A bill

to amend the South Carolina Code of Laws by amending Section 11-37-100, relating to Bonds to be authorized by resolution of the south carolina resources authority, so as to delete the requirement that the authority must only issue bonds for those projects recommended to the authority by the water resources coordinating council; and by repealing Section 11-37-200 relating to the water resources coordinating council.

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

SECTION 1.Section 11-37-100 of the S.C. Code is amended to read:

Section 11-37-100.The bonds of the authority must be authorized by a resolution of the authority. The bonds must bear the date and mature at the time which the resolution provides, except that no bond may mature more than thirty years from its date of issue. The bonds may be in the denominations, be executed in the manner, be payable in the medium of payment, be payable at the place and at the time, and be subject to redemption or repurchase and contain other provisions determined by the authority prior to their issuance. The bonds may bear interest payable at a time and at a rate as determined by the authority pursuant to the provisions of Section 11-9-350, including the determination by agents designated by the authority under guidelines established by it. Bonds may be sold by the authority at public or private sale at the price it determines and approves.

The State Treasurer shall issue the bonds of the authority not later than sixty days upon the resolution of the authority authorizing the issuance of the bonds. The authority must only issue bonds for those projects recommended to the authority by the Water Resources Coordinating Council as established in Section 11-37-200.

SECTION 2. Section 11-37-200 of the S.C. Code is repealed.

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

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