The South Carolina Public Service Authority is a corporation, completely owned by and to be operated for the benefit of the people of this State, and any and all net earnings thereof not necessary or desirable for the prudent conduct and operation of its business or to pay the principal of and interest on its bonds, notes or other evidences of indebtedness or other obligations or to fulfill the terms and provisions of any agreements made with the purchasers or holders thereof or others shall be paid over semiannually to the State Treasurer for the general funds of the State and shall be used to reduce the tax burdens on the people of this State.