H*4537 Session 109 (1991-1992)
H*4537(Rat #0397, Act #0350 of 1992) General Bill, By J.G. McAbee, M.H. Kinon and
A.C. McGinnis
A Bill to amend Chapter 130 of Title 59, Code of Laws of South Carolina, 1976,
relating to the College of Charleston by adding Article 3 so as to authorize
the board of trustees to issue revenue bonds in order to provide funds for the
construction, reconstruction, improvement, and equipping of buildings, to
provide that the bonds must be secured by a lien on the pledge of revenues
derived from rentals, fees, and other charges, to provide procedures for the
authorization of the bonds; and to designate Sections 59-130-10 through
59-130-50 as Article 1, Chapter 130, Title 59 and entitled "General
Provisions".
03/09/92 House Introduced and read first time HJ-5
03/09/92 House Referred to Committee on Ways and Means HJ-5
03/31/92 House Committee report: Favorable with amendment Ways
and Means HJ-32
04/15/92 House Amended HJ-36
04/15/92 House Read second time HJ-38
04/16/92 House Read third time and sent to Senate HJ-12
04/21/92 Senate Introduced and read first time SJ-6
04/21/92 Senate Referred to Committee on Finance SJ-6
04/22/92 Senate Recalled from Committee on Finance SJ-4
04/23/92 Senate Read second time SJ-31
04/23/92 Senate Unanimous consent for third reading on next
legislative day SJ-32
04/24/92 Senate Read third time and enrolled SJ-4
04/28/92 Ratified R 397
05/04/92 Signed By Governor
05/04/92 Effective date 05/04/92
05/04/92 Act No. 350
06/17/92 Copies available
(A350, R397, H4537)
AN ACT TO AMEND CHAPTER 130 OF TITLE 59, CODE
OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE
COLLEGE OF CHARLESTON, BY ADDING ARTICLE 3 SO
AS TO AUTHORIZE THE BOARD OF TRUSTEES TO ISSUE
REVENUE BONDS IN ORDER TO PROVIDE FUNDS FOR
THE CONSTRUCTION, RECONSTRUCTION,
IMPROVEMENT, AND EQUIPPING OF BUILDINGS, TO
PROVIDE THAT THE BONDS MUST BE SECURED BY A
LIEN ON THE PLEDGE OF REVENUES DERIVED FROM
RENTALS, FEES, AND OTHER CHARGES, TO PROVIDE
PROCEDURES FOR THE AUTHORIZATION OF THE
BONDS; AND TO DESIGNATE SECTIONS 59-130-10
THROUGH 59-130-50 AS ARTICLE 1, CHAPTER 130, TITLE
59 AND ENTITLED "GENERAL
PROVISIONS".
Be it enacted by the General Assembly of the State of South
Carolina:
Revenue bonds
SECTION 1. Chapter 130 of Title 59 of the 1976 Code is
amended by adding:
"Article 3
Revenue Bonds
Section 59-130-210. For purposes of this article `equipment'
means items with a useful life of at least fifteen years.
Section 59-130-220. The College of Charleston, in this
article referred to as the college, may issue revenue bonds of the
college for the purpose of financing or refinancing in whole or in
part the cost of construction, reconstruction, improvement, and
equipment of buildings for the purposes of the college, including,
without limiting the generality of the foregoing, dormitories,
apartment buildings, dwelling houses, dining halls, cafeterias,
parking facilities, sports facilities, and inns or for any one or more
of these purposes.
Section 59-130-230. Revenue bonds issued under this article
must be authorized by a resolution or resolutions of the board of
trustees of the college. The resolution of the college may, in the
discretion of the board, contain provisions, which must be a part
of the contract between the college and the several holders of the
bonds, as to any of the following:
(1) the custody, security, use, expenditure or application of the
proceeds of the bonds;
(2) the construction and completion of the building or
equipment for which the bonds are issued;
(3) the use, regulation, operation, maintenance, insurance, or
disposition of the building or equipment for which the bonds are
issued or restrictions on the exercise of the powers of the board of
trustees to dispose of or to limit or regulate the use of the building
or equipment;
(4) the payment of the principal of or interest on the bonds
and the sources and methods of the payment, the rank or priority
of the bonds as to any lien or security or the acceleration of the
maturity of the bonds;
(5) the use and disposition of the revenues derived or to be
derived from the operation of the building or equipment;
(6) the pledging, setting aside, depositing, or trusteeing of the
revenues from which the bonds are made payable to secure the
payment of the principal of and interest on the bonds or the
payment of expenses of operation and maintenance of the building
or equipment;
(7) the setting aside out of the revenues of reserves or sinking
funds and the source, custody, security, regulation, and
disposition of them;
(8) the determination of the definition of the revenues or of
the expenses of operation and maintenance of the building or
equipment for which the bonds are issued;
(9) the rentals, fees, or other charges from students, faculty
members and others using or being served by, or having the right
to use or be served by, the building or equipment for which the
bonds are issued and any parts, extensions, replacements, or
improvements of them constructed or acquired and the fixing,
establishment, collection, and enforcement of them, the amount or
amounts of revenues to be produced by them and the disposition
and application of the amounts charged or collected;
(10) limitations on the issuance of additional bonds or any
other obligations or the incurrence of indebtedness payable from
the same revenues from which the bonds are payable;
(11) parietal rules to insure the use of the building or
equipment by students or members of the faculty of the college to
the maximum extent to which the building or equipment is
capable of serving the students or faculty members;
(12) the procedure, if any, by which the terms of any
covenant or contract with, or duty to, the holders of the bonds may
be amended or abrogated, the amount of bonds to which the
holders of which must consent, and the manner in which the
consent may be given or evidenced; and
(13) any other matter or course of conduct which, by
recital in the resolution or resolutions authorizing or providing for
the bonds, is declared to further secure the payment of the
principal of or interest on the bonds.
Section 59-130-240. Revenue bonds may be issued in one or
more series, may bear such date or dates, may mature at such time
or times, not exceeding forty years from their respective dates,
may bear interest at such rate or rates, may be payable in such
medium of payment and at such place or places, may be in such
denomination or denominations, may be in such form, either
coupon or registered, may carry such registration privileges, may
be subject to such terms of redemption before maturity, with or
without premium, and may contain such terms, covenants, and
conditions as the resolution authorizing the issuance of the bonds
may provide. The bonds must be fully negotiable within the
meaning of and for all the purposes of the Uniform Commercial
Code.
Section 59-130-250. The bonds must be exempt from state,
county, municipal, and school taxes.
Section 59-130-260. The bonds must be signed in the
corporate name of the college by the chairman of the board of
trustees of the college, under the corporate seal of the college
attested by the secretary of the board of trustees. Interest coupons
attached to the bonds must be signed by the facsimile signatures
of these officers. The bonds may be issued notwithstanding that
any of the officials signing them or whose facsimile signatures
appear on the coupons have ceased to hold office at the time of
the issue or at the time of the delivery of the bonds to the
purchaser.
Section 59-130-270. The bonds must be sold at public or
private sale upon such terms and conditions as the board of
trustees of the college considers advisable.
Section 59-130-280. The board of trustees or its proper
administrative officers shall file with the State Treasurer within
thirty days from the date of their issuance a complete description
of all obligations entered into by the board, with the rates of
interest, maturity dates, annual payments, and all pertinent data.
Section 59-130-290. All provisions of a resolution authorizing
or providing for the issuance of the bonds in accordance with
Section 59-130-230 and of the covenants and agreements
constitute valid and legally binding contracts between the college
and the several holders of the bonds, regardless of the time of
issuance of the bonds, and is enforceable by the holder or holders
by mandamus or other appropriate action, suit, or proceeding at
law or in equity in any court of competent jurisdiction.
Section 59-130-300. The bonds must be made payable
solely from the revenues derived by the college from the operation
of the building or equipment for which the bonds are issued or, in
the discretion of the board of trustees of the college, from the
revenues and also from any other revenues of the college except
revenues derived from appropriations received from the General
Assembly. The bonds are not obligations of the State."
Sections designated
SECTION 2. Sections 59-130-10 through 59-130-50 of the 1976
Code are designated as Article 1, Chapter 130, Title 59 and
entitled "General Provisions".
Time effective
SECTION 3. This act takes effect upon approval by the
Governor.
Approved the 4th day of May, 1992. |