Current Status Bill Number:
1190Ratification Number: 314Act Number: 501Type of Legislation: Joint Resolution JRIntroducing Body: SenateIntroduced Date: 19960228Primary Sponsor: PassailaigueAll Sponsors: PassailaigueDrafted Document Number: res9938.elpDate Bill Passed both Bodies: 19960425Date of Last Amendment: 19960402Governor's Action: SDate of Governor's Action: 19960506Subject: Patriot's Point Development Authority, City of Charleston
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ ------ 19960829 Act No. A501 ------ 19960506 Signed by Governor ------ 19960430 Ratified R314 House 19960425 Read third time, enrolled for ratification House 19960424 Read second time House 19960424 Objection by Representative Simrill Kirsh House 19960418 Recalled from Committee 30 HWM House 19960409 Introduced, read first time, 30 HWM referred to Committee Senate 19960403 Read third time, sent to House Senate 19960402 Amended, read second time, unanimous consent for third reading on Wednesday, 19960403 Senate 19960228 Introduced, read first time, placed on Calendar without referenceView additional legislative information at the LPITS web site.
(A501, R314, S1190)
A JOINT RESOLUTION TO EXTEND THE TIME FOR THE CITY OF CHARLESTON TO REPAY THE REMAINING BALANCE DUE THE STATE IN REGARD TO A LOAN OF SIX HUNDRED THOUSAND DOLLARS MADE PURSUANT TO THE PROVISIONS OF JOINT RESOLUTION 586 OF 1994, TO PROVIDE THAT ALL PAYMENTS MUST BE DEDUCTED DIRECTLY FROM THE AID TO SUBDIVISIONS ALLOCATION TO THE CITY, AND TO PROVIDE THAT ALL OTHER CONDITIONS OF THIS LOAN CONTINUE TO APPLY.
Whereas, the State Budget and Control Board has transferred to the City of Charleston and the City of Charleston borrowed an amount equal to six hundred thousand dollars from monies set aside pursuant to Section 51-13-860 for the Patriot's Point Development Authority; and
Whereas, the City of Charleston has repaid an amount equal to two hundred thousand dollars plus applicable interest for the first year; and
Whereas, approval has been issued by the State Treasurer for the executed loan agreement. Now, therefore,
Be it enacted by the General Assembly of the State of South Carolina:
Extension of time to repay loan
SECTION 1. Notwithstanding the provisions of Joint Resolution 586 of 1994, time for the City of Charleston to repay the remaining balance due the State pursuant to that joint resolution is extended. The balance due of $400,000 must be repaid over a period not less than three years in three equal annual installments with the first payment due no later than June 30, 1997. All payments must be deducted directly from the Aid to Subdivisions allocation due the city. All other conditions on the making and repayment of this loan provided in Joint Resolution 586 of 1994 apply with respect to this extended repayment period. It is the intent of the General Assembly that no part of the loan be further renegotiated, revisited, or forgiven.
SECTION 2. This joint resolution takes effect upon approval by the Governor.
Approved the 6th day of May, 1996.