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TO PROVIDE THAT THE BOARD OF DIRECTORS OF THE PUBLIC SERVICE AUTHORITY SHALL PLACE THE SECURITIZED PROCEEDS IT RECEIVED FROM THE SETTLEMENT MITIGATION WITH THE CONSTRUCTION CONTRACTOR OF THE TWO ABANDONED NUCLEAR REACTORS AT JENKINSVILLE IN AN ESCROW ACCOUNT UNTIL SUCH TIME AS THE JOINT BOND REVIEW COMMITTEE APPROVES THE FURTHER USE OF THE FUNDS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The Board of Directors of the Public Service Authority shall place the securitized proceeds it received from the settlement mitigation with the construction contractor of the two abandoned nuclear reactors at Jenkinsville in an escrow account until such time as the Joint Bond Review Committee approves the further use of the funds. The board may not approve and the authority may not expend any of these funds for a purpose or use other than as permitted by this section.
SECTION 2. This joint resolution takes effect upon approval by the Governor.
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