Current Status Introducing Body:Senate Bill Number:1074 Primary Sponsor:Leatherman Committee Number:04 Type of Legislation:GB Subject:School district trustees, general obligation debt for lease Residing Body:Senate Current Committee:Education Computer Document Number:436/11923.SD Introduced Date:Jan 14, 1992 Last History Body:Senate Last History Date:Jan 14, 1992 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Leatherman Leventis Type of Legislation:General Bill
Bill Body Date Action Description CMN ---- ------ ------------ ------------------------------ --- 1074 Senate Jan 14, 1992 Introduced, read first time, 04 referred to Committee 1074 Senate Oct 14, 1991 Prefiled, referred to 04 CommitteeView additional legislative information at the LPITS web site.
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 59-19-255 SO AS TO ESTABLISH THAT LEASE-LEASEBACK AND LEASE-PURCHASE AGREEMENTS ENTERED INTO BY THE GOVERNING BODY OF A SCHOOL DISTRICT CONSTITUTES GENERAL OBLIGATION DEBT FOR THE PERIOD OF THE LEASE AND MAY NOT VIOLATE THE DEBT LIMITATIONS IMPOSED BY ARTICLE X, SECTION 15, CONSTITUTION OF SOUTH CAROLINA, 1895.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The 1976 Code is amended by adding:
"Section 59-19-255. A lease-leaseback or lease-purchase agreement entered into by the governing body of a school district with a public or a private corporate entity constitutes general obligation debt for the period of the lease. The general obligation debt incurred by this lease-leaseback or lease-purchase agreement may not violate the constitutional debt limitations imposed by Article X, Section 15 of the Constitution of South Carolina, 1895."
SECTION 2. This act takes effect upon approval by the Governor.