H*3419 Session 112 (1997-1998)
H*3419(Rat #0224, Act #0103 of 1997) General Bill, By Cobb-Hunter, Harrell,
Harvin, Kennedy and R. Smith
A BILL TO AMEND SECTIONS 59-127-310, 59-127-320, 59-127-400, 59-127-440, AND
59-127-460, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO SPECIAL
OBLIGATION BONDS OF SOUTH CAROLINA STATE UNIVERSITY, SO AS TO DEFINE "NET
ATHLETIC REVENUES" AND ADD THESE REVENUES TO THOSE REVENUE SERVICES PREVIOUSLY
AVAILABLE FOR DEBT SERVICE ON THESE BONDS, TO RAISE THE THREE MILLION DOLLAR
OUTSTANDING DEBT LIMIT FOR THESE BONDS TO TWENTY MILLION DOLLARS, TO AUTHORIZE
BOND PROCEEDS TO BE USED FOR ACQUIRING, CONSTRUCTING, RECONSTRUCTING,
RENOVATING, OR EQUIPPING ATHLETIC FACILITIES, AND TO REFUND PREVIOUSLY ISSUED
BONDS, AND TO DELETE PROVISIONS RELATING TO ADVERTISING OF ISSUES.-AMENDED
TITLE
02/11/97 House Introduced and read first time HJ-4
02/11/97 House Referred to Committee on Ways and Means HJ-5
04/17/97 House Committee report: Favorable with amendment Ways
and Means HJ-5
04/29/97 House Amended HJ-18
04/29/97 House Read second time HJ-19
04/30/97 House Read third time and sent to Senate HJ-8
05/01/97 Senate Introduced and read first time SJ-19
05/01/97 Senate Referred to Committee on Finance SJ-19
05/21/97 Senate Committee report: Favorable with amendment
Finance SJ-20
05/22/97 Senate Amended SJ-62
05/22/97 Senate Read second time SJ-62
05/22/97 Senate Ordered to third reading with notice of
amendments SJ-62
06/03/97 Senate Read third time and returned to House with
amendments SJ-86
06/03/97 House Concurred in Senate amendment and enrolled HJ-159
06/09/97 Ratified R 224
06/13/97 Signed By Governor
06/13/97 Effective date 06/13/97
06/24/97 Copies available
06/24/97 Act No. 103
(A103, R224, H3419)
AN ACT TO AMEND SECTIONS 59-127-310, 59-127-320,
59-127-400, 59-127-440, AND 59-127-460, CODE OF LAWS OF
SOUTH CAROLINA, 1976, RELATING TO SPECIAL OBLIGATION
BONDS OF SOUTH CAROLINA STATE UNIVERSITY, SO AS TO
DEFINE "NET ATHLETIC REVENUES" AND ADD
THESE REVENUES TO THOSE REVENUE SERVICES
PREVIOUSLY AVAILABLE FOR DEBT SERVICE ON THESE
BONDS, TO RAISE THE THREE MILLION DOLLAR
OUTSTANDING DEBT LIMIT FOR THESE BONDS TO TWENTY
MILLION DOLLARS, TO AUTHORIZE BOND PROCEEDS TO BE
USED FOR ACQUIRING, CONSTRUCTING, RECONSTRUCTING,
RENOVATING, OR EQUIPPING ATHLETIC FACILITIES, AND TO
REFUND PREVIOUSLY ISSUED BONDS, AND TO DELETE
PROVISIONS RELATING TO ADVERTISING OF ISSUES.
Be it enacted by the General Assembly of the State of South Carolina:
Definition
SECTION 1. Section 59-127-310 of the 1976 Code, as added by
Act 514 of 1992, is amended by adding at the end:
"(10) 'Net athletic revenues' means the entire revenues derived
by the athletic department of the University for any fiscal year after
payment of the operating and maintenance expenses of the department but
before provision is made for depreciation, amortization, nonmandatory
transfers, and interest expenses of the department for the fiscal
year."
Debt limit
SECTION 2. Section 59-127-320(B) of the 1976 Code, as added
by Act 514 of 1992, is amended to read:
"(B) Subject to obtaining the approval of the state board
expressed by resolution duly adopted, the trustees are authorized to issue
not more than twenty 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. Bonds issued pursuant to this section are
payable from the admission fee, the special student fee, and net athletic
revenues."
Sale of bonds
SECTION 3. Section 59-127-400 of the 1976 Code, as added by
Act 514 of 1992, is amended to read:
"Section 59-127-400. All bonds must be disposed of in a
manner the trustees determine, except that a sale, privately negotiated
without public advertisement, must not be made unless the approval of the
state board is obtained."
Powers
SECTION 4. Section 59-127-440(1) of the 1976 Code, as added
by Act 514 of 1992, is amended to read:
"(1) covenant and agree throughout the life of the bonds that the
admission fee or the special student fee, or both, are imposed, maintained,
and revised when necessary, in an amount, without limitation as to rate,
as is sufficient, when added to net athletic revenues in any year, to meet
the payment of the principal and interest for the bonds as they become
due, and to create a cushion or reserve fund as the trustees consider
prudent. The cushion or reserve must be used only to meet the payment
of the principal and interest on the bonds under the conditions as the
trustees prescribe and must be maintained in a manner as to insure its
availability for repayment;"
Additional bonds
SECTION 5. Section 59-127-460 of the1976 Code, as added by Act
514 of 1992, is amended to read:
"Section 59-127-460. The trustees are authorized to issue
additional bonds in one or more series as provided in the resolutions
authorizing the original series of bonds for the purpose of refunding or
retiring the bonds or for the purpose of enlarging or improving the
football stadium. "
Time effective
SECTION 6. This act takes effect upon approval by the
Governor.
Approved the 13th day of June, 1997. |