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

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.