S 1295 Joint Resolution, By Passailaigue, Ford, Land, McConnell, L.E. Richter and 
Washington

Similar(H 4955)
 A Joint Resolution to authorize the State Budget and Control Board to transfer
 to a local public entity approved by the Board, an amount not to exceed six
 hundred thousand dollars from monies set aside for the Patriot's Point
 Development Authority pursuant to the provisions of Section 51-13-860 of the
 1976 Code, and provide that these monies must be loaned for a period not to
 exceed three years at an interest rate to be determined by the State
 Treasurer, with the money from this loan used by the entity exclusively for
 the benefit of Spoleto Festival, USA.

   03/24/94  Senate Introduced and read first time SJ-3
   03/24/94  Senate Referred to Committee on Finance SJ-3

A JOINT RESOLUTION

TO AUTHORIZE THE STATE BUDGET AND CONTROL BOARD TO TRANSFER TO A LOCAL PUBLIC ENTITY APPROVED BY THE BOARD, AN AMOUNT NOT TO EXCEED SIX HUNDRED THOUSAND DOLLARS FROM MONIES SET ASIDE FOR THE PATRIOT'S POINT DEVELOPMENT AUTHORITY PURSUANT TO THE PROVISIONS OF SECTION 51-13-860 OF THE 1976 CODE, AND PROVIDE THAT THESE MONIES MUST BE LOANED FOR A PERIOD NOT TO EXCEED THREE YEARS AT AN INTEREST RATE TO BE DETERMINED BY THE STATE TREASURER, WITH THE MONEY FROM THIS LOAN USED BY THE ENTITY EXCLUSIVELY FOR THE BENEFIT OF SPOLETO FESTIVAL, USA.

Whereas, the Spoleto Festival, U.S.A. has brought positive international attention to South Carolina since 1977, enhancing economic development and tourism for our State; and

Whereas, a 1993 on-site economic impact study of the Festival, commissioned by the Joint Legislative Committee on Cultural Affairs and performed by the business school at the University of South Carolina, found that the Festival brings $73 million annually into South Carolina and has created the impetus for over 2,500 jobs; and

Whereas, the Festival is currently experiencing a critical shortage of operational funds due to past problems with Festival management and marketing; and

Whereas, those problems have now been corrected with the recent hiring of a new, highly respected management and marketing team and stronger artistic leadership, and the future of the Festival has been stabilized; and

Whereas, the Festival must immediately erase a $600,000 vendor debt from prior years in order to mount the 1994 Festival, which has been shortened by five days in order to save approximately $500,000; and

Whereas, the Patriots Point Development Authority has agreed to release claim to $600,000 of a six million dollar loan made available in 1990 to the Authority, interest free, by the South Carolina Coordinating Council for Economic Development. Now, therefore,

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. The State Budget and Control Board may transfer to a local public entity approved by the Board, and the entity may borrow, an amount not to exceed six hundred thousand dollars from monies set aside for the Patriot's Point Development Authority, pursuant to the provisions of Section 51-13-860 of the 1976 Code. These monies must be loaned for a period not to exceed three years at an interest rate to be determined by the State Treasurer. The money from this loan must be used by the entity exclusively for the benefit of Spoleto Festival, USA.

SECTION 2. This joint resolution takes effect upon approval by the Governor.