Current Status Introducing Body:
HouseBill Number: 4955Ratification Number: 408Act Number: 586Primary Sponsor: HoltType of Legislation: JRSubject: Spoleto Festival, U.S.A.Date Bill Passed both Bodies: 19940421Computer Document Number: PT/1118DW.94Governor's Action: SDate of Governor's Action: 19940502Introduced Date: 19940322Date of Last Amendment: 19940420Last History Body: ------Last History Date: 19940502Last History Type: Signed by GovernorScope of Legislation: LocalAll Sponsors: Holt J. Bailey Gonzales Barber Whipper Breeland Inabinett J. Harris Harrell FulmerType of Legislation: Joint Resolution
Bill Body Date Action Description CMN Leg Involved ---- ------ ------------ ------------------------------ --- ------------ 4955 ------ 19950103 Act No. 586 4955 ------ 19940502 Signed by Governor 4955 ------ 19940427 Ratified R 408 4955 House 19940421 Concurred in Senate amendment, enrolled for ratification 4955 Senate 19940421 Read third time, returned to House with amendment 4955 Senate 19940420 Amended, read second time, ordered to third reading with notice of general amendments 4955 Senate 19940414 Introduced, read first time, placed on Calendar without reference 4955 House 19940414 Read third time, sent to Senate 4955 House 19940413 Amended, read second time 4955 House 19940407 Made Special Order under H. 5041 4955 House 19940406 Objection withdrawn by Haskins Representative 4955 House 19940406 Objection by Representative Hallman Kirsh Wofford Koon Robinson Sturkie Haskins 4955 House 19940322 Introduced, read first time, placed on Calendar without referenceView additional legislative information at the LPITS web site.
(A586, R408, H4955)
A JOINT RESOLUTION TO AUTHORIZE THE STATE BUDGET AND CONTROL BOARD TO TRANSFER TO THE CITY OF CHARLESTON, AN AMOUNT NOT TO EXCEED SIX HUNDRED THOUSAND DOLLARS FROM MONIES SET ASIDE FOR THE PATRIOT'S POINT DEVELOPMENT AUTHORITY PURSUANT TO THE PROVISIONS OF SECTION 51-13-860 OF THE 1976 CODE, PROVIDE THAT THESE MONIES MUST BE LOANED FOR A PERIOD NOT TO EXCEED THREE YEARS AT AN INTEREST RATE TO BE DETERMINED BY THE STATE TREASURER, WITH THE MONEY FROM THIS LOAN USED BY THE ENTITY EXCLUSIVELY FOR THE BENEFIT OF SPOLETO FESTIVAL, USA; AND TO PROVIDE FOR THE REPAYMENT OF THE LOAN.
Whereas, the Spoleto Festival, USA has brought positive international attention to South Carolina since 1977, enhancing economic development and tourism for our State; and
Whereas, a 1993 on-site economic impact study of the Festival, commissioned by the Joint Legislative Committee on Cultural Affairs and performed by the business school at the University of South Carolina, found that the Festival brings $73 million annually into South Carolina and has created the impetus for over 2,500 jobs; and
Whereas, the Festival is currently experiencing a critical shortage of operational funds due to past problems with Festival management and marketing; and
Whereas, those problems have now been corrected with the recent hiring of a new, highly respected management and marketing team and stronger artistic leadership, and the future of the Festival has been stabilized; and
Whereas, the Festival must immediately erase a $600,000 vendor debt from prior years in order to mount the 1994 Festival, which has been shortened by five days in order to save approximately $500,000; and
Whereas, the Patriots Point Development Authority has agreed to release claim to $600,000 of a six million dollar loan made available in 1990 to the Authority, interest free, by the South Carolina Coordinating Council for Economic Development. Now, therefore,
Be it enacted by the General Assembly of the State of South Carolina:
Monies may be transferred for loan, repayment
SECTION 1. Upon approval by the State Treasurer of the loan agreement, the State Budget and Control Board may transfer to the City of Charleston and the City of Charleston may borrow an amount not to exceed six hundred thousand dollars from monies set aside pursuant to Section 51-13-860 for the Patriot's Point Development Authority. These monies must be loaned for a period not to exceed three years at an interest rate to be determined by the State Treasurer after documents satisfactory to the Treasurer have been executed by the City of Charleston. The repayment to the State of the loan to the City of Charleston must be guaranteed by the City of Charleston and must be repaid in three equal annual installments beginning with the fiscal year following the fiscal year in which the loan was made. If the loan is not repaid within the three year period, that portion of the Aid to Subdivisions distributed annually to municipalities, which the City of Charleston would have otherwise received, must be withheld and applied toward repayment of the loan until the loan is paid. The money from this loan must be used by the City of Charleston exclusively for the benefit of Spoleto Festival, USA.
SECTION 2. This joint resolution takes effect upon approval by the Governor.
Approved the 2nd day of May, 1994.