Bill 3023

                    Current Status

Introducing Body:               House
Bill Number:                    3023
Primary Sponsor:                Gentry
Committee Number:               30
Type of Legislation:            GB
Subject:                        General obligation bonds, school
                                facilities
Residing Body:                  House
Current Committee:              Ways and Means
Computer Document Number:       3023
Introduced Date:                Jan 08, 1991
Last History Body:              House
Last History Date:              Jan 08, 1991
Last History Type:              Introduced and read first time,
                                referred to Committee
Scope of Legislation:           Statewide
All Sponsors:                   Gentry
                                Corning
                                Whipper
Type of Legislation:            General Bill

 Bill  Body    Date          Action Description              CMN
 ----  ------  ------------  ------------------------------  ---
 3023  House   Jan 08, 1991  Introduced and read first       30
                             time, referred to Committee
 3023  House   Dec 12, 1990  Prefiled, referred to           30
                             Committee

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 59-17-105 SO AS TO PROVIDE FOR THE BUDGET AND CONTROL BOARD TO ISSUE AND SELL GENERAL OBLIGATION BONDS TO RAISE THE FUNDS NECESSARY TO ASSIST PUBLIC SCHOOL DISTRICTS IN THE CONSTRUCTION AND EQUIPPING OF ADDITIONAL SCHOOL FACILITIES AND THE RENOVATION AND EXPANSION OF EXISTING SCHOOL FACILITIES.

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

SECTION 1. The 1976 Code is amended by adding:

"Section 59-17-105. The State Budget and Control Board may issue and sell general obligation bonds, under terms and conditions determined by the board, to raise the funds necessary to assist the public school districts of this State in the construction and equipping of additional school facilities and the renovation and expansion of existing school facilities. The principal of and interest on the bonds have the tax-exempt status prescribed by Section 12-1-60. The full faith, credit, and taxing power of the State is pledged for the payment of the principal of and interest on the bonds. Proceeds derived from the sale of the bonds must be received and disbursed by the State Treasurer in accordance with regulations promulgated by the State Board of Education."

SECTION 2. This act takes effect upon approval by the Governor.