H*2675 Session 106 (1985-1986)
H*2675(Rat #0172, Act #0292 of 1985) General Bill, By J.C. Hearn, M.D. Burriss,
T.M. Burriss, P.W. Derrick, P. Evatt, J. Faber, J.G. Felder, L.I. Hendricks,
J.R. Klapman, Koon, F.E. McBride, Patterson, T.F. Rogers, Sharpe, C.L. Sturkie,
L.L. Taylor and J.H. Toal
A Bill to authorize the Richland-Lexington Airport Commission to issue not
exceeding twenty million dollars of general obligation bonds of
Richland-Lexington Airport District; to prescribe the conditions under which
they may be issued; to prescribe the use of their proceeds; to make provision
for the payment thereof; to authorize the Commission to establish, operate,
and maintain foreign trade zones within the district; and to authorize the
Commission to establish inland ports, and to amend Act 681 of 1962, as
amended, relating to the Richland-Lexington Airport Commission, so as to
increase the membership of the Commission from eight to ten members.-amended
title
03/26/85 House Introduced, read first time, placed on calendar
without reference HJ-1622
03/27/85 House Debate adjourned HJ-1849
03/28/85 House Amended HJ-1932
03/28/85 House Read second time HJ-1933
03/29/85 House Read third time and sent to Senate HJ-1941
04/02/85 Senate Introduced SJ-1243
04/10/85 Senate Amended SJ-1455
05/01/85 Senate Read second time SJ-1876
05/01/85 Senate Ordered to third reading with notice of
amendments SJ-1876
05/02/85 Senate Amended SJ-1901
05/02/85 Senate Read third time SJ-1902
05/02/85 Senate Returned SJ-1902
05/08/85 House Concurred in Senate amendment and enrolled HJ-3033
05/08/85 House Reconsider vote whereby concurred HJ-3066
05/08/85 House Senate amendment amended HJ-3066
05/08/85 House Returned HJ-3067
05/14/85 Senate Concurred in House amendment and enrolled SJ-2057
05/21/85 Ratified R 172
05/24/85 Signed By Governor
05/24/85 Effective date 05/24/85
05/24/85 Act No. 292
06/04/85 Copies available
(A292, R172, H2675)
AN ACT TO AUTHORIZE THE RICHLAND-LEXINGTON AIRPORT COMMISSION TO ISSUE NOT
EXCEEDING TWENTY MILLION DOLLARS OF GENERAL OBLIGATION BONDS OF
RICHLAND-LEXINGTON AIRPORT DISTRICT; TO PRESCRIBE THE CONDITIONS UNDER WHICH THEY
MAY BE ISSUED; TO PRESCRIBE THE USE OF THEIR PROCEEDS; TO MAKE PROVISION FOR THE
PAYMENT THEREOF; TO AUTHORIZE THE COMMISSION TO ESTABLISH, OPERATE, AND MAINTAIN
FOREIGN TRADE ZONES WITHIN THE DISTRICT; AND TO AUTHORIZE THE COMMISSION TO
ESTABLISH INLAND PORTS, AND TO AMEND ACT 681 OF 1962, AS AMENDED, RELATING TO THE
RICHLAND-LEXINGTON AIRPORT COMMISSION, SO AS TO INCREASE THE MEMBERSHIP OF THE
COMMISSION FROM EIGHT TO TEN MEMBERS.
Be it enacted by the General Assembly of the State of South Carolina:
Findings
SECTION 1. The General Assembly finds that Act 681 of 1962 created the
Richland-Lexington Airport District (district) and committed to the commission
therein designated as Richland-Lexington Airport Commission (commission) the
function of establishing modern air transport facilities in the district. The
General Assembly further finds that by Acts 681 of 1962, 641 of 1963, 782 of
1969, 1950 of 1972, and 427 of 1975, the commission was authorized to issue
general obligation bonds of the district and to use the funds for the
construction, enlargement, improvement, and extension of suitable airport
facilities within the district. The bonds were heretofore issued and their
proceeds applied in the manner prescribed by these acts. It has now been
determined that the facilities are inadequate and that new construction and land
acquisition are needed and the existing facilities require enlarging, improving,
and extending and existing revenue debt needs refinancing and that the sum of
twenty million dollars is necessary therefor. The General Assembly also finds
that the United States Customs Service has established a customs facility at the
district's air transportation facilities to accommodate international traffic,
and it also finds that to better serve the international needs of the district
it is desirable that it have the authority to operate a foreign trade zone and
an inland port.
The General Assembly, therefore, has determined to authorize the commission to
raise the additional sum through the issuance and sale of not exceeding twenty
million dollars of general obligation bonds of the district and to establish and
operate a foreign trade zone and inland port.
Commission may issue bonds
SECTION 2. In order to provide funds for refinancing existing debt and the
construction, enlargement, improvement, extension, renovation, or land
acquisition for the construction of suitable airport facilities within the
Richland-Lexington Airport District, the commission may issue not exceeding
twenty million dollars of general obligation bonds of the district. All or any
general obligation bonds issued pursuant to this act shall conform to the
following specifications and are subject to the following procedures:
(a) They must be issued from time to time as several separate issues. Not
more than ten million dollars of the bonds may be issued prior to July 1, 1987.
They must be in such denominations, bear such date as the commission shall
determine, and bonds of any issue shall mature in equal or unequal installments
as may be determined by the commission. They must be made payable at such place
as the commission may prescribe, and they shall bear interest at such rate
(within the limitations of Section 11-9-350 of the 1976 Code), and are payable
in such manner as the commission may determine. The bonds must be issued in
fully registered form. Any bond issued pursuant to this act may be made subject
to redemption prior to its stated maturity, on such terms and conditions, and
with such redemption premium as the commission may prescribe.
(b) They must be sold at no less than par and accrued interest to the date of
their respective deliveries at public sale. At least ten days prior to any sale,
notice announcing the intention to receive bids for sale of such bonds must be
published in a newspaper of general circulation in the State of South Carolina.
In offering the bonds for sale, the commission shall reserve the right to reject
any and all bids and, if all bids are rejected, the commission may negotiate
privately for the disposition of the bonds.
(c) The bonds and all interest to become due thereon shall have the tax-exempt
status prescribed by Section 12-1-60 of the 1976 Code.
(d) All general obligation bonds issued pursuant to this act must be signed
by the chairman of the commission. The seal of the district must be affixed to,
impressed, or reproduced upon each of the bonds and each of the bonds must be
attested by the secretary of the commission. A facsimile of the signature of the
chairman and a facsimile of the signature of the secretary of the commission, who
shall be in office on the date of the adoption of the resolution of the
commission authorizing the bonds, shall be sufficient for the purposes of this
act.
(e) The delivery of any bonds so executed and authenticated are valid
notwithstanding any changes in officers or seal occurring after the execution and
authentication.
(f) There is irrevocably pledged for the payment of the bonds and interest as
they mature the full faith, credit, and resources of the district. Until the
principal and interest of all bonds issued under this act are fully paid, there
is levied on all taxable property in the district an annual ad valorem tax
sufficient to pay the principal and interest of all bonds issued under this act
as the principal and interest become due. The tax must be annually levied by the
Comptroller General of South Carolina and collected by the county treasurers of
Richland and Lexington counties at the same time and in the same manner as county
taxes are collected. Each of the county treasurers shall collect the tax in his
county and pay it to the State Treasurer in the manner and within the time
provided by law for the payment of state taxes to the State Treasurer who shall
set them apart in a special fund and apply them solely to the payment of
principal and interest of the bonds so long as any principal or interest remains
outstanding. The tax to be levied under the provisions of this paragraph must
not be substantially greater than the amount necessary to pay principal and
interest of bonds maturing during the year in which monies produced by such levy
will come into the hands of the State Treasurer, as reduced by the anticipated
balance of funds actually in the hands of the State Treasurer, on the occasion
when it becomes necessary to fix the tax levy, produced by: (1) additional
collections from levies made in prior years; (2) net revenues derived by the
commission from the operation of its facilities not required to meet costs of
operating, maintaining, enlarging, and improving its facilities, or to discharge
covenants securing bonds issued pursuant to paragraph 18 of Section 5 of Act 681
of 1962. When all principal and interest of outstanding bonds have been paid,
the State Treasurer shall transfer any balance remaining in the special fund
created under the terms of this paragraph to the general fund of the commission
subject to its draft or order for any legitimate purpose incident to the
operation, maintenance, or extension of the district's airport facilities.
(g) The proceeds derived from the sale of the bonds must be deposited with the
State Treasurer in a separate and special fund and are subject to transfer, upon
warrants or orders of the commission, to any bank or trust company having an
office within the district to be expended by the commission for the purpose of
meeting any costs incurred in the issuance of the bonds and to meet the cost of
construction, land acquisition, maintaining, extending, enlarging, and improving
airport facilities within the district and to no other purposes. Any premium
received must be deposited with the State Treasurer and applied by him to the
first installment of principal becoming due on the bonds and any accrued interest
must be applied to the first installment of interest becoming due on the bonds.
Pending withdrawals, the State Treasurer shall, upon the request of the
commission, be empowered to invest and reinvest the proceeds derived from the
sale of the bonds in direct general obligations of the United States of America
or any agency thereof having a maturity of not more than one year from the date
as of which the investment is made. Income derived from the investments is
subject to the transfer, upon warrants or orders of the commission to any bank
or trust company having an office within the district to be expended by the
commission for the purposes of meeting the costs of issuing the bonds and any
costs in excess of twenty million dollars incurred in the costs of the
facilities. Neither the purchaser of the bonds nor any subsequent holders are
responsible for the proper application of the proceeds of sales.
(h) The powers and authorizations conferred upon the commission are in
addition to all other powers and authorizations previously vested in it and may
be availed of at a special or regular meeting of the commission by resolution to
become effective immediately upon its adoption at the meeting at which it is
presented. No action other than that prescribed herein need be taken to effect
the issuance of the bonds nor shall the commission be required to obtain the
approval of any other public body or agency to any action taken pursuant to the
authorization of this act.
Commission may make application to Foreign-Trade Zones Board
SECTION 3. The Richland-Lexington Airport Commission may make application to the
Foreign-Trade Zones Board for the purpose of establishing, operating, and
maintaining foreign-trade zones in the district, under the act of Congress known
as the Foreign-Trade Zones Act which provides for the establishment, operation,
and maintenance of foreign-trade zones in the United States.
The commission shall select and describe the location of the zones for which
application may be made and shall make such regulations concerning the operation,
maintenance, and policing of them as may be necessary to insure compliance with
the Foreign-Trade Zones Act and for other appropriate purposes.
The commission has the authority to own, erect, maintain, and operate or lease
any structures or buildings or enclosures as may be necessary or proper for
establishing, operating, and maintaining such foreign trade zones within the
district.
The authority granted to the commission confers the right and duty and power
to do all things necessary and proper to achieve compliance with the
Foreign-Trade Zones Act and to carry into effect the establishing, operating, and
maintaining of foreign-trade zones within the district.
Commission may establish inland ports
SECTION 4. The commission may establish inland ports to provide services for the
handling of general merchandise cargo. No inland port may be established unless
it is designated as a United States Port of Entry by the United States Customs
Service. The commission shall select and describe the location of any inland
port and may own, erect, maintain, and operate or lease any structure, building,
or enclosure as may be necessary for the establishment, operation, and
maintenance of any port. The commission shall make such regulations and do such
other things as may be necessary to carry out the purposes of this section.
Richland-Lexington Airport Commission, composition, terms
SECTION 5. Section 3 of Act 681 of 1962, as amended by Act 427 of 1971, is
further amended to read:
"Section 3. The corporate powers and duties of the Richland-Lexington
Airport District must be exercised and performed by a commission to be known as
Richland-Lexington Airport Commission. The commission must be composed of ten
members to be appointed by the Governor as follows: four members must be
appointed upon the recommendation of a majority of the Lexington County
Legislative Delegation, four members must be appointed upon the recommendation
of a majority of the Richland County Legislative Delegation and two members must
be appointed upon the recommendation of the city council of the city of Columbia.
The members of the commission shall serve for terms of four years and until their
successors are appointed and qualify. In the event of a vacancy for any reason,
other than the expiration of a term, a successor must be appointed in the same
manner of the original appointment for the balance of the unexpired term.
Notwithstanding the expiration of the term of office of any member, he shall
continue to serve until his successor has been recommended, appointed and
qualified, but any delay in appointing a successor shall not extend the term of
the successor. The members of the commission shall serve without compensation,
except for their actual and necessary expenses while in performance of duties
prescribed under this act."
Terms of present commission members
SECTION 6. The members of the Richland-Lexington Airport Commission serving on
the effective date of this act shall continue to serve until their current terms
of office expire; provided, that if any member of the commission is presently
serving as a hold-over member because his successor has not been appointed, his
term is deemed expired on the effective date of this act.
Time effective
SECTION 7. This act shall take effect upon approval by the Governor. |