Bill 4549

                    Current Status

Bill Number:                       4549
Type of Legislation:               General Bill GB
Introducing Body:                  House
Introduced Date:                   19960206
Primary Sponsor:                   Boan 
All Sponsors:                      Boan 
Drafted Document Number:           gjk\22299htc.96
Residing Body:                     House
Current Committee:                 Ways and Means Committee 30
                                   HWM
Subject:                           University of South Carolina,
                                   revenue bonds

Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

House   19960206  Introduced, read first time,             30 HWM
                  referred to Committee

A BILL

TO AMEND ACT 904 OF 1960, AS AMENDED, RELATING TO THE AUTHORIZATION OF THE BOARD OF TRUSTEES OF THE UNIVERSITY OF SOUTH CAROLINA TO ISSUE STUDENT AND FACULTY HOUSING FACILITIES REVENUE BONDS, SO AS TO ALLOW SUCH BONDS TO BE ISSUED FOR CONSTRUCTING, RENOVATING, EQUIPPING, AND ACQUIRING THOSE FACILITIES, TO DELETE ISSUANCE APPROVAL REQUIREMENTS BY THE STATE BUDGET AND CONTROL BOARD AND THE JOINT BOND REVIEW COMMITTEE, AND TO DELETE THE TWENTY-FIVE MILLION DOLLAR AGGREGATE CAP ON ALL BONDS OUTSTANDING AND REQUIRE ALL BONDS ISSUED TO HAVE IDENTIFIABLE REVENUES AVAILABLE FOR THE REPAYMENT.

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

SECTION 1. Section 1 of Act 904 of 1960, as last amended by Section 6, Act 194 of 1979, is further amended to read:

"Section 1. The Board of Trustees of the University of South Carolina shall be empowered to acquire further construct, reconstruct, equip, renovate, and acquire student and faculty housing facilities and, upon receiving the approval of the State Budget and Control Board and upon review by the Bond Review Committee created by Act 761 of 1976, to issue bonds pursuant to this act for the purpose of raising monies for such purpose. In addition, the Board of Trustees may issue bonds in such further amounts as the Board of Trustees determines is necessary for the purpose of refunding outstanding bonds issued for student and faculty housing purposes, provided that the aggregate of all bonds outstanding pursuant to this act shall not at any time exceed twenty-five million dollars. No bonds may be issued pursuant to this article unless identifiable revenues are available for the repayment of the bonds."

SECTION 2. This act takes effect upon approval by the Governor.