H*3531(Rat #0052, Act #0034 of 1989)  General Bill, By J.G. McAbee and 
R.N. McLellan
 A Bill to amend Section 11-15-460, Code of Laws of South Carolina, 1976,
 relating to the interest rate on refunding bonds, so as to delete the
 provision which requires the refunding bonds to bear rates of interest lower
 than those borne by the refunded bonds and require that prior to the issuance
 of any refunding bonds, the governing body shall determine that a savings can
 be effected through the issuance of these bonds.

   02/21/89  House  Introduced, read first time, placed on calendar
                     without reference HJ-10
   02/22/89  House  Read second time HJ-33
   02/23/89  House  Read third time and sent to Senate HJ-14
   02/23/89  Senate Introduced and read first time SJ-20
   02/23/89  Senate Referred to Committee on Finance SJ-20
   03/15/89  Senate Committee report: Favorable Finance SJ-16
   03/21/89  Senate Read second time SJ-21
   03/22/89  Senate Read third time and enrolled SJ-6
   03/28/89         Ratified R 52
   03/31/89         Signed By Governor
   03/31/89         Effective date 03/31/89
   03/31/89         Act No. 34
   04/06/89         Copies available

AN ACT TO AMEND SECTION 11-15-460, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE INTEREST RATE ON REFUNDING BONDS, SO AS TO DELETE THE PROVISION WHICH REQUIRES THE REFUNDING BONDS TO BEAR RATES OF INTEREST LOWER THAN THOSE BORNE BY THE REFUNDED BONDS AND REQUIRE THAT PRIOR TO THE ISSUANCE OF ANY REFUNDING BONDS, THE GOVERNING BODY SHALL DETERMINE THAT A SAVINGS CAN BE EFFECTED THROUGH THE ISSUANCE OF THESE BONDS.

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

Refunding bonds

SECTION 1. Section 11-15-460 of the 1976 Code is amended to read:

"Section 11-15-460. These refunding bonds must bear interest at those rates as may be determined by the governing body of the issuer. However, prior to the issuance of any refunding bonds, the governing body shall determine that a savings can be effected through the issuance of these bonds."

Time effective

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