Bill 5158

                    Current Status

Introducing Body:               House
Bill Number:                    5158
Primary Sponsor:                Kirsh
Type of Legislation:            GB
Subject:                        Patriot's Point Development
                                Authority, loan reduced
Residing Body:                  House
Computer Document Number:       JIC/5921HTC.94
Introduced Date:                19940427
Last History Body:              House
Last History Date:              19940525
Last History Type:              Objection by Representative
Scope of Legislation:           Statewide
All Sponsors:                   Kirsh
Type of Legislation:            General Bill

Bill  Body    Date          Action Description              CMN  Leg Involved
----  ------  ------------  ------------------------------  ---  ------------
5158  House   19940525      Objection by Representative          Gonzales
                                                                 Fulmer
                                                                 McAbee
                                                                 Inabinett
                                                                 Holt
                                                                 J. Bailey
5158  House   19940518      Debate adjourned until
                            Wednesday, 19940525
5158  House   19940427      Introduced, read first time,
                            placed on Calendar without
                            reference

Indicates Matter Stricken
Indicates New Matter

INTRODUCED

April 27, 1994

H. 5158

S. Printed 4/27/94--H.

Read the first time April 27, 1994.

A BILL

TO AMEND SECTION 51-13-860 OF THE 1976 CODE, RELATING TO THE LOAN AUTHORIZED FOR THE SETTLEMENT OF CLAIMS AGAINST PATRIOT'S POINT DEVELOPMENT AUTHORITY, SO AS TO REDUCE THE MAXIMUM AUTHORIZED AMOUNT FROM SIX MILLION DOLLARS TO FIVE MILLION SIX HUNDRED THOUSAND DOLLARS AND TO PROVIDE FOR THE TRANSFER OF FOUR HUNDRED THOUSAND DOLLARS OF THE LOAN PROCEEDS HELD BY THE STATE BUDGET AND CONTROL BOARD TO THE ECONOMIC DEVELOPMENT ACCOUNT.

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

SECTION 1. Section 51-13-860 of the 1976 Code is amended to read:

"Section 51-13-860. The State Budget and Control Board may transfer to the authority an amount not to exceed six five million six hundred thousand dollars from the funds made available to the South Carolina Advisory Coordinating Council for Economic Development pursuant to Section 12-27-1270, for the purpose of the authority participating in any court approved settlement of the claims and litigation brought against the authority, its officers, employees or agents and arising from, related to, or connected with the development of a hotel and marina complex upon the lands of the authority, and for those other operating expenses necessary for the further development of the authority. This transfer is considered a loan to the authority, and it must be for a period not to exceed three years as determined by the State Budget and Control Board and must be free of interest for that period."

SECTION 2. Four hundred thousand dollars of loan proceeds authorized pursuant to Section 51-13-860 of the 1976 Code currently held by the State Budget and Control Board must be transferred to the Economic Development Account established pursuant to Section 12-27-1270 of the 1976 Code.

SECTION 3. This act takes effect upon approval by the Governor.