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S.C. lawmakers agree on rainy day savings account

Apr 13, 2010 11:53:00 AM - thestate.com
House and Senate lawmakers have reached an agreement on a bill that would expand a state rainy day savings account.

The bill would expand the general reserve fund to 5 percent of revenues from 3 percent. The proposal must still be approved by both houses and Gov. Mark Sanford.

Lawmakers said the bill was a key reason why Wall Street rating firms renewed the state's AAA bond rating last month. S.C. is one of a handful of states to have the highest rating, which saves the state in interest costs when it borrows money.

USA, South Carolina: (Latest Stories)