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Current Status Bill Number:View additional legislative information at the LPITS web site.948 Type of Legislation:Joint Resolution JR Introducing Body:Senate Introduced Date:20020130 Primary Sponsor:Thomas All Sponsors:Thomas Drafted Document Number:l:\council\bills\gjk\20874htc02.doc Residing Body:Senate Current Committee:Judiciary Committee 11 SJ Subject:School districts and political subdivisions, restrictions on when allowed to incur new general obligation debt, not to occur during countywide reassessment year History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 20020130 Introduced, read first time, 11 SJ referred to Committee Versions of This Bill
PROPOSING AN AMENDMENT TO SECTIONS 14 AND 15, ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO THE AUTHORITY OF POLITICAL SUBDIVISIONS OF THE STATE AND SCHOOL DISTRICTS TO INCUR GENERAL OBLIGATION DEBT, SO AS TO PROVIDE THAT IN A YEAR OF IMPLEMENTATION OF THE NEW VALUES OF A COUNTYWIDE REASSESSMENT PROGRAM, A POLITICAL SUBDIVISION AND A SCHOOL DISTRICT MAY NOT INCUR NEW GENERAL OBLIGATION DEBT EXCEPT FOR TAX ANTICIPATION NOTES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. It is proposed that Section 14, Article X of the Constitution of this State be amended by adding a new subsection at the end to read:
"(11) Notwithstanding any other provision of this section, in a year of implementation of the new values of a countywide reassessment program, a political subdivision of this State may not incur new general obligation debt except tax anticipation notes."
SECTION 2. The proposed amendment must be submitted to the qualified electors at the next general election for representatives. Ballots must be provided at the various voting precincts with the following words printed or written on the ballot:
"Must Section 14, Article X of the Constitution of this State relating to the authority of a political subdivision to issue general obligation debt be amended so as to provide that in the year of implementation of the new values of a countywide reassessment program, a political subdivision of this State may not incur new general obligation debt except tax anticipation notes?
Those voting in favor of the question shall deposit a ballot with a check or cross mark in the square after the word 'Yes', and those voting against the question shall deposit a ballot with a check or cross mark in the square after the word 'No'."
SECTION 3. It is proposed that Section 15, Article X of the Constitution of this State be amended by adding a new subsection at the end to read:
"(9) Notwithstanding any other provision of this section, in a year of implementation of the new values of a countywide reassessment program, a school district may not incur new general obligation debt except tax anticipation notes."
SECTION 4. The proposed amendment must be submitted to the qualified electors at the next general election for representatives. Ballots must be provided at the various voting precincts with the following words printed or written on the ballot:
"Must Section 15, Article X of the Constitution of this State relating to the authority of school districts to issue general obligation debt be amended so as to provide that in the year of implementation of the new values of a countywide reassessment program, a school district may not incur new general obligation debt except tax anticipation notes?
Those voting in favor of the question shall deposit a ballot with a check or cross mark in the square after the word 'Yes', and those voting against the question shall deposit a ballot with a check or cross mark in the square after the word 'No'."
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