AMENDMENT FOR SENATE LOCAL GOVERNMENT COMMITTEE ENGROSSED BILL
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___________________ moved that SB 99 be amended as follows:

     On page 1 of the Senate Local Government Committee engrossed bill, delete lines 6 to 10 , inclusive, and insert:

"

     A financial institution may deposit with the county treasurer of any county in which it does business an amount determined by the financial institution to be applied toward the future tax liabilities of such financial institution under this chapter to the extent of the share of such tax the state would be required to remit to the county. Any such tax liabilities shall be satisfied by applying deposits in the order received against such tax liabilities in the order in which the tax liabilities occur.".

     On page 2 , after line 8, insert:

"      Section 3. That chapter 10-43 be amended by adding thereto a NEW SECTION to read as follows:

     If any amount deposited under section 1 of this Act is not applied to the institution's tax liabilities under this chapter within the ten-year period immediately following the date of the deposit, the unapplied amount shall be refunded by the county to the financial institution. The refund shall be made within the six-month period immediately following the expiration of the aforementioned ten- year period.

     No interest is payable with respect to the amount refundable, provided the refund is made prior to the expiration of the six-month period. If the county fails to make the refund by the expiration of such six-month period, the county shall also pay to the financial institution interest computed from the expiration of the ten-year period at the Category A rate of interest as established in §  54-3-16 on the amount required to be refunded.".