South Carolina General Assembly
115th Session, 2003-2004
A93, R115, S305
STATUS INFORMATION
General Bill
Sponsors: Senators Leatherman and Drummond
Document Path: l:\council\bills\ggs\22801htc03.doc
Introduced in the Senate on January 30, 2003
Introduced in the House on April 2, 2003
Passed by the General Assembly on May 30, 2003
Governor's Action: No signature required
Summary: Constitutional amendment, ratified; political subdivisions, firefighters, pension plans
HISTORY OF LEGISLATIVE ACTIONS
DateBodyAction Description with journal page number
1/30/2003SenateIntroduced and read first time SJ5
1/30/2003SenateReferred to Committee on JudiciarySJ5
3/26/2003SenateCommittee report: Favorable JudiciarySJ35
3/27/2003SenateRead second time SJ76
3/27/2003Scrivener's error corrected
4/1/2003SenateRead third time and sent to House SJ10
4/2/2003HouseIntroduced and read first time HJ14
4/2/2003HouseReferred to Committee on JudiciaryHJ15
5/28/2003HouseCommittee report: Favorable JudiciaryHJ4
5/29/2003HouseRead second time HJ13
5/29/2003HouseUnanimous consent for third reading on next legislative day HJ14
5/30/2003HouseRead third time and enrolled HJ4
6/3/2003Ratified R 115
6/3/2003No signature required
9/15/2003Copies available
9/23/2003Act No.93
VERSIONS OF THIS BILL
1/30/2003
3/26/2003
3/27/2003
5/28/2003
(A93, R115, S305)
AN ACT TO RATIFY AN AMENDMENT TO SECTION 11, ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO PROHIBITIONS ON THE STATE AND ITS POLITICAL SUBDIVISIONS PLEDGING THEIR CREDIT TO PRIVATE INTERESTS AND THE PROHIBITION ON THE STATE AND ITS POLITICAL SUBDIVISIONS HAVING A JOINT OWNER OR STOCKHOLDER IN A COMPANY, ASSOCIATION, OR CORPORATION AND THE EXCEPTIONS TO THESE PROHIBITIONS, SO AS TO ALLOW A SEPARATE PENSION PLAN OPERATED FOR FIREFIGHTERS BY A MUNICIPALITY, COUNTY, SPECIAL PURPOSE DISTRICT, OR PUBLIC SERVICE DISTRICT TO INVEST ITS FUNDS IN EQUITY SECURITIES TRADED ON A NATIONAL SECURITIES EXCHANGE AS PROVIDED IN THE SECURITIES EXCHANGE ACT OF 1934 OR QUOTED THROUGH THE NATIONAL ASSOCIATION OF SECURITIES DEALERS AUTOMATIC QUOTATIONS SYSTEM OR SIMILAR SERVICE.
Be it enacted by the General Assembly of the State of South Carolina:
Equity Investments allowed
SECTION1.The amendment to Section 11, Article X of the Constitution of South Carolina, 1895, prepared under the terms of Joint Resolution 367 of 2002, having been submitted to the qualified electors at the General Election of 2002 as prescribed in Section 1, Article XVI of the Constitution of South Carolina, 1895, and a favorable vote having been received on the amendment, is ratified and declared to be a part of the constitution so that Section 11 of Article X is amended by adding at the end:
“Notwithstanding any other provision of this section, a municipality, county, special purpose district, or public service district of this State which provides firefighting service and which administers a separate pension plan for its employees performing this service may invest and reinvest the funds in this pension plan in equity securities traded on a national securities exchange as provided in the Securities Exchange Act of 1934 of a successor act, or in equity securities quoted through the National Association of Securities Dealers Automatic Quotations System or similar service.”
Ratified the 3rd day of June, 2003.
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