Bill > S0094

This bill establishes the South Carolina Education Bank, a new state instrumentality designed to help finance educational infrastructure projects across the state. The bank will be governed by a seven-member board consisting of the State Department of Education secretary, two members appointed by the Governor (with one serving as chairman), two members appointed by the Speaker of the House of Representatives (including one House member), and two members appointed by the Senate President (including one Senator). The bank's primary purpose is to distribute funds to governmental units and private entities for constructing and improving education-related facilities, with a focus on capital development or improvement of school-related infrastructure. It will be funded by receiving ten percent of fees collected annually from fees in lieu of taxes, and may also accept donations and legislative appropriations. When distributing funds, the bank must prioritize projects in Tier III and Tier IV counties and cannot distribute more than the initial investment amount. The bank will have various powers, including establishing policies for fund distribution, maintaining an interest-bearing state education account, and submitting annual reports to the Governor and General Assembly. Importantly, the bill specifies that eligible projects do not include infrastructure maintenance or recreational facility construction, and local school district boards must provide detailed justification when requesting funds. The bank's board members will be protected from liability when acting within their authorized scope, and all funds will be deposited and invested by the State Treasurer.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=94&session=126&summary=B