Current Status Introducing Body:Senate Bill Number:452 Ratification Number:469 Act Number:404 Primary Sponsor:Waddell Type of Legislation:GB Subject:Business inventory property tax exemption Date Bill Passed both Bodies:May 19, 1992 Computer Document Number:JIC/5174.HC Governor's Action:S Date of Governor's Action:Jun 02, 1992 Introduced Date:Jan 10, 1991 Date of Last Amendment:May 13, 1992 Last History Body:------ Last History Date:Jun 02, 1992 Last History Type:Act No. 404 Scope of Legislation:Statewide All Sponsors:Waddell Type of Legislation:General Bill
Bill Body Date Action Description CMN
---- ------ ------------ ------------------------------ ---
452 ------ Jun 02, 1992 Act No. 404
452 ------ Jun 02, 1992 Signed by Governor
452 ------ May 27, 1992 Ratified R 469
452 House May 19, 1992 Concurred in Senate
amendment, enrolled for
ratification
452 Senate May 13, 1992 House amendments amended,
returned to House
452 Senate May 13, 1992 Reconsidered vote whereby
concurred in House amendment
452 Senate May 13, 1992 Concurred in House amendment,
enrolled for ratification
452 House Apr 29, 1992 Read third time, returned
with amendment
452 House Apr 28, 1992 Amended, read second time
452 House Apr 28, 1992 Reconsidered vote whereby
debate was adjourned until
Wednesday, April 29, 1992
452 House Apr 23, 1992 Debate Adjourned until
Wednesday, April 29, 1992
452 House Apr 07, 1992 Committee Report: Favorable 30
with amendment
452 House Feb 20, 1991 Introduced, read first time, 30
referred to Committee
452 Senate Feb 19, 1991 Read third time, sent to House
452 Senate Feb 14, 1991 Read second time
452 Senate Feb 13, 1991 Committee Report: Favorable 06
452 Senate Jan 10, 1991 Introduced, read first time, 06
referred to Committee
View additional legislative information at the LPITS web site.
(A404, R469, S452)
AN ACT TO AMEND SECTIONS 41-43-20, 41-43-50, 41-43-90, 41-43-100, 41-43-110, 41-43-160, 41-43-210, 41-43-220, 41-43-230, 41-43-240, AND 41-43-280, ALL OF THE CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEFINITIONS, EARNINGS, POWERS, ADDITIONAL POWERS, USE OF BOND PROCEEDS, LOAN PROGRAMS, ADMINISTRATIVE FUNDS, DISPOSITION OF PROPERTY, AND CUMULATIVE EFFECT PROVISIONS OF THE SOUTH CAROLINA JOBS-ECONOMIC DEVELOPMENT AUTHORITY, SO AS TO, AMONG OTHER THINGS, REVISE THE DEFINITIONS OF "ADMINISTRATIVE FUNDS" AND "PROGRAM FUNDS" AND PROVIDE THAT THESE FUNDS INCLUDE EARNINGS, TO ALLOW THE AUTHORITY TO RETAIN UNEXPENDED FUNDS, TO REVISE THE POWERS OF THE AUTHORITY IN ACQUIRING PROPERTY, INCLUDING EXEMPTING THE AUTHORITY FROM THE SOUTH CAROLINA CONSOLIDATED PROCUREMENT CODE, DELETE CERTAIN INVESTMENT REQUIREMENTS, AUTHORIZE GRANTS, PROVIDE FOR EMPLOYMENT AT WILL AND FOR CERTAIN EMPLOYEE BENEFITS, EXEMPT EMPLOYEES AND PERSONNEL PROCEDURES FROM STATE EMPLOYEE GRIEVANCE PROCEDURES, AUTHORIZE REFUNDING OF BONDS, DELETE AN OBSOLETE REFERENCE TO THE AUTHORITY OF THE STATE BUDGET AND CONTROL BOARD TO APPROVE RATES OF INTEREST, TO AUTHORIZE LOAN PROCEEDS TO FINANCE WORKING CAPITAL AND PROVIDE FOR THE SERVICING OF LOANS, TO REVISE THE HANDLING OF FUNDS, TO AUTHORIZE PROGRAM FUNDS TO PAY ADMINISTRATIVE EXPENSES, TO REVISE PROPERTY DISPOSAL PROVISIONS, TO PROVIDE THAT A CORPORATION FORMED BY THE AUTHORITY IS A PUBLIC PROCUREMENT UNIT AND AUTHORITY OFFICERS AND EMPLOYEES MAY ACT WITHOUT COMPENSATION FOR SUCH CORPORATIONS, TO PROVIDE THAT THE AUTHORITY IS A STATE AGENCY FOR PURPOSES OF TORT LIABILITY BUT IS NOT CONSIDERED AN AGENCY FOR BUDGET REQUESTS OR THE AUTHORITY OF THE JOINT LEGISLATIVE COMMITTEE ON PERSONAL SERVICE FINANCING AND BUDGETING, AND TO PROVIDE FOR THE SEVERABILITY OF ILLEGAL OR UNENFORCEABLE PROVISIONS OF THIS ACT.
Be it enacted by the General Assembly of the State of South Carolina:
Funds
SECTION 1. Items (C) and (E) of Section 41-43-20 of the 1976 Code are amended to read:
"(C) `Administrative funds' means all monies, received by the authority from the general fund of the State or from the exercise of the power of taxation by the State or any of its political subdivisions which are designated specifically to be used for the payment of administrative expenses, and the earnings on the funds.
(E) `Program funds' means any monies, including, but not limited to, the proceeds from bond sales, the sale or disposition of any assets, or any other source available to the authority, other than administrative funds and the earnings on the funds."
Funds
SECTION 2. Section 41-43-50 of the 1976 Code is amended by adding at the end:
"The authority shall retain unexpended funds at the close of the state fiscal year regardless of the source of the funds and expend the funds in subsequent fiscal years. Nothing contained in this chapter may be construed to imply that the authority may not receive state general appropriation funds or state general obligation bond proceeds."
Powers and duties
SECTION 3. (1) That portion of Section 41-43-90 of the 1976 Code which precedes item (A) is amended to read:
"The authority has the rights and powers of a body politic and corporate and body corporate of this State, including without limitation all the rights and powers necessary or convenient to manage the business and affairs of the authority and to take action it considers advisable, necessary, or convenient in carrying out its powers, including, but not limited to, the following rights and powers:"
(2) Items (E), (I), (J), (N), and (O) of Section 41-43-90 of the 1976 Code are amended to read:
"(E) Notwithstanding any provision of law or regulation to the contrary, and in accordance with its own procurement procedures and regulations as approved by the Budget and Control Board, which must, at a minimum, incorporate the provisions of Sections 11-35-5210 through 11-35-5270, inclusive, acquire, purchase, hold, use, improve, manage, lease, mortgage, pledge, sell, transfer, and dispose of any property, real, personal, or mixed, or any interest in any property, or revenues of the authority, including as security for notes, bonds, evidences of indebtedness, or other obligations of the authority. Except for the provisions of Sections 11-35-5210 through 11-35-5270, inclusive, in exercising the powers authorized in this chapter the authority is exempt from Title 11, Chapter 35. The authority has no power to pledge the credit and the taxing power of the State or any of its political subdivisions.
(I) Reserved.
(J) Make commitments, guarantees, grants, or loans utilizing any of its program funds to or on behalf of persons, partnerships, firms, corporations, agencies, or entities, whether public or private, in accordance with the provisions of this chapter and under terms as are not inconsistent with any existing obligation, including any obligation imposed as a condition of the receipt of any such program funds.
(N) Employ and dismiss, at the will and pleasure of the authority, officers, agents, employees, consultants, and other providers of services as the authority considers necessary and appropriate and to fix and to pay their compensation. Employees of the authority or an entity established pursuant to Section 41-43-240 are not considered state employees except for eligibility for participation in the South Carolina Retirement System and the State Health Insurance Group Plans and pursuant to Chapter 78 of Title 15. The provisions of Article 5, Chapter 17 of Title 8, and Chapter 35 of Title 11 do not apply to the authority. The authority is responsible for complying with other state and federal laws covering employers. The authority may contract with the Division of Human Resource Management of the State Budget and Control Board to establish a comprehensive human resource management program.
(O) Fix, alter, charge, and collect reasonable tolls, fees, rents, charges, and assessments for the use of the facilities of, or for the services rendered by, the authority the rates to be at least sufficient to provide for payment of all expenses of the authority."
Powers
SECTION 4. Section 41-43-100 of the 1976 Code is amended to read:
"Section 41-43-100. In addition to other powers vested in the authority by existing laws, the authority has all powers granted the counties and municipalities of this State pursuant to the provisions of Chapter 29 of Title 4, including the issuance of bonds by the authority and the refunding of bonds issued under that chapter. The authority may issue bonds upon receipt of a certified resolution by the county or municipality in which the project, as defined in Chapter 29 of Title 4, is or will be located, containing the findings set forth in Section 4-29-60 and evidence of a public hearing held not less than fifteen days after publication of notice in a newspaper of general circulation in the county in which the project is or will be located. The authority may combine for the purposes of a single offering bonds to finance more than one project. The interest rate of bonds issued pursuant to this section is not subject to approval by the State Budget and Control Board."
Bonds
SECTION 5. Section 41-43-110(A) of the 1976 Code is amended to read:
"(A) The authority may issue bonds to provide funds for any program authorized by this chapter. The bonds authorized by this chapter are limited obligations of the authority. The principal and interest are payable solely out of the revenues derived by the authority. The bonds issued do not constitute an indebtedness of the State or the authority within the meaning of any state constitutional provision or statutory limitation. They are an indebtedness payable solely from a revenue producing source or from a special source which does not include revenues from any tax or license. The bonds do not constitute nor give rise to a pecuniary liability of the State or the authority or a charge against the general credit of the authority or the State or taxing powers of the State and this fact must be plainly stated on the face of each bond. The bonds may be executed and delivered at any time as a single issue or from time to time as several issues, may be in such form and denominations, may be of such tenor, may be in coupon or registered form, may be payable in such installments and at such time, may be subject to terms of redemption, may be payable at such place, may bear interest at such rate payable at such place and evidenced in such manner, and may contain such provisions not inconsistent herewith, all of which are provided in the resolution of the authority authorizing the bonds. Subject to Budget and Control Board approval, any bonds issued under this section may be sold at public or private sale as may be determined to be most advantageous. The bonds may be sold at public or private sale and, if by private sale, the authority shall designate the syndicate manager or managers. The authority may pay all expenses, premiums, insurance premiums, and commissions which it considers necessary from proceeds of the bonds or program funds in connection with the sale of bonds. The interest rate of bonds issued pursuant to this section is not subject to approval by the State Budget and Control Board."
Loans
SECTION 6. The first paragraph of Section 41-43-160 of the 1976 Code is amended to read:
"The authority may utilize any of its program funds to establish loan programs pursuant to this section for the purpose of reducing the cost of capital to business enterprises which meet the eligibility requirements of Section 41-43-150. Proceeds of loans under this section are utilized: (i) to acquire, by construction or purchase, land and buildings or other improvements thereon, machinery, equipment, office furnishings or other depreciable assets, or for research and design costs, legal and accounting fees, or other expenses in connection with the acquisition or construction thereof; or (ii) for the research, testing, and developing of new products, machinery, equipment, and industrial or commercial processes, and the initial marketing thereof. Loan proceeds also may be used to finance working capital. The authority shall require as a condition of each loan made pursuant to this section that the loan must be serviced by a loan administrator which meets criteria established by the authority."
Funds
SECTION 7. Section 41-43-210 of the 1976 Code is amended to read:
"Section 41-43-210. All funds of the authority must be segregated or otherwise accounted for as administrative or program funds and deposited by the authority in a financial institution or institutions to be designated by the State Treasurer in accordance with policies established by the board of the authority. Funds of the authority must be paid out only upon warrants issued in accordance with policies established by the board of the authority. No warrants may be drawn or issued disbursing any of the funds of the authority except for a purpose authorized by this chapter."
Obligations
SECTION 8. Section 41-43-220 of the 1976 Code is amended to read:
"Section 41-43-220. The authority must not incur any obligations, other than obligations related to administrative expenses, payable out of administrative funds. All other obligations are payable solely from program funds which limitation is clearly stated on the face of any bonds and in the text of any other obligation or contract. However, program funds may be used to pay administrative expenses."
Property
SECTION 9. Section 41-43-230 of the 1976 Code is amended to read:
"Section 41-43-230. The authority may dispose of any property acquired by it on terms and conditions considered appropriate. The authority is not required to advertise property or take bids thereon."
Corporations
SECTION 10. The first paragraph of Section 41-43-240 of the 1976 Code is amended to read:
"The authority is authorized to establish profit or not-for-profit corporations as it considers necessary to carry out the purposes of this chapter. Officials or employees of the authority may act as officials or employees without additional compensation of a corporation created pursuant to this section. A corporation established pursuant to this section is considered a `public procurement unit' for purposes of Article 19, Chapter 35 of Title 11."
Agency
SECTION 11. Section 41-43-280 of the 1976 Code is amended to read:
"Section 41-43-280. Neither this chapter nor anything contained in this chapter is construed as a restriction or limitation upon any powers which the authority might otherwise have under any laws of this State, but is construed as cumulative.
Notwithstanding any provision of law or regulation to the contrary, the authority shall continue to be an `agency' for purposes of Chapter 78 of Title 15, but the authority is not considered an `agency' or `state agency' or any other form of state institution for purposes of Sections 2-7-65 and 2-57-60."
Severability
SECTION 12. If a term or provision of a section of this act is found to be illegal or unenforceable, the remainder of this act nonetheless remains in full force and effect and the illegal or unenforceable term or provision is deleted and severed from this act.
Time effective
SECTION 13. This act takes effect July 1, 1992.
Approved the 2nd day of June, 1992.