H 4100 General Bill, By Askins
 A BILL TO AMEND SECTION 11-27-110, CODE OF LAWS OF SOUTH CAROLINA, RELATING TO
 THE APPLICATION OF THE CONSTITUTIONAL LIMIT ON BONDED INDEBTEDNESS TO LEASE
 PURCHASE OR FINANCING AGREEMENTS, SO AS TO EXEMPT FROM THE DEFINITION THE
 REFINANCING OR REFUNDING OF EXISTING AGREEMENTS IF THE GOVERNMENTAL ENTITY
 DETERMINES THAT SAVINGS CAN BE ACHIEVED BY REFINANCING OR REFUNDING.

   05/01/97  House  Introduced and read first time HJ-6
   05/01/97  House  Referred to Committee on Ways and Means HJ-6

TO AMEND SECTION 11-27-110, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE APPLICATION OF THE CONSTITUTIONAL LIMIT ON BONDED INDEBTEDNESS TO LEASE PURCHASE OR FINANCING AGREEMENTS, SO AS TO EXEMPT FROM THE DEFINITION THE REFINANCING OR REFUNDING OF EXISTING AGREEMENTS IF THE GOVERNMENTAL ENTITY DETERMINES THAT SAVINGS CAN BE ACHIEVED BY REFINANCING OR REFUNDING.

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

SECTION 1. Section 11-27-110 of the 1976 Code, as added by Act 55 of 1995, is amended by adding a new subsection at the end to read:

"(E) This section does not apply to a financing agreement entered into for the purpose of refinancing any existing financing agreement, lease agreement, or similar agreement or refunding outstanding certificates of participation payable from a financing agreement, lease agreement, or similar agreement, if the governing body of the governmental entity determines that a savings can be achieved through the refinancing or refunding."

SECTION 2. This act takes effect upon approval by the Governor.