SC·Resolution·2017-2018 Regular Session
S 753
A JOINT RESOLUTION TO PROVIDE THAT THE BOARD OF DIRECTORS OF THE PUBLIC SERVICE AUTHORITY SHALL PLACE THE SECURITIZED PROCEEDS IT RECEIVED FROM THE SETTLEMENT MITIGATION WITH THE CONSTRUCTION CONTRACTOR OF THE TWO ABANDONED NUCLEAR REACTORS AT JENKINSVILLE IN AN ESCROW ACCOUNT UNTIL SUCH TIME AS THE JOINT BOND REVIEW COMMITTEE APPROVES THE FURTHER USE OF THE FUNDS.
Introduced 2017-12-06Last action 2017-12-06
Sponsor
Setzler
Cosponsors
None⚫
Died in Senate committee
The 2017-2018 Regular Session ended on 2018-05-10. This bill was introduced when the session adjourned and did not advance to enactment.
Legislative Progress
✗
Introduced
2
In Committee
3
Passed Chamber
4
Enacted / Signed
Summary
This bill requires the Public Service Authority (also known as Santee Cooper) to place settlement funds received from the construction contractor of the abandoned V.C. Summer nuclear reactor project at Jenkinsville into an escrow account, where they must remain until the Joint Bond Review Committee approves their use. The legislation effectively freezes these settlement proceeds, preventing the Public Service Authority's board from spending or allocating the money for any purpose without prior approval from the legislative oversight committee. This measure appears designed to ensure legislative oversight and control over how the utility uses funds recovered from the failed nuclear construction project, which resulted in significant financial losses for South Carolina ratepayers.
Note
Historical import. Session: 2017-2018
Full Bill Text
http://www.scstatehouse.gov/sess122_2017-2018/prever/753_20171206.htm