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Bill Number: 718 Ratification Number: 179 Act Number 212 Introducing Body: Senate Subject: Obligation bonds for the College of Charleston
(A212, R179, S718)
AN ACT TO AMEND ACT 762 OF 1976, RELATING TO AUTHORIZING THE STATE COLLEGE BOARD OF TRUSTEES TO ISSUE SPECIAL OBLIGATION BONDS FOR THE COLLEGE OF CHARLESTON, SO AS TO AUTHORIZE THE ISSUANCE OF ADDITIONAL BONDS, PERMIT THE PROCEEDS TO BE USED TO REFUND BONDS OR OTHER OBLIGATIONS ISSUED TO DEFRAY THE COSTS OF ACQUIRING FACILITIES IMPROVEMENTS, AND PROVIDE FOR THE APPLICATION OF PROCEEDS OF REFUNDING BONDS, INCLUDING PRINCIPAL, PREMIUM, AND INTEREST, TO THE PURPOSE FOR WHICH THE BONDS ARE ISSUED.
Be it enacted by the General Assembly of the State of South Carolina:
Findings on facilities improvements; issuance of special obligation bonds
SECTION 1. Sections 3 and 5 of Act 762 of 1976 are respectively amended to read:
"Section 3. As an incident to the enactment of this act, the General Assembly has made the following additional findings of fact:
(1). Facilities improvements for the college are or will be required at a presently-estimated cost of in excess of fourteen million dollars.
(2). The trustees have sought, and the General Assembly has determined to grant to the trustees, the power to raise monies required for the facilities improvements through the authorizations of this act which empower the trustees to pay the principal and interest of the bonds from the proceeds of the special student fee.
Section 5. Subject to obtaining the approval of the state board expressed by adopted resolution, the trustees are authorized to issue not exceeding fourteen million dollars of bonds pursuant to the authorizations and subject to the conditions and limitations of this act. Bond proceeds must be used to provide funds:
(a) for facilities improvements designed to answer needs of students as the trustees undertake. However, each undertaking with respect to the facilities improvements must have received the prior approval of the state board; or
(b) to refund the outstanding library bonds pursuant to this act and obligations issued pursuant to Section 2 of Part IV of Act 201 of 1985, the General Appropriations Act, to acquire a three and four-tenths acre parcel with improvements now a part of the college campus."
Issuance of additional bonds
SECTION 2. Act 762 of 1976 is amended by adding:
"Section 5A. In addition to the bonds authorized in Section 5 and subject to obtaining the approval of the state board expressed by adopted resolution, the trustees are also authorized to issue bonds pursuant to the authorization and subject to the conditions and limitations of this act to refund and advance refund bonds issued pursuant to this act and the proceeds of such refunding bonds must be applied to the purpose for which the refunding bonds are issued, including principal, premium, if any, and interest to maturity or redemption date, as the case may be, together with the cost of issuance."
SECTION 3. This act takes effect upon approval by the Governor.