Current Status Introducing Body:
HouseBill Number: 3002Ratification Number: 145Act Number: 83Primary Sponsor: KirshType of Legislation: GBSubject: General obligation bonds, countiesDate Bill Passed both Bodies: Apr 24, 1991Computer Document Number: 3002Governor's Action: SDate of Governor's Action: May 27, 1991Introduced Date: Jan 08, 1991Last History Body: ------Last History Date: May 27, 1991Last History Type: Act No. 83Scope of Legislation: StatewideAll Sponsors: KirshType of Legislation: General Bill
Bill Body Date Action Description CMN ---- ------ ------------ ------------------------------ --- 3002 ------ May 27, 1991 Act No. 83 3002 ------ May 27, 1991 Signed by Governor 3002 ------ May 21, 1991 Ratified R 145 3002 Senate Apr 24, 1991 Read third time, enrolled for ratification 3002 Senate Apr 23, 1991 Read second time, notice of general amendments 3002 Senate Apr 17, 1991 Committee Report: Favorable 11 3002 Senate Mar 21, 1991 Introduced, read first time, 11 referred to Committee 3002 House Mar 21, 1991 Read third time, sent to Senate 3002 House Mar 20, 1991 Read second time 3002 House Mar 19, 1991 Committee Report: Favorable 30 3002 House Jan 08, 1991 Introduced and read first 30 time, referred to Committee 3002 House Dec 12, 1990 Prefiled, referred to 30 CommitteeView additional legislative information at the LPITS web site.
(A83, R145, H3002)
AN ACT TO AMEND SECTION 4-15-30, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE ISSUANCE OF GENERAL OBLIGATION BONDS OF A COUNTY AS A RESULT OF AN ELECTION AND THE TIME LIMIT FOR THE ISSUANCE OF THEM, SO AS TO EXTEND THE TIME LIMIT FOR THE ISSUANCE OF THESE BONDS FROM THREE TO FIVE YEARS AND TO PROVIDE THAT THE FIVE-YEAR PERIOD IS TOLLED WHILE LITIGATION CONTESTING THE VALIDITY OF THE ELECTION IS PENDING.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. (A) Article X of the Constitution of South Carolina, 1895, which became effective on November 30, 1977, provides in Section 14(6)(c) that general obligation debt authorized as a result of a favorable referendum result of an election must be issued within five years of the date of that referendum. However, Section 4-15-30 of the 1976 Code provides that bonds authorized as a consequence of a favorable result of an election must be issued within three years following the election. In order to conform Section 4-15-30, with the provision of new Article X of the Constitution of South Carolina, it is necessary to provide that all bonds authorized as a result of the favorable election must be issued within five years following the date on which the election was held.
(B) It has come to the attention of the General Assembly that litigation challenging an election may take several years to complete. It has further come to the attention of the General Assembly that during the pendency of this litigation, bonds authorized by the election may not be issued due to the existence of the litigation. In order to permit the five-year period contemplated by the Constitution during which bonds may be issued following an election, it may be necessary to provide that the five-year period is tolled while litigation contesting the validity of the election is pending.
Time limit extended
SECTION 2. Section 4-15-30 of the 1976 Code is amended to read:
"Section 4-15-30. (A) The authorities of a county may issue general obligation bonds of the county to defray the cost of any authorized purpose and for any amount not exceeding its applicable constitutional debt limit, if:
(1) the election required by this chapter as a condition precedent to the issuance of bonds is favorable; and
(2) the bonds are issued within five years following the holding of the election.
(B) Bonds issued pursuant to the provisions of this chapter may be issued in either a single issue or from time to time as several separate issues.
(C) The five-year period required in (A)(2) of this section is tolled while litigation contesting the validity of the election is pending."
SECTION 3. The provisions of this act apply to all elections conducted pursuant to the provisions of Chapter 15, Title 4 of the 1976 Code after January 1, 1985.
SECTION 4. This act takes effect upon approval by the Governor.
Approved the 27th day of May, 1991.