South Carolina General Assembly
109th Session, 1991-1992

Bill 1074


Indicates Matter Stricken
Indicates New Matter


                    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



History


 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
                             Committee

View additional legislative information at the LPITS web site.


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

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.

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