H 3856 General Bill, By W.S. Houck, Bailey, C.D. Chamblee, B.H. Harwell, 
J. Hines, M.F. Jaskwhich, Kirsh, Koon, McKay, D.E. McTeer, T.F. Rogers, 
J.J. Snow, Stuart, Wilder, Wilkins and Witherspoon

Similar(S 226)
 A Bill to amend the Code of Laws of South Carolina, 1976, by adding Section
 11-27-110 so as to provide lease-purchase or lease-back agreements involving
 real property entered into by the State or political subdivisions of the state
 wherein the state or political subdivision is the lessee constitutes general
 obligation debt for the period of the lease and to provide that this general
 obligation debt may not violate the constitutional debt limitations applicable
 to the state or political subdivision under Article X of the State
 Constitution.

   04/06/93  House  Introduced and read first time HJ-7
   04/06/93  House  Referred to Committee on Ways and Means HJ-7

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 11-27-110 SO AS TO PROVIDE LEASE-PURCHASE OR LEASE-BACK AGREEMENTS INVOLVING REAL PROPERTY ENTERED INTO BY THE STATE OR POLITICAL SUBDIVISIONS OF THE STATE WHEREIN THE STATE OR POLITICAL SUBDIVISION IS THE LESSEE CONSTITUTES GENERAL OBLIGATION DEBT FOR THE PERIOD OF THE LEASE AND TO PROVIDE THAT THIS GENERAL OBLIGATION DEBT MAY NOT VIOLATE THE CONSTITUTIONAL DEBT LIMITATIONS APPLICABLE TO THE STATE OR POLITICAL SUBDIVISION UNDER ARTICLE X OF THE STATE CONSTITUTION.

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

SECTION 1. The 1976 Code is amended by adding:

"Section 11-27-110. A lease-back or lease-purchase agreement involving real property entered into by this State or a political subdivision thereof with a public or private entity wherein the State or political subdivision is the lessee 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 applicable to the State or political subdivision under Article X of the State Constitution."

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