Current Status Introducing Body:
HouseBill Number: 4480Ratification Number: 413Act Number: 523Primary Sponsor: CarnellType of Legislation: GBSubject: Capital improvement bond authorizations reducedCompanion Bill Number: 1343Date Bill Passed both Bodies: Apr 23, 1992Computer Document Number: 436/12154.DWGovernor's Action: SDate of Governor's Action: May 04, 1992Introduced Date: Feb 27, 1992Date of Last Amendment: Apr 29, 1992Last History Body: ------Last History Date: Oct 07, 1992Last History Type: Act No. 523Scope of Legislation: StatewideAll Sponsors: Carnell McAbee Boan J.W. Johnson FosterType of Legislation: General Bill
Bill Body Date Action Description CMN ---- ------ ------------ ------------------------------ --- 4480 ------ Oct 07, 1992 Act No. 523 4480 ------ May 04, 1992 Signed by Governor 4480 ------ Apr 30, 1992 Ratified R 413 4480 House Apr 29, 1992 Free Conference Committee 99 Report received, adopted 4480 Senate Apr 29, 1992 Free Conference Committee 99 Report received, adopted 4480 House Apr 29, 1992 Free Conference Powers 99 granted, appointed Reps. to Committee of Free Conference 4480 Senate Apr 29, 1992 Free Conference Powers 99 granted, appointed Senators to Committee of Free Conference 4480 Senate Apr 28, 1992 Conference powers granted, 98 appointed Senators to Committee of Conference 4480 House Apr 28, 1992 Conference powers granted, 98 appointed Reps. to Committee of Conference 4480 House Apr 28, 1992 Insists upon amendment 4480 Senate Apr 28, 1992 Non-concurrence in House amendment 4480 Senate Apr 28, 1992 Reconsidered vote whereby concurred in House amendments 4480 Senate Apr 28, 1992 Recalled from Legislative Council 4480 Senate Apr 23, 1992 Concurred in House amendment, enrolled for ratification 4480 House Apr 22, 1992 Senate amendments amended, returned to Senate 4480 Senate Apr 16, 1992 Amended, read third time, returned to House with amendments 4480 Senate Mar 30, 1992 Read second time 4480 Senate Mar 26, 1992 Introduced, read first time, placed on Calendar without reference 4480 House Mar 25, 1992 Read third time, sent to Senate 4480 House Mar 24, 1992 Read second time 4480 House Mar 17, 1992 Committee Report: Favorable 30 4480 House Feb 27, 1992 Introduced, read first time, 30 referred to CommitteeView additional legislative information at the LPITS web site.
AN ACT TO AMEND ACT 1377 OF 1968, AS AMENDED, RELATING TO THE ISSUANCE OF CAPITAL IMPROVEMENT BONDS, SO AS TO REALLOCATE AND REDUCE EXISTING BOND AUTHORIZATIONS, AUTHORIZE THE ISSUANCE OF ADDITIONAL BONDS, AUTHORIZE THE STATE TREASURER TO TRANSFER AN AMOUNT NECESSARY FROM THE FUNDS OF THE VARIOUS STATE RETIREMENT SYSTEMS FOR USE TO PURCHASE OR BUILD SUITABLE OFFICE SPACE FOR THE RETIREMENT DIVISION OF THE STATE BUDGET AND CONTROL BOARD, TO PROVIDE THAT THE PURCHASE MUST CONFORM TO APPLICABLE LAWS, REGULATIONS, AND POLICIES GOVERNING ACQUISITION, TO PROVIDE THAT IT IS THE INTENT OF THE GENERAL ASSEMBLY THAT STATE CAPITAL IMPROVEMENT BONDS MAY NOT BE AUTHORIZED IN 1993, AND INCREASE THE AGGREGATE PRINCIPAL INDEBTEDNESS TO REFLECT THE ADDITIONAL CAPITAL IMPROVEMENT BONDS AUTHORIZED PURSUANT TO THE PROVISIONS OF THIS ACT.
Be it enacted by the General Assembly of the State of South Carolina:
Bond authorization reallocated
SECTION 1. Subitem 13 of Section 3 of Act 1377 of 1968, as added by Section 1 of Act 518 of 1980, is amended to read:
"13. Educational Television
on Paris Mountain. . . . . . .$1,171,900
Station. . . . . . . . . . . . . 485,000
Facility . . . . . . . . . . . . 970,000
Television Commission. .$ 2,626,900".
Bond authorization reallocated
SECTION 2. Subitem 5 of item 12 of Section 3 of Act 1377 of 1968, as added by Section 1 of Act 538 of 1986, is amended to read:
"5. Sumter Area Technical
(a) Building 400 Roof
replacement . . . . . . . 100,000
(b) Building 400 Renovations210,000".
Bond authorization reduced
SECTION 3. Sub-subitem (j), subitem 24(A) (Department of Youth Services), item (f), Section 3 of Act 1377 of 1968, as last amended by Section 6 of an act of 1991 bearing ratification number 256, is further amended to read:
"(j) Facility Roofing269,284".
SECTION 4. Item (f) of Section 3 of Act 1377 of 1968, as last amended by an act of 1991 bearing ratification number 256, is further amended by adding:
Economic Development Project25,000,000
Total, Ports Authority 25,000,000
If the Joint Bond Review Committee and the Budget and Control Board determine that the Ports Authority Economic Development Project cannot be implemented, the authorization in this subitem is void."
Bonds authorization reallocated
SECTION 5. Subitem 34 (Horry County), item (f), Section 3 of Act 1377 of 1968, as last amended by Section 8 of an act of 1991 bearing ratification number 256, is further amended to read:
"34. City of Myrtle Beach
Convention Center 5,000,000
Total, City of Myrtle Beach 5,000,000
The funds authorized in this subitem for the City of Myrtle Beach Convention Center must be matched on a three-to-one value basis as provided by the governing body of the City of Myrtle Beach or the governing body of Horry County, donations in-kind, and any other source of funds which may be obligated for the convention center, including funds of any nonprofit corporation pursuant to any certificate of participation financing of the convention center."
Funds may be transferred to purchase offices for Retirement System
SECTION 6. (A)(1) The offices of the Retirement Division of the State Budget and Control Board have relocated three times in the downtown area of Columbia during the past fifteen years, bringing about administrative hardship and creating confusion on the part of the two hundred thousand members and retirees of the various state retirement systems.
(2) The Retirement Division is currently unable to provide adequate parking for its thousands of visitors.
(3) Many state retirement systems, after careful study, have determined it to be prudent to own administrative space acquired through the use of system funds.
(4) Leasing proposals indicate ownership is a wise option for our system to pursue.
(B) The General Assembly finds that the Retirement Division of the State Budget and Control Board needs adequate and suitable office space to fulfill its ordinary and necessary functions and that ownership of adequate and suitable office space will lend stability to the division's relationship with the members and retirees of the various state retirement systems, provide adequate parking for visitors, and, when compared to leasing, preserve the funds of the various systems.
(C) The State Treasurer may transfer an amount necessary from the funds of the various state retirement systems for use in purchasing or building adequate and suitable offices primarily for the use of the Retirement Division of the State Budget and Control Board. The purchase or construction must conform to applicable laws, regulations, and policies governing acquisitions.
Legislative intent not to authorize bonds in 1993
SECTION 7. Notwithstanding the provisions of Section 2-7-105 of the 1976 Code, it is the intent of the General Assembly that state capital improvement bonds may not be authorized in 1993.
Aggregate principal indebtedness increased
SECTION 8. Section 4 of Act 1377 of 1968, as last amended by an act of 1991 bearing ratification number 256, is further amended to read:
"Section 4. The aggregate principal indebtedness on account of bonds issued pursuant to this act may not exceed $1,790,539,125.10. The limitation imposed by the provisions of this section does not apply to bonds issued on behalf of the Mental Health Commission as provided in Acts 1276 and 1272 of 1970, or to bonds issued on behalf of the Commission on Mental Retardation as provided in Act 1087 of 1970 or to bonds issued on behalf of the South Carolina Fire Academy. The limitation imposed by the provisions of this section is not considered to be an obligation of the contract made between the State and holders of bonds issued pursuant to this act, and the limitation imposed by the provisions of this section may be enlarged by acts amending it or reduced by the application of the Capital Reserve Fund or by amendments of this act. Within these limitations state capital improvement bonds may be issued under the conditions prescribed by this act."
SECTION 9. This act takes effect upon approval by the Governor.
In the Senate House April 30, 1992.
Nick A. Theodore,
President of the Senate
Robert J. Sheheen,
Speaker of the House of
Approved the 4th day of May, 1992.
Carroll A. Campbell, Jr.,
Printer's Date -- June 1, 1992 -- S.