S*0451(Rat #0029, Act #0017 of 2007)  General Bill, By Courson, Setzler, 
Leatherman and Alexander

Similar(H 3563)
 AN ACT TO AMEND SECTION 59-119-940, AS AMENDED, CODE OF LAWS OF SOUTH
 CAROLINA, 1976, RELATING TO CLEMSON UNIVERSITY ATHLETIC FACILITIES REVENUE
 BONDS, SO AS TO RAISE THE OUTSTANDING DEBT LIMIT FOR THESE BONDS FROM SIXTY
 MILLION DOLLARS TO TWO HUNDRED MILLION DOLLARS; AND TO AMEND SECTION 9 OF ACT
 518 OF 1980, AS AMENDED, RELATING TO THE UNIVERSITY OF SOUTH CAROLINA ATHLETIC
 FACILITIES REVENUE BONDS, SO AS TO RAISE THE OUTSTANDING DEBT LIMIT FROM SIXTY
 MILLION DOLLARS TO TWO HUNDRED MILLION DOLLARS. - ratified title

   02/15/07  Senate Introduced and read first time SJ-8
   02/15/07  Senate Referred to Committee on Finance SJ-8
   02/28/07  Senate Committee report: Favorable Finance SJ-23
   03/01/07  Senate Read second time SJ-8
   03/01/07  Senate Unanimous consent for third reading on next
                     legislative day SJ-8
   03/02/07  Senate Read third time and sent to House SJ-3
   03/06/07  House  Introduced and read first time HJ-8
   03/06/07  House  Referred to Committee on Ways and Means HJ-9
   04/17/07  House  Committee report: Favorable Ways and Means HJ-7
   04/19/07  House  Read second time HJ-12
   04/19/07  House  Unanimous consent for third reading on next
                     legislative day HJ-13
   04/20/07  House  Read third time and enrolled HJ-4
   04/26/07         Ratified R 29
   05/02/07         Vetoed by Governor
   05/03/07  Senate Veto overridden by originating body Yeas-32  Nays-4
   05/08/07  House  Veto overridden Yeas-98  Nays-7 HJ-7
   05/16/07         Copies available
   05/16/07         Effective date 05/08/07
   05/22/07         Act No. 17

(A17, R29, S451)

AN ACT TO AMEND SECTION 59-119-940, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CLEMSON UNIVERSITY ATHLETIC FACILITIES REVENUE BONDS, SO AS TO RAISE THE OUTSTANDING DEBT LIMIT FOR THESE BONDS FROM SIXTY MILLION DOLLARS TO TWO HUNDRED MILLION DOLLARS; AND TO AMEND SECTION 9 OF ACT 518 OF 1980, AS AMENDED, RELATING TO THE UNIVERSITY OF SOUTH CAROLINA ATHLETIC FACILITIES REVENUE BONDS, SO AS TO RAISE THE OUTSTANDING DEBT LIMIT FROM SIXTY MILLION DOLLARS TO TWO HUNDRED MILLION DOLLARS.

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

Limitations on bonds

SECTION    1.    Section 59-119-940 of the 1976 Code, as last amended by Act 198 of 2004, is further amended to read:

"Section 59-119-940.    Upon receiving the approval of the state board and upon review by the Joint Bond Review Committee, the trustees may from time to time borrow such sums as necessary to accomplish the purpose of this article and to evidence such borrowings by bonds issued pursuant to this article in the aggregate principal amount as they determine, except that other provisions of this article to the contrary notwithstanding, there must not be outstanding at any time bonds issued pursuant to this article in the aggregate principal amount as they determine, except that other provisions of this article to the contrary notwithstanding, there must not be outstanding at any time bonds issued pursuant to this article in excess of two hundred million dollars."

Limitations on bonds

SECTION    2.    Section 9D of Act 518 of 1980, as last amended by Act 182 of 2005, is further amended to read:

"D.    May Issue Bonds.

Subject to obtaining the approval of the state board expressed by resolution duly adopted, the trustees are authorized to issue from time to time not exceeding two hundred million dollars of bonds for the purpose of acquiring, constructing, reconstructing, renovating, or equipping athletic facilities and for the purpose of refunding any previous series of bonds authorized by this section. If the trustees, in authorizing the issuance of bonds pursuant to this section, prescribe by resolution that there must be on deposit in the Bond Reserve Fund certain sums at the time of the delivery of the bonds, the trustees are empowered to utilize a portion of the proceeds of any series of bonds issued pursuant to this section in order to meet the requirement."

Time effective

SECTION    3.    This act takes effect upon approval by the Governor.

Ratified the 26th day of April, 2007.

Vetoed by the Governor -- 5/2/07.

Veto overridden by Senate -- 5/3/07.

Veto overridden by House -- 5/8/07.