South Carolina General Assembly
115th Session, 2003-2004

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A173, R196, H4016

STATUS INFORMATION

General Bill
Sponsors: Rep. Harrell
Document Path: l:\council\bills\dka\3459dw03.doc

Introduced in the House on April 22, 2003
Introduced in the Senate on April 29, 2003
Last Amended on February 4, 2004
Passed by the General Assembly on February 11, 2004
Governor's Action: February 18, 2004, Signed

Summary: College of Charleston Academic and Administration Facilities Bond Act

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   4/22/2003  House   Introduced and read first time HJ-14
   4/22/2003  House   Referred to Committee on Ways and Means HJ-14
   4/23/2003  House   Committee report: Favorable Ways and Means HJ-37
   4/24/2003  House   Read second time HJ-46
   4/24/2003  House   Unanimous consent for third reading on next legislative 
                        day HJ-48
   4/25/2003  House   Read third time and sent to Senate HJ-3
   4/29/2003  Senate  Introduced and read first time SJ-42
   4/29/2003  Senate  Referred to Committee on Finance SJ-42
   5/28/2003  Senate  Committee report: Favorable Finance SJ-23
   5/29/2003          Scrivener's error corrected
   5/29/2003  Senate  Read second time SJ-64
   5/29/2003  Senate  Ordered to third reading with notice of amendments SJ-64
   1/29/2004  Senate  Amended SJ-12
   1/30/2004          Scrivener's error corrected
    2/4/2004  Senate  Amended SJ-47
    2/5/2004  Senate  Read third time and returned to House with amendments 
                        SJ-11
   2/11/2004  House   Concurred in Senate amendment and enrolled HJ-26
   2/12/2004          Ratified R 196
   2/18/2004          Signed By Governor
   2/26/2004          Copies available
   2/26/2004          Effective date 02/18/04
    3/1/2004          Act No. 173

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

4/22/2003
4/23/2003
5/28/2003
5/29/2003
1/29/2004
1/30/2004
2/4/2004


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A173, R196, H4016)

AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING ARTICLE 5 TO CHAPTER 130, TITLE 59 SO AS TO ENACT THE "COLLEGE OF CHARLESTON ACADEMIC AND ADMINISTRATIVE FACILITIES BOND ACT" WHICH PRESCRIBES THE MANNER IN WHICH AND CONDITION UNDER WHICH THE COLLEGE OF CHARLESTON MAY ISSUE CERTAIN REVENUE BONDS FOR THE ACQUISITION OF ACADEMIC AND ADMINISTRATIVE BUILDINGS.

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

Academic and Administrative Facilities Bond Act

SECTION    1.    Chapter 130, Title 59 of the 1976 Code is amended by adding:

"Article 5

College of Charleston

Academic and Administrative Facilities Bond Act

Section 59-130-410.    This article may be cited as the 'College of Charleston Academic and Administrative Facilities Bond Act'.

Section 59-130-420.    As used in this article:

(1)    'Board' means the Board of Trustees of the College of Charleston.

(2)    'Equipment' means items with a useful life of at least fifteen years.

(3)    'Academic and administrative buildings' means the real and personal property and equipment to be utilized by the School of the Arts, the School of Education, the School of Science and Mathematics, the Physical Education/Arena Complex, and the Student Center, whether or not the acquisition or construction of these facilities are financed from the proceeds of bonds issued pursuant to the provisions of this article.

(4)    'Fees and revenues' means the special student fees and revenues derived or to be derived from the operation, sale, lease, or other disposition of the facilities.

(5)    'University' means the College of Charleston.

Section 59-130-430.    Subject to the approval of the State Budget and Control Board by resolution adopted, the university may issue bonds of the university for the purpose of financing or refinancing in whole or in part the cost of acquisition, construction, reconstruction, renovation and improvement of land, buildings, and other improvements to real property and equipment for the purpose of providing certain academic and administrative buildings as defined in this article serving the needs of the university.

Section 59-130-440.    Bonds issued pursuant to the provisions of this article must be authorized by a resolution or resolutions of the board of the university. The resolution of the university, in the discretion of the board, may contain provisions which constitute a part of the contract between the university and the holders of the bonds, as to any of the following:

(1)    the custody, security, use, expenditure, or application of the proceeds of the bonds including, without limitation, the use of bond proceeds to pay the cost of acquisition, construction, reconstruction or renovation of facilities, expenses of issuance of the bonds, interest on the bonds for such period of time as the board may determine and the cost of bond insurance or other credit enhancement and to fund reserves established with respect to the bonds;

(2)    the acquisition, renovation, construction, reconstruction, or completion of the facilities for which the bonds are issued;

(3)    the use, regulation, operation, maintenance, insurance, or disposition of the facilities the fees and revenues from which are pledged to secure payments with respect to the bonds or restrictions on the exercise of the powers of the board to dispose of or to limit or regulate the use of these facilities;

(4)    the payment of the principal of, redemption premium, if any, or interest on the bonds and the sources and the methods of the payment, the rank or priority of the bonds as to any lien or security or the acceleration of the maturity of the bonds;

(5)    the use and disposition of the fees and revenues including, without limitation, the pledging, setting aside, or depositing with a trustee all or part of the fees and revenues to secure the payment of the principal of, redemption premium, if any, and interest on the bonds and the payment of expenses of operation and maintenance of the facilities;

(6)    the setting aside out of bond proceeds, the fees and revenues or other available funds of reserves or sinking funds and the source, custody, security, regulation, and disposition of them;

(7)    the determination of the fees and revenues, subject to the provisions of Section 59-130-510, or other available funds to be pledged as security for payments with respect to the bonds and for the expenses of operation and maintenance of the facilities;

(8)    the fixing, establishment, collection, and enforcement of the rentals, fees, or other charges from students, faculty members, and others using or being served by, or having the right to use or be served by, the facilities the fees and revenues from which are pledged to secure payments with respect to the bonds and the disposition and application of the fees and revenues charged and collected;

(9)    limitations on the issuance of additional bonds or any other obligations or the incurrence of indebtedness payable from the same fees and revenues from which the bonds are payable;

(10)    rules to ensure the use of the facilities by students or members of the faculty of the university to the maximum extent to which the building or equipment is capable of serving the students or faculty members;

(11)    the procedure, if any, by which the terms of any covenant or contract with, or duty to, the holders of the bonds may be amended or abrogated, the amount of bonds to which the holders shall consent, and the manner in which the consent may be given or evidenced; and

(12)    any other matter or course of conduct which, by recital in the resolution or resolutions authorizing or providing for the bonds, is declared to further secure the payment of the principal of or the interest on the bonds or to further the purposes for which the facilities are being acquired, constructed, reconstructed, renovated, or equipped and the bonds being issued.

Section 59-130-450.    Bonds may be issued in one or more series at those prices, may bear the date or dates, may mature at the time or times, not exceeding forty years from their respective date, may bear interest at the fixed or variable rate or rates, may be payable in the medium of payment and at the place or places, may be in the denomination or denominations, may be in the form, either coupon or registered and either certified or uncertified, may carry the registration privileges, may be subject to the terms of redemption before maturity, with or without premium, and may contain terms, covenants, and conditions as the resolution authorizing the issuance of the bonds may provide. Except as otherwise specified in the authorizing resolution, the bonds are fully negotiable within the meaning of and for all the purposes of the Uniform Commercial Code.

Section 59-130-460.    The bonds are exempt from all state, county, municipal, and school taxes and franchise and license fees.

Section 59-130-470.    The bonds must be signed in the corporate name of the university by the manual or facsimile signature of the acting chairman of the board of the university, under the corporate seal of the university attested by the manual or facsimile signature of the acting secretary of the board. Any interest coupons attached to the bonds must be signed by the facsimile signatures of these officers. The bonds may be issued notwithstanding that any of the officials signing them or whose facsimile signatures appear on the coupons have ceased to hold office at the time of the issue or at the time of the delivery of the bonds to the purchaser.

Section 59-130-480.    The bonds must be sold at public or private sale upon the terms and conditions as the board of the university considers advisable.

Section 59-130-490.    The board or its proper administrative officers shall file with the State Treasurer within thirty days from the date of their issuance a complete description of all obligations entered into by the board, with the rates of interest, maturity dates, annual payments, and all pertinent data.

Section 59-130-500.    All provisions of a resolution authorizing or providing for the issuance of the bonds in accordance with Section 59-130-440 and of the covenants and agreements constitute valid and legally binding contracts between the university and the several holders of the bonds, regardless of the time of issuance of the bonds, and are enforceable by the holder or holders by mandamus or other appropriate action, suit, or proceeding at law or in equity in any court of competent jurisdiction.

Section 59-130-510.    The bonds must be made payable only from all or the portion of the fees and revenues as the university in its discretion may designate pursuant to the authorizing resolution and also from any other available funds of the university designated by the university pursuant to the authorizing resolution except funds of the university derived from appropriations received from the General Assembly and any tuition funds pledged to the repayment of state institution bonds. The use of academic fees must be approved by the university's board. The bonds are not general obligations of the State. Neither the members of the board nor any person signing the bonds is liable personally for the bonds. Bonds may not be issued pursuant to the provisions of this article unless an identified source or sources of revenue are designated for the repayment of the bonds."

Time effective

SECTION    2.    This act takes effect upon approval by the Governor.

Ratified the 12th day of February, 2004.

Approved the 18th day of February, 2004.

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