H 3732 Joint Resolution, By D.M. Beasley, R.A. Barber and Boan
 A Joint Resolution proposing an amendment to Article X, Section 15,
 Constitution of South Carolina, 1895, relating to the bonded indebtedness of
 school districts, so as to increase the general obligation debt limit from
 eight to fifteen percent of the assessed value of all taxable property of
 school districts.

   03/26/91  House  Introduced and read first time HJ-9
   03/26/91  House  Referred to Committee on Ways and Means HJ-9

A JOINT RESOLUTION

PROPOSING AN AMENDMENT TO ARTICLE X, SECTION 15, CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO THE BONDED INDEBTEDNESS OF SCHOOL DISTRICTS, SO AS TO INCREASE THE GENERAL OBLIGATION DEBT LIMIT FROM EIGHT TO FIFTEEN PERCENT OF THE ASSESSED VALUE OF ALL TAXABLE PROPERTY OF SCHOOL DISTRICTS.

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

SECTION 1. It is proposed that Article X, Section 15(6) 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 terms and conditions as the General Assembly may have heretofore provided previously or may hereafter later prescribe;. provided, however that However, in determining the limit authorized by Section 5, Article X of the Constitution, in the event if the assessed value of all taxable property in any a school district decreases in any year during the aforesaid previously mentioned five-year period to an amount less than the assessed value of all taxable property in any such that school district as of December 31, 1975, the assessed value of all taxable property of any such that school district as of December 31, 1975, shall must be applied in determining any such that school district's bonded indebtedness during the aforesaid previously mentioned five-year period. After the fifth anniversary of that date, the governing body of any school district may incur general obligation debt in an amount not exceeding eight fifteen 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 those terms and conditions as the General Assembly may prescribe.

In computing the eight fifteen 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 fifteen percent limitation."

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 15(6) of Article X of the Constitution of this State be amended so as to increase the general obligation debt limit from eight to fifteen percent of the assessed value of all taxable property of a school district?

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'."