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999 BIL 999 RTN 242 ACN 211 TYP General Bill

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999 BIL 999 RTN 242 ACN 211 TYP General Bill Powered By Docstoc
					BIL:     999
RTN:     242
ACN:     211
TYP:     General Bill GB
INB:     Senate
IND:     20020212
PSP:     Hayes
SPO:     Hayes, Martin, Ritchie, Drummond, Land, Setzler, Pinckney
DDN:     l:\council\bills\bbm\10732htc02.doc
DPB:     20020411
GOV:     S
DGA:     20020422
SUB:     Federal Deposit Insurance Limit, letters of credit may be used as
         security for funds deposited in banks and savings and loan associations
         by the State Treasurer


HST:

Body     Date       Action Description                        Com     Leg Involved
______   ________   _______________________________________   _______ ____________
------   20020514   Act No. A211
------   20020422   Signed by Governor
------   20020416   Ratified R242
House    20020411   Read third time, enrolled for
                    ratification
House    20020410   Read second time
House    20020403   Committee report: Favorable               30 HWM
House    20020319   Introduced, read first time,              30 HWM
                    referred to Committee
Senate   20020314   Read third time, sent to House
Senate   20020313   Read second time
Senate   20020312   Committee report: Favorable               06 SF
Senate   20020212   Introduced, read first time,              06 SF
                    referred to Committee



Versions of This Bill


Revised on 20020312
Revised on 20020403


TXT:
(A211, R242, S999)

AN ACT TO AMEND SECTION 11-13-60, AS AMENDED, CODE
OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE
SECURITY REQUIRED FOR STATE FUNDS IN EXCESS OF
THE FEDERAL DEPOSIT INSURANCE LIMIT DEPOSITED
BY THE STATE TREASURER IN A BANK OR SAVINGS AND
LOAN ASSOCIATION, SO AS TO ALLOW SECURITY FOR
THESE DEPOSITS IN THE FORM OF LETTERS OF CREDIT,
AND TO PROVIDE THE REQUIREMENTS FOR THESE
LETTERS OF CREDIT.

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

Security for state funds

SECTION 1. Section 11-13-60 of the 1976 Code, as last amended by
Act 327 of 1990, is further amended to read:

   “Section 11-13-60. A bank or savings and loan association, upon
the deposit of state funds by the State Treasurer, must secure these
deposits by deposit insurance, surety bonds, collateral securities, or
letters of credit to protect the State against loss in the event of
insolvency or liquidation of the institution or for any other cause. To
the extent that these deposits exceed the amount of insurance coverage
provided by the Federal Deposit Insurance Corporation, the bank or
savings and loan association, at the time of deposit, shall:
   (1) furnish an indemnity bond in a responsible surety company
authorized to do business in this State; or
   (2) pledge as collateral:
      (a) obligations of the United States;
      (b) obligations fully guaranteed both as to principal and interest
by the United States;
      (c) general obligations of this State or any political subdivision
of this State; or
      (d) obligations of the Federal National Mortgage Association, the
Federal Home Loan Bank, Federal Farm Credit Bank, or the Federal
Home Loan Mortgage Corporation; or
   (3) provide an irrevocable letter of credit issued by the Federal
National Mortgage Association, the Federal Home Loan Bank, Federal
Farm Credit Bank, or the Federal Home Loan Mortgage Corporation, in
which the State Treasurer is named as beneficiary and the letter of
credit otherwise meets the criteria established and prescribed by the
State Treasurer. The State Treasurer shall exercise prudence in
accepting collateral securities or other forms of deposit security.”

Time effective

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

Ratified the 16th day of April, 2002.

Approved the 22nd day of April, 2002.

                              __________




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