Bill Text: SC S0138 | 2013-2014 | 120th General Assembly | Introduced

South Carolina Senate Bill 138 (Prior Session Legislation)

Introduced

Bill Title: Political Subdivisions

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2013-01-08 - Referred to Committee on Finance [S0138 Detail]

Download: South_Carolina-2013-S0138-Introduced.html

A BILL

TO AMEND SECTION 6-5-10 OF THE 1976 CODE, RELATING TO ENTITIES IN WHICH LOCAL GOVERNMENT UNITS AND POLITICAL SUBDIVISIONS ARE ALLOWED TO INVEST, TO ALLOW LOCAL GOVERNMENT UNITS AND POLITICAL SUBDIVISIONS TO INVEST IN OBLIGATIONS OF A CORPORATION, STATE, OR POLITICAL SUBDIVISION DENOMINATED IN UNITED STATES DOLLARS, IF THE OBLIGATIONS BEAR AN INVESTMENT GRADE RATING OF AT LEAST TWO NATIONALLY RECOGNIZED RATING SERVICES.

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

SECTION 1. Section 6-5-10(a) of the 1976 Code is amended by adding an appropriately numbered item to read:

"(9) Obligations of a corporation, state, or political subdivision denominated in United States dollars, if the obligations bear an investment grade rating of at least two nationally recognized rating services."

SECTION 2. This act takes effect upon approval by the Governor.