S 1074 General Bill, By Leatherman and Leventis
 A Bill to amend the Code of Laws of South Carolina, 1976, by adding Section
 59-19-255 so as to establish that lease-leaseback and lease-purchase
 agreements entered into by the governing body of a school district constitutes
 general obligation debt for the period of the lease and may not violate the
 debt limitations imposed by Article X, Section 15, Constitution of South
 Carolina, 1895.

   10/14/91  Senate Prefiled
   10/14/91  Senate Referred to Committee on Education
   01/14/92  Senate Introduced and read first time SJ-22
   01/14/92  Senate Referred to Committee on Education SJ-22

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 59-19-255 SO AS TO ESTABLISH THAT LEASE-LEASEBACK AND LEASE-PURCHASE AGREEMENTS ENTERED INTO BY THE GOVERNING BODY OF A SCHOOL DISTRICT CONSTITUTES GENERAL OBLIGATION DEBT FOR THE PERIOD OF THE LEASE AND MAY NOT VIOLATE THE DEBT LIMITATIONS IMPOSED BY ARTICLE X, SECTION 15, CONSTITUTION OF SOUTH CAROLINA, 1895.

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

SECTION 1. The 1976 Code is amended by adding:

"Section 59-19-255. A lease-leaseback or lease-purchase agreement entered into by the governing body of a school district with a public or a private corporate entity constitutes general obligation debt for the period of the lease. The general obligation debt incurred by this lease-leaseback or lease-purchase agreement may not violate the constitutional debt limitations imposed by Article X, Section 15 of the Constitution of South Carolina, 1895."

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