H 4020 General Bill, By C.V. Marchbanks

Similar(S 775)
 A Bill to amend Act 456 of 1961, as amended, relating to the issuance of bonds
 by Clemson University for student and faculty housing facilities, so as to
 increase from forty to forty-five million dollars the authorized amount of the
 bonds and to extend the capitalized interest period from one to two years.

   04/12/95  House  Introduced and read first time HJ-21
   04/12/95  House  Referred to Committee on Ways and Means HJ-21
   03/14/96  House  Committee report: Favorable Ways and Means HJ-6
   03/20/96  House  Read second time HJ-20
   03/21/96  House  Read third time and sent to Senate HJ-21
   03/21/96  Senate Introduced and read first time
   03/21/96  Senate Referred to Committee on Education

COMMITTEE REPORT

March 14, 1996

H. 4020

S. Printed 3/14/96--H.

Read the first time April 12, 1995.

To whom was referred a Bill (H. 4020), to amend Act 456 of 1961, as amended, relating to the issuance of bonds by Clemson University for student and faculty housing facilities, etc., respectfully

That they have duly and carefully considered the same, and recommend that the same do pass:

HENRY E. BROWN, JR., for Committee.

1. Estimated Cost to State-First Year$ - 0 -

2. Estimated Cost to State-Annually Thereafter$ - 0 -

House Bill 4020 would amend Act 456 of 1961, as amended, relating to the issuance of bonds by Clemson University for student and faculty housing facilities, so as to increase from forty to forty-five million dollars the authorized amount of the bonds. The bill would also extend the capitalized interest period from one to two years.

According to Clemson University, "other" funds would be used to cover any additional costs associated with this bill.

Prepared By: Approved By:

Harry S. Bell, Jr. George N. Dorn, Jr.

Allan Kincaid Director, Office of State Budget

State Budget Analyst

A BILL

TO AMEND ACT 456 OF 1961, AS AMENDED, RELATING TO THE ISSUANCE OF BONDS BY CLEMSON UNIVERSITY FOR STUDENT AND FACULTY HOUSING FACILITIES, SO AS TO INCREASE FROM FORTY TO FORTY-FIVE MILLION DOLLARS THE AUTHORIZED AMOUNT OF THE BONDS AND TO EXTEND THE CAPITALIZED INTEREST PERIOD FROM ONE TO TWO YEARS.

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

SECTION 1. Section 4 of Act 456 of 1961, as last amended by Act 624 of 1990, is further amended to read:

"Section 4. Upon receiving the approval of the State Budget and Control Board and upon review by the Joint Bond Review Committee as provided in Chapter 47, Title 2 of the 1976 Code, the trustees from time to time may borrow further sums as may be necessary to accomplish the purpose of this act and to evidence the borrowings by bonds issued pursuant to this act in an aggregate principal amount as they determine except, that other provisions of this act to the contrary notwithstanding, there must not be outstanding at any time bonds issued pursuant to this act in excess of forty forty-five million dollars."

SECTION 2. Item 1 of Section 13 of Act 456 of 1961, is amended to read:

"1. To issue bonds in such amount, within the limitations herein provided for, as the trustees shall deem consider necessary, provided that it shall be is lawful for the trustees to use a portion of the principal proceeds derived from any sale of bonds, except bonds issued to effect refunding of outstanding bonds, to meet the payment of interest on such these bonds for a period of one year two years, it being recognized by the General Assembly, that until the facilities, to be constructed with the proceeds of the loan, shall be are completed, an undue burden may be imposed upon then existing revenues."

SECTION 3. This act takes effect upon approval by the Governor.