S 1010 General Bill, By Verdin, Cromer, McConnell, L. Martin, S. Martin, Knotts, 
Ryberg, Campbell, Grooms, Bryant, Davis, Shoopman, Campsen, Peeler, Bright, 
Fair, Rose, Thomas, Cleary, Gregory, O'Dell, Alexander, Massey and Hayes

Similar(S 1058)
 A BILL TO AMEND CHAPTER 71, TITLE 59 OF THE 1976 CODE, RELATING TO SCHOOL
 BONDS, BY ADDING SECTION 59-71-35 TO PROHIBIT SCHOOL DISTRICTS FROM ISSUING
 GENERAL OBLIGATION BONDS FOR GENERAL OPERATING EXPENSES.

   11/28/11  Senate Prefiled
   11/28/11  Senate Referred to Committee on Education
   01/10/12  Senate Introduced and read first time (Senate Journal-page 11)
   01/10/12  Senate Referred to Committee on Education
                     (Senate Journal-page 11)

TO AMEND CHAPTER 71, TITLE 59 OF THE 1976 CODE, RELATING TO SCHOOL BONDS, BY ADDING SECTION 59-71-35 TO PROHIBIT SCHOOL DISTRICTS FROM ISSUING GENERAL OBLIGATION BONDS FOR GENERAL OPERATING EXPENSES.

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

SECTION    1.    Chapter 71, Title 59 of the 1976 Code is amended by adding:

"Section 59-71-35.    The authorities of any operating school unit may not issue general obligation bonds of the operating school unit for the purpose of defraying costs associated with the general operations of the operating school unit."

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