Bill Text: SC H5055 | 2011-2012 | 119th General Assembly | Introduced

South Carolina House Bill 5055 (Prior Session Legislation)

Introduced

Bill Title: Authorized investments of political subdivisions

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2012-03-21 - Referred to Committee on Ways and Means [H5055 Detail]

Download: South_Carolina-2011-H5055-Introduced.html

A BILL

TO AMEND SECTION 6-5-10, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO AUTHORIZED INVESTMENTS OF POLITICAL SUBDIVISIONS, SO AS TO AUTHORIZE INVESTMENT IN OBLIGATIONS OF AN ISRAELI CORPORATION, THE STATE OF ISRAEL, OR A POLITICAL SUBDIVISION OF THE STATE OF ISRAEL, SO LONG AS THE OBLIGATION IS DENOMINATED IN UNITED STATES DOLLARS AND 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, as last amended by Act 116 of 2007, is further amended by adding an appropriately numbered item at the end to read:

"( ) Obligations of an Israeli corporation, the State of Israel, or a political subdivision of the State of Israel, so long as the obligation is denominated in United States dollars and bear an investment grade rating of at least two nationally recognized rating services."

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