South Carolina S 438: Joint Bond Review Committee

Bill Text

2025-2026 Bill 438 Text of Previous Version (Mar. 11, 2025) - South Carolina Legislature Online 

South Carolina General Assembly
126th Session, 2025-2026

Bill 438

Indicates Matter Stricken
Indicates New Matter

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

A bill

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING 
SECTIONS 2-47-30 THROUGH 2-47-52, ALL RELATING TO THE JOINT BOND REVIEW 
COMMITTEE, SO AS TO CLARIFY THE RESPONSIBILITIES OF THE COMMITTEE, THE STATE 
FISCAL ACCOUNTABILITY AUTHORITY, AND THE DEPARTMENT OF ADMINISTRATION IN THE 
ESTABLISHMENT, REVIEW, AND APPROVAL OF PERMANENT IMPROVEMENT PROJECTS, AND TO 
REFINE CERTAIN REQUIREMENTS, DEFINITIONS, AND EXEMPTIONS FOR THE ESTABLISHMENT, 
REVIEW, AND APPROVAL THEREOF; BY AMENDING SECTION 2-47-56, RELATING TO THE 
ACCEPTANCE OF GIFTS-IN-KIND FOR ARCHITECTURAL AND ENGINEERING SERVICES, SO AS 
TO CLARIFY THAT ONLY GIFTS-IN-KIND ARE EXEMPT FROM THE PROCUREMENT CODE; BY 
AMENDING SECTION 10-1-180, RELATING TO EXPENDITURE OF FUNDS BY STATE AGENCIES, 
SO AS TO REMOVE A PROVISION REQUIRING APPROVAL AND TO REQUIRE CERTAIN PROJECTS 
BE IN COMPLIANCE WITH NATIONALLY RECOGNIZED CODES; AND BY AMENDING SECTION 
1-11-185, RELATING TO POWERS OF THE DEPARTMENT OF ADMINISTRATION, SO AS TO DELETE 
A PROVISION REQUIRING APPROVAL OF CERTAIN PERMANENT IMPROVEMENT PROJECTS.

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

SECTION 1. Sections 2-47-30 through 2-47-52 of the S.C. Code are 
amended to read:

 Section 2-47-30. The committee is specifically charged with, but not limited to, the following responsibilities, without limitation, to:

 (1) to review, prior to approval by the 
State Fiscal Accountability Authority, the establishment of implementation, any permanent improvement project and the source of funds for any such project not previously 
authorized not specifically authorized by the General Assembly;

 (2) to study the amount and nature of existing general 
obligation and institutional bond obligations and the capability of the State 
to fulfill such obligations based on current and projected revenues;

 (3) to recommend priorities of future bond issuance based on 
the social and economic needs of the State;

 (4) to recommend prudent limitations of bond obligations 
related to present and future revenue estimates;

 (5) to consult with independent bond counsel, advisors, and other nonlegislative 
authorities on such matters and with fiscal officials to develop a 
body of other states to gain in-depth knowledge 
that of promotes prudent and efficient administration and management of capital 
managementassets and 
investments, and assist in the formulation of short- and long-term 
recommendations for the General Assembly;

 (6) to carry out all of the above assigned responsibilities 
in consultation and cooperation with the executive branch of government and the authority, the Department 
of Administration, and the State Fiscal Accountability Authority; and

 (7) to report its findings and recommendations to the General 
Assembly annually or more frequently if deemedon such matters and at such times as are appropriate and 
advisable by the committee.

 Section 
2-47-35. No project authorized in whole or in part for capital improvement bond 
funding under the provisions of Act 1377 of 1968, as amended, may be 
implemented until funds can be have been made available and until the 
Joint Bond Review Committeecommittee, 
in consultation with the authority, establishes has established priorities for the funding of the 
projects. The Joint Bond Review Committeecommittee shall must report its priorities determinations to the members of the General Assembly 
within thirty days of the establishment of the 
funding priorities.

 Section 
2-47-40. (A) To 
assist the authority and the Joint Bond Review Committee in carrying out their 
respective responsibilities, anyAny agency 
or institution requesting or receiving funds from any 
source for use in the financingproposing the establishment 
of any permanent improvement project, as a minimum, shall that is subject to the review and approval requirements of this 
chapter must provide, to 
the authority, in such form and substance and at 
such times as the authority, after review byDepartment of Administration, in consultation with the 
committee, and the authority, 
may prescribe:

 (1) 
a complete description of the proposed project;

 (2) 
a statement of justification for the proposed project;

 (3) 
a statement of the purposes and intended uses of the proposed project;

 (4) 
the estimated total cost of the proposed project;

 (5) 
an estimate of the additional future annual operating costs associated with the 
proposed project;

 (6) 
a statement of the expected impact of the proposed project on the five-year 
operating plan of the agency or institution proposing the project;

 (7) 
a proposed plan of funding for the project, specifically