.

Approved the 23rd day of May, 2011.

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