January 30, 2009
Highlights of the second week (Jan. 19) and third week (Jan. 26) of the session include legislative action on payday lending. Also, the meeting of the I-73 Committee of the North Eastern Strategic Alliance is featured:
Interstate 73/Economic Stimulus Funds
The I-73 Committee of the North Eastern Strategic Alliance met in Columbia Jan. 29. The meeting was called to update NESA legislators on I-73 regarding the federal economic stimulus package and the S.C. Department of Transportation status of wish list projects targeted for stimulus funding.
An overview was provided of the economic stimulus package as it now stands. The package includes three pots of money: (1) money that must be spent within 90 days, $27 billion to $30 billion; (2) obligated funds that need to be spent by Aug. 1, 2010, $27 billion to $30 billion; and (3) a $5.5 billion grant program for projects of regional and national significance that must be started and completed within a few years.
Both the SCDOT I-73 Project Manager Mitchell Metts and S.C. Transportation Secretary H.B. “Buck” Limehouse acknowledged that I-73 could begin construction within one year. Metts and Limehouse also acknowledged that I-73 would qualify for a portion of the stimulus funds and that I-73 can, in fact, be built in pieces (segments). Based on the latest information regarding the package, SCDOT has revised its wish list, which now includes the I-95 interchange.
During the meeting, Rep. Alan Clemmons, R-Myrtle Beach, introduced a bill that establishes a mechanism for state funding of the roadway. Under the proposed bill, a multicounty authority would be charged with raising funds for an interstate's construction. In this case, the authority would involve the I-73 corridor counties (Horry, Marion, Dillon and Marlboro). A 3 percent fee would be assessed on motor fuels retailed in the district, subject to approval by each of the four county councils or a majority approval of a referendum in the four-county district. Key to the language of the bill is that the fee would only be implemented during the peak tourism season: April 1 through Sept. 30. Clemmons, who is the chairman of the National I-73/74 Corridor Association, was seeking support of NESA legislators prior to filing next week.
Payday Lending
The House Labor, Commerce and Industry Committee passed the state’s newest version of payday lending reform. The proposed bill would (1) raise the amount of money a consumer could borrow from $300 to $600, (2) create a database to track loans and (3) limit the number of loans per consumer to one. Legislators did not include a cap on the interest rate that lenders could charge. The bill moves to the House floor. A nearly identical bill has been introduced in the Senate. Amendments are being filed on both sides.
Sources: Information has been compiled from reports in The Sun News (Myrtle Beach) and The State (Columbia).
On the Net
MyrtleBeachAreaChamber.com
SCStateHouse.net
House.gov
Senate.gov
USA.gov
SCChamber.net
USChamber.com
I-73.com
