S 607 Session 111 (1995-1996)
S 0607 Joint Resolution, By Leatherman
A Joint Resolution proposing an amendment to Article X, Sections 14 and 15,
Constitution of South Carolina, 1895, relating to the bonded indebtedness of
political subdivisions and school districts, so as to increase the general
obligation debt limit from eight to twelve percent of the assessed value of
all taxable property of political subdivisions and school districts.
03/07/95 Senate Introduced and read first time SJ-6
03/07/95 Senate Referred to Committee on Finance SJ-6
A JOINT RESOLUTION
PROPOSING AN AMENDMENT TO ARTICLE X, SECTIONS 14
AND 15, CONSTITUTION OF SOUTH CAROLINA, 1895,
RELATING TO THE BONDED INDEBTEDNESS OF
POLITICAL SUBDIVISIONS AND SCHOOL DISTRICTS, SO
AS TO INCREASE THE GENERAL OBLIGATION DEBT LIMIT
FROM EIGHT TO TWELVE PERCENT OF THE ASSESSED
VALUE OF ALL TAXABLE PROPERTY OF POLITICAL
SUBDIVISIONS AND SCHOOL DISTRICTS.
Be it enacted by the General Assembly of the State of South
Carolina:
SECTION 1. It is proposed that Section 14(7)(a), Article X, of
the Constitution of this State be amended to read:
"(a) For any of its corporate purposes in an amount not
exceeding eight twelve percent of the assessed value
of all taxable property of such the political
subdivision; or".
SECTION 2. The proposed amendment must be submitted to the
qualified electors at the next general election for representatives.
Ballots must be provided at the various voting precincts with the
following words printed or written on the ballot:
"Must Section 14(7)(a), Article X of the Constitution of
this State be amended so as to increase the general obligation debt
limit from eight to twelve percent of the assessed value of all
taxable property of a political subdivision?
Yes []
No []
Those voting in favor of the question shall deposit a ballot with a
check or cross mark in the square after the word `Yes', and those
voting against the question shall deposit a ballot with a check or
cross mark in the square after the word `No'."
SECTION 3. It is proposed that subsection (6) of Section 15,
Article X of the Constitution of this State be amended to read:
"(6) In addition to the bonded indebtedness authorized by
subsection (5), during the period beginning on the date of the
ratification of this article in 1977 and ending on the fifth
anniversary of that date, the governing body of any
a school district may incur bonded indebtedness to the limit
authorized by Section 5, Article X of the Constitution as of January
1, 1976, and upon such the terms and conditions as
the General Assembly may have heretofore or may hereafter
prescribe; provided, however. However,
that in determining the limit authorized by Section 5, Article
X of the Constitution, and in the event the assessed
value of all taxable property in any a school district
decreases in any year during the aforesaid this
five-year period to an amount less than the assessed value of all
taxable property in any such the school district as of
December 31, 1975, the assessed value of all taxable property of
any such the school district as of December 31,
1975, shall must be applied in determining any
such the school district's bonded indebtedness during
the aforesaid this five-year period. After the fifth
anniversary of that date, the governing body of any
the school district may incur general obligation debt in an
amount not exceeding eight twelve percent of the
assessed value of all taxable property of such the
school district subject to the provisions of subsection (3) of this
section and upon such terms and conditions as the General
Assembly may prescribe.
In computing the eight twelve percent debt
limitation imposed by the provisions of this subsection, bonded
indebtedness existing on the date of the fifth anniversary of the
ratification of this article in 1977 and bonded indebtedness incurred
under the provisions of subsection (5) of this section shall
must not be considered in the computation of the
eight twelve percent limitation."
SECTION 4. The proposed amendment must be submitted to
the qualified electors at the next general election for representatives.
Ballots must be provided at the various voting precincts with the
following words printed or written on the ballot:
"Must Section 15, Article X of the Constitution of this
State relating to authorized bonded indebtedness of school districts
be amended so as to increase the general obligation debt limit from
eight percent to twelve percent of the assessed value of all taxable
property of the school district?
Yes []
No []
Those voting in favor of the question shall deposit a ballot with a
check or cross mark in the square after the word `Yes', and those
voting against the question shall deposit a ballot with a check or
cross mark in the square after the word `No'."
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