Current Status Introducing Body:House Bill Number:3856 Primary Sponsor:Houck Committee Number:30 Type of Legislation:GB Subject:Lease-purchase or lease-back agreements Residing Body:House Current Committee:Ways and Means Companion Bill Number:226 Computer Document Number:436/11229AC.93 Introduced Date:19930406 Last History Body:House Last History Date:19930406 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Houck G. Bailey McKay Harwell Wilkins Jaskwhich Stuart Koon Rogers McTeer Snow Hines Chamblee Witherspoon Kirsh D. Wilder Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
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3856 House 19930406 Introduced, read first time, 30
referred to Committee
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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 11-27-110 SO AS TO PROVIDE LEASE-PURCHASE OR LEASE-BACK AGREEMENTS INVOLVING REAL PROPERTY ENTERED INTO BY THE STATE OR POLITICAL SUBDIVISIONS OF THE STATE WHEREIN THE STATE OR POLITICAL SUBDIVISION IS THE LESSEE CONSTITUTES GENERAL OBLIGATION DEBT FOR THE PERIOD OF THE LEASE AND TO PROVIDE THAT THIS GENERAL OBLIGATION DEBT MAY NOT VIOLATE THE CONSTITUTIONAL DEBT LIMITATIONS APPLICABLE TO THE STATE OR POLITICAL SUBDIVISION UNDER ARTICLE X OF THE STATE CONSTITUTION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The 1976 Code is amended by adding:
"Section 11-27-110. A lease-back or lease-purchase agreement involving real property entered into by this State or a political subdivision thereof with a public or private entity wherein the State or political subdivision is the lessee constitutes general obligation debt for the period of the lease. The general obligation debt incurred by this lease-leaseback or lease-purchase agreement may not violate the constitutional debt limitations applicable to the State or political subdivision under Article X of the State Constitution."
SECTION 2. This act takes effect upon approval by the Governor.