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Indicates Matter Stricken
Indicates New Matter
Sponsors: Senator Bright
Document Path: l:\s-res\lb\015cr f.ls.lb.docx
Introduced in the Senate on January 13, 2015
Currently residing in the Senate Committee on Finance
Summary: Capital Reserve Fund
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 12/3/2014 Senate Prefiled 12/3/2014 Senate Referred to Committee on Finance 1/13/2015 Senate Introduced and read first time (Senate Journal-page 83) 1/13/2015 Senate Referred to Committee on Finance (Senate Journal-page 83)
View the latest legislative information at the website
VERSIONS OF THIS BILL
PROPOSING AN AMENDMENT TO ARTICLE III, SECTION 36(B)(2) OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO APPROPRIATIONS FROM THE CAPITAL RESERVE FUND, TO PROHIBIT FUNDS FROM BEING EXPENDED FOR OTHER NONRECURRING PURPOSES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. It is proposed that Article III, Section 36(B)(2) of the Constitution of this State, relating to appropriations from the Capital Reserve Fund, be amended to read:
"(2) After March first of a fiscal year, monies from the Capital Reserve Fund may be appropriated by the General Assembly in separate legislation upon an affirmative vote in each branch of the General Assembly by two-thirds of the members present and voting, but not less than three-fifths of the total membership in each branch for the following purposes:
(a) to finance in cash previously authorized capital improvement bond projects;
(b) to retire interest or principal on bonds previously issued; or
(c) for capital improvements
or other nonrecurring purposes."
SECTION 2. The proposed amendment must be submitted to the qualified electors at the next general election for representatives. Ballots must be provided at the various voting precincts with the following words printed on the ballot:
"Must Article III, Section 36(B)(2) of the Constitution of this State, relating to appropriations from the Capital Reserve Fund, be amended to prohibit funds from being expended for other nonrecurring purposes?
Those voting in favor of the question shall deposit a ballot with a check or cross mark in the square after the word 'Yes', and those voting against the question shall deposit a ballot with a check or cross mark in the square after the word 'No'."
This web page was last updated on January 14, 2015 at 9:38 AM