S*0869(Rat #0376, Act #0337 of 1984)  General Bill, By Senate Finance
 A Bill to amend Section 59-107-120, Code of Laws of South Carolina, 1976,
 relating to state institution bonds, so as to delete the provision which
 states that no bonds may be issued to mature after the year 1995.

   03/07/84  Senate Introduced, read first time, placed on calendar
                     without reference SJ-911
   03/13/84  Senate Read second time SJ-989
   03/22/84  Senate Read third time and sent to House SJ-1141
   03/23/84  House  Introduced and read first time HJ-1843
   03/23/84  House  Referred to Committee on Ways and Means HJ-1843
   04/04/84  House  Committee report: Favorable Ways and Means HJ-2136
   04/11/84  House  Debate adjourned HJ-2325
   04/12/84  House  Read second time HJ-2400
   04/17/84  House  Read third time and enrolled HJ-2421
   04/17/84  House  Reconsidered HJ-2421
   04/17/84  House  Debate adjourned HJ-2421
   04/17/84  House  Reconsidered HJ-2426
   04/17/84  House  Read third time and enrolled HJ-2426
   04/18/84         Ratified R 376
   04/23/84         Signed By Governor
   04/23/84         Effective date 04/23/84
   04/23/84         Act No. 337
   05/01/84         Copies available

AN ACT TO AMEND SECTION 59-107-120, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO STATE INSTITUTION BONDS, SO AS TO DELETE THE PROVISION WHICH STATES THAT NO BONDS MAY BE ISSUED TO MATURE AFTER THE YEAR 1995.

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

State institution bonds

SECTION 1. Section 59-107-120 of the 1976 Code is amended to read:

"Section 59-107-120. The state institution bonds must be in the denomination of one thousand dollars or in any multiple thereof. They shall bear interest, payable semiannually, at a rate or rates not exceeding the maximum interest rate specified in the State Board's request for the issuance of the state institution bonds. Each issue of state institution bonds shall mature in annual series or installments, the last of which shall mature not more than twenty years after the date of the bonds. The installments or series may be equal or unequal in amount. The state institution bonds may, in the discretion of the State Board, be made subject to redemption at par and accrued interest, plus such redemption premium as it may approve, and on such occasions as may be specified in the request for the issuance of the state institution bonds. State institution bonds may not be redeemable before maturity unless they contain a statement to that effect."

Time effective

SECTION 2. This act shall take effect upon approval by the Governor.