South Carolina General Assembly
124th Session, 2021-2022

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Indicates Matter Stricken
Indicates New Matter

S. 444

STATUS INFORMATION

General Bill
Sponsors: Senator Leatherman
Document Path: l:\council\bills\nbd\11141sd21.docx
Companion/Similar bill(s): 3194

Introduced in the Senate on January 12, 2021
Currently residing in the Senate Committee on Finance

Summary: Assets

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   1/12/2021  Senate  Introduced and read first time (Senate Journal-page 315)
   1/12/2021  Senate  Referred to Committee on Finance 
                        (Senate Journal-page 315)

View the latest legislative information at the website

VERSIONS OF THIS BILL

1/12/2021

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

A BILL

TO AUTHORIZE THE SALE OF THE ASSETS OF THE SOUTH CAROLINA PUBLIC SERVICE AUTHORITY AND THE ASSUMPTION OR DEFEASMENT OF ITS LIABILITIES OR THE MANAGEMENT OF THE OPERATIONS OF THE PUBLIC SERVICE AUTHORITY BY A THIRD PARTY OR ENTITY; TO CREATE A SPECIAL COMMITTEE OF THE GENERAL ASSEMBLY TO FURTHER NEGOTIATE THE TERMS AND CONDITIONS OF THE PREFERRED SALE RECOMMENDATION OF THE DEPARTMENT OF ADMINISTRATION REGARDING THE PUBLIC SERVICE AUTHORITY AND THE PREFERRED MANAGEMENT RECOMMENDATION OF THE DEPARTMENT OF ADMINISTRATION REGARDING THE PUBLIC SERVICE AUTHORITY, TO PROVIDE THAT THE SPECIAL COMMITTEE SHALL REPORT ONE RECOMMENDATION TO EACH HOUSE OF THE GENERAL ASSEMBLY FOR ITS APPROVAL, AND TO PROVIDE FOR THE MANNER IN WHICH THE SELECTED PROPOSAL SHALL TAKE EFFECT.

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

Part I

SECTION    1.    The General Assembly authorizes the sale of the assets of the South Carolina Public Service Authority and the assumption or defeasment of its liabilities in the manner provided by this act.

    Part II

SECTION    2.    A special committee is hereby created to be composed of six members, three from each House, to be selected by each body in the same manner members of conference committees are selected by that body. The duties and responsibilities of the special committee are to further negotiate the terms and conditions of the preferred sale proposal of Santee Cooper as recommended by the Department of Administration pursuant to Act 95 of 2019. The special committee shall adopt and set its own rules of procedure. The special committee at the conclusion of its deliberations shall recommend a proposal to sell the South Carolina Public Service Authority as modified by its further negotiations regarding the recommended preferred sale proposal. This recommendation and report may be accepted and approved by each House in the same manner conference committee reports are accepted and approved. Upon approval of the special committee report by the General Assembly, the report also must be transmitted to the Governor for his approval in the same manner enactments are presented to him under Article IV of the Constitution of this State. The Department of Administration shall execute on behalf of the State of South Carolina the documents necessary to effectuate the sale proposal approved in the manner provided in this section.

SECTION    3.    In the event the provisions of this act and the provisions of Act 95 of 2019 conflict, the provisions of this act shall control.

Part III

SECTION    4.    This act takes effect upon approval by the Governor.

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This web page was last updated on January 22, 2021 at 11:30 AM