Current Status Introducing Body:House Bill Number:4537 Ratification Number:397 Act Number:350 Primary Sponsor:McAbee Type of Legislation:GB Subject:University of Charleston, revenue bonds Date Bill Passed both Bodies:Apr 24, 1992 Computer Document Number:436/12209.DW Governor's Action:S Date of Governor's Action:May 04, 1992 Introduced Date:Mar 09, 1992 Date of Last Amendment:Apr 15, 1992 Last History Body:------ Last History Date:May 04, 1992 Last History Type:Act No. 350 Scope of Legislation:Statewide All Sponsors:McAbee Kinon McGinnis Type of Legislation:General Bill
Bill Body Date Action Description CMN
---- ------ ------------ ------------------------------ ---
4537 ------ May 04, 1992 Act No. 350
4537 ------ May 04, 1992 Signed by Governor
4537 ------ Apr 28, 1992 Ratified R 397
4537 Senate Apr 24, 1992 Read third time, enrolled for
ratification
4537 Senate Apr 23, 1992 Read second time, unanimous
consent for third reading on
Friday, April 24, 1992
4537 Senate Apr 22, 1992 Recalled from Committee 06
4537 Senate Apr 21, 1992 Introduced, read first time, 06
referred to Committee
4537 House Apr 16, 1992 Read third time, sent to
Senate
4537 House Apr 15, 1992 Amended, read second time
4537 House Mar 31, 1992 Committee Report: Favorable 30
with amendment
4537 House Mar 09, 1992 Introduced, read first time, 30
referred to Committee
View additional legislative information at the LPITS web site.
(A350, R397, H4537)
AN ACT TO AMEND CHAPTER 130 OF TITLE 59, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE COLLEGE OF CHARLESTON, BY ADDING ARTICLE 3 SO AS TO AUTHORIZE THE BOARD OF TRUSTEES TO ISSUE REVENUE BONDS IN ORDER TO PROVIDE FUNDS FOR THE CONSTRUCTION, RECONSTRUCTION, IMPROVEMENT, AND EQUIPPING OF BUILDINGS, TO PROVIDE THAT THE BONDS MUST BE SECURED BY A LIEN ON THE PLEDGE OF REVENUES DERIVED FROM RENTALS, FEES, AND OTHER CHARGES, TO PROVIDE PROCEDURES FOR THE AUTHORIZATION OF THE BONDS; AND TO DESIGNATE SECTIONS 59-130-10 THROUGH 59-130-50 AS ARTICLE 1, CHAPTER 130, TITLE 59 AND ENTITLED "GENERAL PROVISIONS".
Be it enacted by the General Assembly of the State of South Carolina:
Revenue bonds
SECTION 1. Chapter 130 of Title 59 of the 1976 Code is amended by adding:
Section 59-130-210. For purposes of this article `equipment' means items with a useful life of at least fifteen years.
Section 59-130-220. The College of Charleston, in this article referred to as the college, may issue revenue bonds of the college for the purpose of financing or refinancing in whole or in part the cost of construction, reconstruction, improvement, and equipment of buildings for the purposes of the college, including, without limiting the generality of the foregoing, dormitories, apartment buildings, dwelling houses, dining halls, cafeterias, parking facilities, sports facilities, and inns or for any one or more of these purposes.
Section 59-130-230. Revenue bonds issued under this article must be authorized by a resolution or resolutions of the board of trustees of the college. The resolution of the college may, in the discretion of the board, contain provisions, which must be a part of the contract between the college and the several holders of the bonds, as to any of the following:
(1) the custody, security, use, expenditure or application of the proceeds of the bonds;
(2) the construction and completion of the building or equipment for which the bonds are issued;
(3) the use, regulation, operation, maintenance, insurance, or disposition of the building or equipment for which the bonds are issued or restrictions on the exercise of the powers of the board of trustees to dispose of or to limit or regulate the use of the building or equipment;
(4) the payment of the principal of or interest on the bonds and the sources and methods of the payment, the rank or priority of the bonds as to any lien or security or the acceleration of the maturity of the bonds;
(5) the use and disposition of the revenues derived or to be derived from the operation of the building or equipment;
(6) the pledging, setting aside, depositing, or trusteeing of the revenues from which the bonds are made payable to secure the payment of the principal of and interest on the bonds or the payment of expenses of operation and maintenance of the building or equipment;
(7) the setting aside out of the revenues of reserves or sinking funds and the source, custody, security, regulation, and disposition of them;
(8) the determination of the definition of the revenues or of the expenses of operation and maintenance of the building or equipment for which the bonds are issued;
(9) the rentals, fees, or other charges from students, faculty members and others using or being served by, or having the right to use or be served by, the building or equipment for which the bonds are issued and any parts, extensions, replacements, or improvements of them constructed or acquired and the fixing, establishment, collection, and enforcement of them, the amount or amounts of revenues to be produced by them and the disposition and application of the amounts charged or collected;
(10) limitations on the issuance of additional bonds or any other obligations or the incurrence of indebtedness payable from the same revenues from which the bonds are payable;
(11) parietal rules to insure the use of the building or equipment by students or members of the faculty of the college to the maximum extent to which the building or equipment is capable of serving the students or faculty members;
(12) the procedure, if any, by which the terms of any covenant or contract with, or duty to, the holders of the bonds may be amended or abrogated, the amount of bonds to which the holders of which must consent, and the manner in which the consent may be given or evidenced; and
(13) any other matter or course of conduct which, by recital in the resolution or resolutions authorizing or providing for the bonds, is declared to further secure the payment of the principal of or interest on the bonds.
Section 59-130-240. Revenue bonds may be issued in one or more series, may bear such date or dates, may mature at such time or times, not exceeding forty years from their respective dates, may bear interest at such rate or rates, may be payable in such medium of payment and at such place or places, may be in such denomination or denominations, may be in such form, either coupon or registered, may carry such registration privileges, may be subject to such terms of redemption before maturity, with or without premium, and may contain such terms, covenants, and conditions as the resolution authorizing the issuance of the bonds may provide. The bonds must be fully negotiable within the meaning of and for all the purposes of the Uniform Commercial Code.
Section 59-130-250. The bonds must be exempt from state, county, municipal, and school taxes.
Section 59-130-260. The bonds must be signed in the corporate name of the college by the chairman of the board of trustees of the college, under the corporate seal of the college attested by the secretary of the board of trustees. Interest coupons attached to the bonds must be signed by the facsimile signatures of these officers. The bonds may be issued notwithstanding that any of the officials signing them or whose facsimile signatures appear on the coupons have ceased to hold office at the time of the issue or at the time of the delivery of the bonds to the purchaser.
Section 59-130-270. The bonds must be sold at public or private sale upon such terms and conditions as the board of trustees of the college considers advisable.
Section 59-130-280. The board of trustees or its proper administrative officers shall file with the State Treasurer within thirty days from the date of their issuance a complete description of all obligations entered into by the board, with the rates of interest, maturity dates, annual payments, and all pertinent data.
Section 59-130-290. All provisions of a resolution authorizing or providing for the issuance of the bonds in accordance with Section 59-130-230 and of the covenants and agreements constitute valid and legally binding contracts between the college and the several holders of the bonds, regardless of the time of issuance of the bonds, and is enforceable by the holder or holders by mandamus or other appropriate action, suit, or proceeding at law or in equity in any court of competent jurisdiction.
Section 59-130-300. The bonds must be made payable solely from the revenues derived by the college from the operation of the building or equipment for which the bonds are issued or, in the discretion of the board of trustees of the college, from the revenues and also from any other revenues of the college except revenues derived from appropriations received from the General Assembly. The bonds are not obligations of the State."
Sections designated
SECTION 2. Sections 59-130-10 through 59-130-50 of the 1976 Code are designated as Article 1, Chapter 130, Title 59 and entitled "General Provisions".
Time effective
SECTION 3. This act takes effect upon approval by the Governor.
Approved the 4th day of May, 1992.