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Sponsors: Senators Campsen and Elliott
Document Path: l:\s-res\gec\019bond.mrh.gec.docx
Introduced in the Senate on January 13, 2009
Currently residing in the Senate Committee on Finance
Summary: S.C. General Obligation Bond Fiscal Responsibility Act
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 12/10/2008 Senate Prefiled 12/10/2008 Senate Referred to Committee on Finance 1/13/2009 Senate Introduced and read first time SJ-141 1/13/2009 Senate Referred to Committee on Finance SJ-141
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VERSIONS OF THIS BILL
TO ENACT THE "SOUTH CAROLINA GENERAL OBLIGATION BOND FISCAL RESPONSIBILITY ACT" BY AMENDING SECTION 2-7-105 OF THE 1976 CODE, RELATING TO THE LIMITATION ON AUTHORIZATION OF STATE CAPITAL IMPROVEMENT BONDS, TO ALLOW THE AUTHORIZATION OF SUCH BONDS ONLY IN A BILL OR JOINT RESOLUTION ENACTED IN AN ODD-NUMBERED YEAR, TO EXTEND ALL LIMITATIONS OF THIS SECTION TO GENERAL OBLIGATION BONDS OF THE STATE, HOWEVER DESCRIBED, SUBJECT TO THE CONSTITUTIONAL LIMIT ON DEBT SERVICE MEASURED AS A PERCENTAGE OF GENERAL FUND REVENUES, TO REQUIRE THE ENACTMENT OF A SEPARATE JOINT RESOLUTION PRECEDING THE AUTHORIZATION OF BONDS THAT SPECIFICALLY ALLOWS THE CONSIDERATION OF A BOND BILL, TO PROVIDE THAT A BILL OR JOINT RESOLUTION ALLOWING SUCH BONDS MAY NOT BE GIVEN THIRD READING IN THE HOUSE OF REPRESENTATIVES OR SENATE OR REPORTED FROM A COMMITTEE OF CONFERENCE OR FREE CONFERENCE UNLESS IT IS ACCOMPANIED BY THE CERTIFICATE OF THE STATE TREASURER THAT DEBT SERVICE ON ALL GENERAL OBLIGATION BONDS OUTSTANDING WHEN ADDED TO ESTIMATED DEBT SERVICE ON AUTHORIZED BUT UNISSUED BONDS AND THE BONDS AUTHORIZED IN THE BILL OR JOINT RESOLUTION DOES NOT EXCEED THE THEN CURRENT CONSTITUTIONAL DEBT SERVICE LIMIT, AND TO DEFINE GENERAL OBLIGATION BOND.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. This act may be cited as the "South Carolina General Obligation Bond Fiscal Responsibility Act".
SECTION 2. Section 2-7-105 of the 1976 Code is amended to read:
"Section 2-7-105. (A) State
capital improvement general obligation bonds may be authorized by the General Assembly in a bill or joint resolution enacted only in odd-numbered years and only following the enactment in that year of a joint resolution, the subject matter of which is limited to the purpose of specifically allowing a bond authorization for the year. The joint resolution must be in effect before a bill or joint resolution authorizing bonds may be given first reading in the House of Representatives or Senate. A project may be authorized in the act or joint resolution only for a state agency or institution included in the annual general appropriations act.
(B) A bill or joint resolution authorizing state general obligation bonds may not be given third reading in the House of Representatives or Senate or reported from a committee of conference or free conference unless it is accompanied by the certificate of the State Treasurer stating that debt service on all outstanding general obligation bonds, when added to the treasurer's estimate of debt service on all such previously authorized but unissued bonds, and the bonds authorized in the bill or joint resolution, regardless of the authorization date, does not exceed the then current limit on debt service imposed by Section 13(6)(c), Article X of the Constitution of this State.
(C) For purposes of this section, state general obligation bonds are those bonds, however described, subject to the limitation on debt service imposed pursuant to Section 13(6)(c), Article X of the Constitution of this State."
SECTION 3. This act takes effect July 1, 2009, and applies for state general obligation bonds authorized in legislation first enacted on or after that date.
This web page was last updated on Monday, October 10, 2011 at 12:13 P.M.