FUNDS IT HAS RECEIVED FROM IOCAS AND THAT THE COMMISSION SHALL ALSO MAKE OTHER REPORTS ON MATTERS WITHIN ITS JURISDICTION AND RECOMMENDATIONS FOR FURTHER LEGISLATION AS MAY APPEAR DESIRABLE; AND TO DEFINE NECESSARY TERMS. Be it enacted by the General Assembly of the State of South Carolina: SECTION 1. Section 8-13-1312 of the 1976 Code is amended to read: (A) As used in this section: “Section 8-13-1312. (1) the South Carolina State Ethics ‘Commission’ means Commission. (2) means an Interest on Campaign Account ‘IOCA’ benefiting the commission that is established with an eligible institution for the deposit of contributions. The account product may be an interest-bearing account; a money market account with or tied to check writing; a sweep account that is a government money market fund or daily overnight financial institution repurchase agreement invested solely in or fully collateralized by United States government securities; or an open-end money market fund solely invested in or fully collateralized by United States government securities. (a) money market means a fund holding ‘Open-end fund’ itself out as a money market fund as defined by applicable federal statutes and regulations under the Investment Act of 1940 and, at the time of the investment, having total assets of at least $250,000,000. (b) States government means United ‘United securities’ States treasury obligations and obligations issued or guaranteed as to principal and interest by the United States or any agency or instrumentality thereof, including obligations of government sponsored enterprises. (3) means a financial institution with an ‘Eligible institution’ office located within the State that conducts business within the authorized by federal or state State with the general public; that is laws to do business in South Carolina; and that is insured by the Federal Deposit Insurance Corporation, the National
FUNDS IT HAS RECEIVED FROM IOCAS AND THAT THE COMMISSION SHALL ALSO MAKE OTHER REPORTS ON MATTERS WITHIN ITS JURISDICTION AND RECOMMENDATIONS FOR FURTHER LEGISLATION AS MAY APPEAR DESIRABLE; AND TO DEFINE NECESSARY TERMS. Be it enacted by the General Assembly of the State of South Carolina: SECTION 1. Section 8-13-1312 of the 1976 Code is amended to read: “Section 8-13-1312. (A) As used in this section: (1) ‘Commission’ means the South Carolina State Ethics Commission. (2) ‘IOCA’ means an Interest on Campaign Account benefiting the commission that is established with an eligible institution for the deposit of contributions. The account product may be an interest-bearing account; a money market account with or tied to check writing; a sweep account that is a government money market fund or daily overnight financial institution repurchase agreement invested solely in or fully collateralized by United States government securities; or an open-end money market fund solely invested in or fully collateralized by United States government securities. (a) ‘Open-end money market fund’ means a fund holding itself out as a money market fund as defined by applicable federal statutes and regulations under the Investment Act of 1940 and, at the time of the investment, having total assets of at least $250,000,000. (b) ‘United States government securities’ means United States treasury obligations and obligations issued or guaranteed as to principal and interest by the United States or any agency or instrumentality thereof, including obligations of government sponsored enterprises. (3) ‘Eligible institution’ means a financial institution with an office located within the State that conducts business within the State with the general public; that is authorized by federal or state laws to do business in South Carolina; and that is insured by the Federal Deposit Insurance Corporation, the National
931_20180130.docx