H*4955(Rat #0408, Act #0586)  Joint Resolution, By D.N. Holt, J.J. Bailey, 
R.A. Barber, Breeland, R.C. Fulmer, S.E. Gonzales, Harrell, J.L. Harris, 
Inabinett and L.S. Whipper

Similar(S 1295)
 A Joint Resolution to authorize the State Budget and Control Board to transfer
 to the city of Charleston, 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, 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; and to provide for the repayment of the loan.-amended title

   03/22/94  House  Introduced, read first time, placed on calendar
                     without reference HJ-13
   04/06/94  House  Objection by Rep. Hallman, Kirsh, Wofford, Koon,
                     Robinson, HJ-18
   04/06/94  House  Objection by Rep. Sturkie & Haskins HJ-18
   04/06/94  House  Objection withdrawn by Rep. Haskins HJ-19
   04/07/94  House  Special order, set for after consideration of H
                     3631 (Under H 5041) HJ-16
   04/13/94  House  Amended HJ-21
   04/13/94  House  Read second time HJ-23
   04/13/94  House  Roll call Yeas-071 HJ-23
   04/14/94  House  Read third time and sent to Senate HJ-23
   04/14/94  Senate Introduced, read first time, placed on calendar
                     without reference SJ-16
   04/20/94  Senate Amended SJ-16
   04/20/94  Senate Read second time SJ-17
   04/20/94  Senate Ordered to third reading with notice of
                     amendments SJ-17
   04/21/94  Senate Read third time and returned to House with
                     amendments SJ-36
   04/21/94  House  Concurred in Senate amendment and enrolled HJ-75
   04/27/94         Ratified R 408
   05/02/94         Signed By Governor
   05/02/94         Effective date 05/02/94
   05/10/94         Copies available

A JOINT RESOLUTION TO AUTHORIZE THE STATE BUDGET AND CONTROL BOARD TO TRANSFER TO THE CITY OF CHARLESTON, 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, 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; AND TO PROVIDE FOR THE REPAYMENT OF THE LOAN.

Whereas, the Spoleto Festival, USA 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:

Monies may be transferred for loan, repayment

SECTION 1. Upon approval by the State Treasurer of the loan agreement, the State Budget and Control Board may transfer to the City of Charleston and the City of Charleston may borrow an amount not to exceed six hundred thousand dollars from monies set aside pursuant to Section 51-13-860 for the Patriot's Point Development Authority. These monies must be loaned for a period not to exceed three years at an interest rate to be determined by the State Treasurer after documents satisfactory to the Treasurer have been executed by the City of Charleston. The repayment to the State of the loan to the City of Charleston must be guaranteed by the City of Charleston and must be repaid in three equal annual installments beginning with the fiscal year following the fiscal year in which the loan was made. If the loan is not repaid within the three year period, that portion of the Aid to Subdivisions distributed annually to municipalities, which the City of Charleston would have otherwise received, must be withheld and applied toward repayment of the loan until the loan is paid. The money from this loan must be used by the City of Charleston exclusively for the benefit of Spoleto Festival, USA.

Time effective

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

Approved the 2nd day of May, 1994.