Current Status Introducing Body:Senate Bill Number:1511 Primary Sponsor:Drummond Committee Number:06 Type of Legislation:GB Subject:Revenue bonds, issuance of Residing Body:Senate Current Committee:Finance Computer Document Number:436/12435.DW Introduced Date:Apr 28, 1992 Last History Body:Senate Last History Date:Apr 28, 1992 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Drummond Type of Legislation:General Bill
Bill Body Date Action Description CMN
---- ------ ------------ ------------------------------ ---
1511 Senate Apr 28, 1992 Introduced, read first time, 06
referred to Committee
View additional legislative information at the LPITS web site.
TO AMEND SECTIONS 4-29-140, 44-7-1590, 48-3-140, AND 58-19-160, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE PROCEDURE BY WHICH THE BUDGET AND CONTROL BOARD APPROVES THE ISSUANCE OF REVENUE BONDS FOR VARIOUS PURPOSES, SO AS TO CHANGE THE PROCEDURE FOR THE ISSUANCE OF THESE BONDS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 4-29-140 of the 1976 Code is amended to read:
"Section 4-29-140. No bonds shall may be issued pursuant to the provisions of this chapter until the proposal of the governing board to issue the bonds shall receive receives the approval of the state board. Whenever any a governing board shall propose proposes to issue bonds pursuant to the provisions of this chapter, it shall file its petition to with the state board setting forth:
(a) a brief description of the project proposed to be undertaken and its anticipated effect upon the economy of the county or incorporated municipality in which the project is to be located and of the areas adjacent thereto to it;
(b) a reasonable estimate of the cost of the project; and
(c) a general summary of the terms and conditions of the financing agreement and security agreement to be made, including a statement establishing the basis for the payment of sums in lieu of taxes as required by Section 4-29-60.; and
(d) such other information as the state board requires.
Upon the filing of the petition the state board shall, as soon as practicable, shall make conduct such independent investigation review as it deems considers advisable, and if it finds that the project proposal of the governing board is intended to promote the purposes of this chapter and is reasonably anticipated to effect such result, it shall be is authorized to approve the project proposal. and at At any time following such the approval, the governing board may proceed with the acquisition and financing of the project in accordance with the proposal as approved by the state board. Notice of the approval of any a project proposal by the state board shall must be published at least once by the state board in a newspaper having general circulation in the county where the project is to be located.
Any interested party may, within twenty days after the date of the publication of such the notice, but not afterwards, may challenge the validity of such the approval by action de novo in the court of common pleas in the county where the project is to be located."
SECTION 2. Section 44-7-1590 of the 1976 Code is amended to read:
"Section 44-7-1590. No bonds shall may be issued pursuant to the provisions of this article until the proposal of the county board to issue the bonds shall receive receives the approval of the state board. Whenever any a county board shall propose proposes to issue bonds pursuant to the provisions of this article, it shall file its petition to with the state board setting forth:
(a) a brief description of the hospital facilities proposed to be undertaken and the refinancing or refunding so proposed;
(b) a statement setting forth the action taken by the Department of Health and Environmental Control in connection with the hospital facilities;
(c) a reasonable estimate of the cost of hospital facilities; and
(d) a general summary of the terms and conditions of the proposed loan agreement.; and
(e) such other information as the state board requires.
Upon the filing of the petition the state board, shall as soon as practicable, make such investigation shall conduct the review as it deems considers advisable, and if it finds that the proposed hospital facilities are proposal of the governing board is intended to promote the purposes of this article and may be reasonably anticipated to effect such result, and if it shall further find, on the basis of such feasibility study and report, if any, as it shall deem appropriate, that the proposed financing is economically feasible, it shall be is authorized to approve the hospital facilities proposal., and at At any time following such the approval, the county board may proceed with the issuance of the bonds in accordance with the proposal as approved by the state board. Notice of the approval of the proposal by the state board shall must be published at least once by the state board in a newspaper having general circulation in the county (or counties) where the hospital facilities are, or are to be, located. Such The notice shall must set forth the action taken by the county board pursuant to Section 44-7-1480 and the action taken by the Department of Health and Environmental Control pursuant to Section 44-7-1490.
Any interested party may, within twenty days after the date of the publication of such the notice, but not afterwards, may challenge the action so taken by the state board, the county board, or the Department of Health and Environmental Control, by action de novo in the court of common pleas in any county where the hospital facilities are to be located."
SECTION 3. Section 48-3-140 of the 1976 Code is amended to read:
"Section 48-3-140. No bonds shall may be issued pursuant to the provisions of this chapter until the proposal of the governing board to issue the bonds shall receive receives the approval of the state board. Whenever any a governing board shall propose proposes to issue bonds pursuant to the provisions of this chapter, it shall file its petition to with the state board setting forth:
(a) a brief description of the pollution control facilities proposed to be undertaken;
(b) a statement setting forth the action taken by the Department of Health and Environmental Control in connection with the pollution control facilities;
(c) a reasonable estimate of the cost of the pollution control facilities; and
(d) a general summary of the terms and conditions of the loan agreement.; and
(e) such other information as the state board requires.
Upon the filing of the petition the state board shall, as soon as practicable, shall make such investigation conduct the review as it deems considers advisable, and if it finds that the proposed pollution control facilities are proposal of the governing board is intended to promote the purposes of this chapter and may be reasonably anticipated to effect such result, it shall be is authorized to approve the pollution control facilities, and at the proposal. any Any time following such the approval, the governing board may proceed with the issuance of bonds for the pollution control facilities in accordance with the proposal approved by the state board. Notice of the approval of the proposal by the state board shall must be published at least once by the state board in a newspaper having general circulation in the county where the pollution control facilities are to be located.
Any interested party may, within twenty days after the date of the publication of such the notice, but not afterwards, may challenge the validity of such the approval by action de novo in the court of common pleas in the county where the pollution control facilities are to be located."
SECTION 4. Section 58-19-160 of the 1976 Code is amended to read:
"Section 58-19-160. No bonds shall may be issued pursuant to the provisions of this chapter until the proposal of the commission to issue the bonds shall receive receives the approval of the State Budget and Control Board. Whenever the commission shall propose proposes to issue bonds pursuant to the provisions of this chapter, it shall file its petition with the State Budget and Control Board setting forth:
(a) a brief description of the railroad and necessary equipment proposed to be acquired and its anticipated effect upon the economy of the area in which the railroad is to be located and of the areas adjacent thereto to it;
(b) a reasonable estimate of the cost of the acquisition of the railroad and necessary equipment; and
(c) a general summary of the terms and conditions of the trust indenture.; and
(d) such other information as the state board requires.
Upon the filing of the petition, the State Budget and Control Board shall, as soon as practicable, make such independent investigation shall conduct the review as it deems considers advisable, and if it finds that the acquisition of the railroad and necessary equipment proposal of the commission is intended to promote the purposes of this chapter and is reasonably anticipated to effect such result, it shall be is authorized to approve the acquisition of the railroad and necessary equipment and at the proposal. At any time following such the approval, the commission may proceed with the acquisition and financing of the railroad and necessary equipment in accordance with the proposal approved by the state board. Notice of the approval of the acquisition of the railroad and necessary equipment proposal by the State Budget and Control Board shall must be published at least once a week for three consecutive weeks by the State Budget and Control Board in a newspaper having general circulation in the State and the county where the railroad is to be located.
Any interested party may, within twenty days after the date of the publication of such the notice, but not afterwards, may challenge the validity of such the approval by action de novo in the court of common pleas in any county where the railroad is to be located."
SECTION 5. This act takes effect upon approval by the Governor.