Current Status Bill Number:
3826Ratification Number: 56Act Number: 33Type of Legislation: General Bill GBIntroducing Body: HouseIntroduced Date: 19950321Primary Sponsor: CarnellAll Sponsors: Carnell, McAbee, Boan, Hallman and KeeganDrafted Document Number: pt\1844dw.95Companion Bill Number: 653Date Bill Passed both Bodies: 19950405Date of Last Amendment: 19950330Governor's Action: SDate of Governor's Action: 19950410Subject: Capital improvement bonds, issuance of
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ ------ 19950410 Act No. A33 ------ 19950410 Signed by Governor ------ 19950405 Ratified R56 House 19950405 Concurred in Senate amendment, enrolled for ratification Senate 19950330 Amended, read third time, returned to House with amendments Senate 19950328 Read second time, notice of general amendments Senate 19950323 Introduced, read first time, placed on Calendar without reference House 19950323 Read third time, sent to Senate House 19950322 Read second time House 19950321 Introduced, read first time, placed on Calendar without referenceView additional legislative information at the LPITS web site.
(A33, R56, H3826)
AN ACT TO AMEND ACT 1377 OF 1968, AS AMENDED, RELATING TO THE ISSUANCE OF CAPITAL IMPROVEMENT BONDS, SO AS TO REVISE EXISTING BOND AUTHORIZATIONS FOR THE ADJUTANT GENERAL AND THE JOHN DE LA HOWE SCHOOL; TO AMEND SECTION 2-7-105, AS AMENDED, RELATING TO STATE CAPITAL IMPROVEMENT BONDS BEING AUTHORIZED BY THE GENERAL ASSEMBLY IN ODD-NUMBERED YEARS AND STATE HIGHWAY BONDS MAY BE AUTHORIZED BY THE GENERAL ASSEMBLY IN EVEN-NUMBERED YEARS, SO AS TO DELETE THE PROVISION REGARDING THE GENERAL ASSEMBLY AUTHORIZING STATE HIGHWAY BONDS IN EVEN-NUMBERED YEARS; TO AMEND SECTION 57-11-220, AS AMENDED, RELATING TO THE ISSUANCE OF STATE HIGHWAY BONDS, SO AS TO PROVIDE A PROCEDURE FOR THE ISSUANCE OF STATE HIGHWAY BONDS BY THE STATE BUDGET AND CONTROL BOARD; BY ADDING SECTION 57-11-235, SO AS TO AUTHORIZE THE STATE BUDGET AND CONTROL BOARD TO ISSUE STATE HIGHWAY BONDS; TO AMEND SECTION 57-11-240, AS AMENDED, RELATING TO THE MAXIMUM ANNUAL DEBT SERVICE ON GENERAL OBLIGATION BONDS, SO AS TO DELETE A REFERENCE TO SECTION 2-7-105.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. (A) Sub-subitem (d), subitem 2 (Adjutant General), item (f), Section 3 of Act 1377 of 1968, as added by Section 1 of Act 522 of 1992, is amended to read:
"(d) Greenville HAWK Armory/DS
(B) Sub-subitem (j), subitem 2 (Adjutant General), item (f), Section 3 of Act 1377 of 1968, as added by Section 1 of Act 531 of 1994, is amended to read:
"(j) Armory Construction/Renovations 1,042,200
The Adjutant General's Office must request the use of the Armory Construction/Renovations funds for specific projects."
SECTION 2. Sub-subitem (b), subitem 20 (John de la Howe School), item (f), Section 3 of Act 1377 of 1968, as added by Section 1 of Act 522 of 1992, is amended to read:
"(b) Family and Child
Counseling Facility 1,707,565"
Bonds may be authorized
SECTION 3. Section 2-7-105 of the 1976 Code, as last amended by Section 23, Act 181 of 1993, is further amended to read:
"Section 2-7-105. State capital improvement bonds may be authorized by the General Assembly in odd-numbered years."
SECTION 4. Section 57-11-220 of the 1976 Code, as last amended by Section 1524, Act 181 of 1993, is further amended to read:
"Section 57-11-220. Whenever it shall become necessary that monies be raised for highway transportation purposes, or construction and equipment of headquarters administrative facilities, including monies to be used to refund any state highway bonds then outstanding, the commission may make a request to the state board for the issuance of state highway bonds pursuant to this article. Such request may be in the form of a resolution adopted at any regular or special meeting of the commission. Such request shall set forth on the face thereof or by schedules attached thereto:
(1) the amount then required for highway transportation purposes;
(2) a tentative time schedule setting forth the period of time during which the sum requested will be expended;
(3) a debt service table showing the annual principal and interest requirements for all state highway bonds then outstanding;
(4) the amount of revenues derived from each of the sources of revenue during the preceding fiscal year; and
(5) the amount as estimated by the commission which will be derived from the sources of revenue during the then current and the next ensuing fiscal years during which it is expected that the state highway bonds then sought to be issued will be outstanding, but in estimating the amount to be derived from the sources of revenue the commission shall not assume that the revenues for the then current fiscal year or any future fiscal year will be more than five percent in excess of the actual sums derived from the sources of revenue in the preceding fiscal year, nor that in the sixth or subsequent years there will be any increase over the estimated revenues for the fifth fiscal year following the last completed fiscal year."
Issuance of highway bonds
SECTION 5. The 1976 Code is amended by adding:
"Section 57-11-235. Following the receipt of any request pursuant to Section 57-11-220, the state board shall review the same and to the extent that it shall approve such request, it shall be empowered, by resolution duly adopted, to effect the issuance of state highway bonds, or pending the issuance thereof, effect the issuance of bond anticipation notes pursuant to Chapter 17 of Title 11."
SECTION 6. Section 57-11-240 of the 1976 Code, as last amended by Section 1524, Act 181 of 1993, is further amended to read:
"Section 57-11-240. The maximum annual debt service on general obligation bonds issued or outstanding as state highway bonds shall not exceed the debt service limits established in Article X, Section 13 of the South Carolina Constitution. Within such limitations, state highway bonds may be issued for state highway transportation purposes or to refund state highway bonds from time to time under the conditions prescribed by this article."
SECTION 7. This act takes effect upon approval by the Governor.
Approved the 10th day of Apirl, 1995.