South Carolina General Assembly
110th Session, 1993-1994

Bill 3083

Indicates Matter Stricken
Indicates New Matter 

                    Current Status

Introducing Body:               House
Bill Number:                    3083
Primary Sponsor:                Koon
Type of Legislation:            GB
Subject:                        Lexington County school
                                district No. 1
Residing Body:                  Senate
Computer Document Number:       JIC/5158HC.93
Introduced Date:                19930112    
Date of Last Amendment:         19930317    
Last History Body:              Senate
Last History Date:              19930511    
Last History Type:              Placed on local calendar
                                without reference
Scope of Legislation:           Statewide
All Sponsors:                   Koon
                                Sturkie
Type of Legislation:            General Bill
History


Bill  Body    Date          Action Description              CMN  Leg Involved
____  ______  ____________  ______________________________  ___  ____________

3083  Senate  19930511      Placed on local calendar
                            without reference
3083  Senate  19930511      Recalled from Local Delegation  00
3083  Senate  19930317      Introduced, read first time,    00
                            referred to Local Delegation
3083  House   19930317      Amended, read third time,
                            sent to Senate
3083  House   19930128      Debate adjourned until
                            Wednesday, March 17, 1993       
3083  House   19930114      Debate adjourned until
                            Thursday, January 28, 1993      
3083  House   19930113      Read second time
3083  House   19930112      Introduced, read first time,
                            placed on Calendar without
                            reference
View additional legislative information at the LPITS web site.

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

RECALLED

May 11, 1993

H. 3083

Introduced by REPS. Koon and Sturkie

L. Printed 5/11/93--S.

Read the first time March 17, 1993.

A BILL

TO PROHIBIT LEXINGTON COUNTY SCHOOL DISTRICT 1 FROM UNDERTAKING CONSTRUCTION OR RENOVATION PROJECTS BY MEANS OF LEASE-PURCHASE OR LEASE-LEASEBACK AGREEMENTS, TO PROVIDE THAT LEASE-LEASEBACK AND LEASE-PURCHASE AGREEMENTS ENTERED INTO BY THE GOVERNING BODY OF THE DISTRICT CONSTITUTE GENERAL OBLIGATION DEBT FOR THE PERIOD OF THE LEASE SUBJECT TO THE DEBT LIMITATIONS IMPOSED BY ARTICLE X, SECTION 15, CONSTITUTION OF SOUTH CAROLINA, 1895, AND TO PROVIDE FOR GENERAL OBLIGATION DEBT EXISTING ON THE EFFECTIVE DATE OF THIS SECTION AND THE MANNER OF ISSUING ADDITIONAL GENERAL OBLIGATION DEBT.

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

SECTION 1. (A) Lexington County School District 1 may not undertake construction or renovation projects financed by means of lease-purchase or lease-leaseback agreements.

(B) A lease-leaseback or lease-purchase agreement entered into by the governing body of the district with a public or private corporate entity before the effective date of this section constitutes general obligation debt for the period of the lease. The general obligation debt incurred by this lease-leaseback or lease-purchase agreement is subject to the constitutional debt limitations imposed by Article X, Section 15 of the Constitution of South Carolina, 1895. To the extent that general obligation debt existing on the effective date of this section exceeds the constitutional limit, the excess debt is allowed. Nothing in this section prohibits refinancing of existing general obligation debt nor does it prohibit the issue of additional general obligation debt in the manner provided by Article X, Section 15 of the Constitution of this State.

SECTION 2. This act takes effect July 1, 1994.

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