H 3819 Joint Resolution, By D.C. Waldrop
 A Joint Resolution proposing an amendment to Section 15, Article X of the
 Constitution of South Carolina, 1895, relating to authorized bonded
 indebtedness of school districts, so as to reduce the authorized debt
 limitation from eight percent to four percent of the assessed value of all
 taxable property of the school district.

   04/01/93  House  Introduced and read first time HJ-8
   04/01/93  House  Referred to Committee on Ways and Means HJ-8

A JOINT RESOLUTION

PROPOSING AN AMENDMENT TO SECTION 15, ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO AUTHORIZED BONDED INDEBTEDNESS OF SCHOOL DISTRICTS, SO AS TO REDUCE THE AUTHORIZED DEBT LIMITATION FROM EIGHT PERCENT TO FOUR PERCENT OF THE ASSESSED VALUE OF ALL TAXABLE PROPERTY OF THE SCHOOL DISTRICT.

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

SECTION 1. 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 four 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 four 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 four percent limitation.

If a school district's bonded indebtedness exceeds the four percent debt limitation on the effective date of the ratification of the provisions of this subsection providing for the four percent limitation, this excess is permitted to continue until the bonds then in existence causing the excess have been retired. Nothing herein, however, prevents the refinancing of these excess bonds at lower interest rates provided no additional principal indebtedness is incurred. While the excess continues, school districts only may incur additional bonded indebtedness in the manner authorized by subsection (3) of this section."

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, Article X of the Constitution of this State relating to authorized bonded indebtedness of school districts be amended so as to reduce the authorized debt limitation from eight percent to four percent of the assessed value of all taxable property of the 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'."