H 3083 General Bill, By Koon and C.L. Sturkie
 A Bill to prohibit Lexington County School District 1 from undertaking
 construction or renovation projects by means of lease-purchase or
 lease-leaseback agreements, to provide that lease-leaseback and lease-purchase
 agreements entered into by the governing body of the district constitute
 general obligation debt for the period of the lease subject to the debt
 limitations imposed by Article X, Section 15, Constitution of South Carolina,
 1895, and to provide for general obligation debt existing on the effective
 date of this Section and the manner of issuing additional general obligation
 debt.

   01/12/93  House  Introduced, read first time, placed on calendar
                     without reference HJ-38
   01/13/93  House  Read second time HJ-32
   01/14/93  House  Debate adjourned until Thursday, January 28, 1993 HJ-25
   01/28/93  House  Debate adjourned until Wednesday, March 17, 1993 HJ-14
   03/17/93  House  Amended HJ-10
   03/17/93  House  Read third time and sent to Senate HJ-10
   03/17/93  Senate Introduced and read first time SJ-11
   03/17/93  Senate Referred to delegation from Lexington SJ-12
   05/11/93  Senate Recalled from delegation Lexington SJ-20

May 11, 1993

H. 3083

L. Printed 5/11/93--S.

Read the first time March 17, 1993.

A BILL

TO PROHIBIT LEXINGTON COUNTY SCHOOL DISTRICT 1 FROM UNDERTAKING CONSTRUCTION OR RENOVATION PROJECTS BY MEANS OF LEASE-PURCHASE OR LEASE-LEASEBACK AGREEMENTS, TO PROVIDE THAT LEASE-LEASEBACK AND LEASE-PURCHASE AGREEMENTS ENTERED INTO BY THE GOVERNING BODY OF THE DISTRICT CONSTITUTE GENERAL OBLIGATION DEBT FOR THE PERIOD OF THE LEASE SUBJECT TO THE DEBT LIMITATIONS IMPOSED BY ARTICLE X, SECTION 15, CONSTITUTION OF SOUTH CAROLINA, 1895, AND TO PROVIDE FOR GENERAL OBLIGATION DEBT EXISTING ON THE EFFECTIVE DATE OF THIS SECTION AND THE MANNER OF ISSUING ADDITIONAL GENERAL OBLIGATION DEBT.

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

SECTION 1. (A) Lexington County School District 1 may not undertake construction or renovation projects financed by means of lease-purchase or lease-leaseback agreements.

(B) A lease-leaseback or lease-purchase agreement entered into by the governing body of the district with a public or private corporate entity before the effective date of this section constitutes general obligation debt for the period of the lease. The general obligation debt incurred by this lease-leaseback or lease-purchase agreement is subject to the constitutional debt limitations imposed by Article X, Section 15 of the Constitution of South Carolina, 1895. To the extent that general obligation debt existing on the effective date of this section exceeds the constitutional limit, the excess debt is allowed. Nothing in this section prohibits refinancing of existing general obligation debt nor does it prohibit the issue of additional general obligation debt in the manner provided by Article X, Section 15 of the Constitution of this State.

SECTION 2. This act takes effect July 1, 1994.