Current Status Bill Number:607 Type of Legislation:Joint Resolution JR Introducing Body:Senate Introduced Date:19950307 Primary Sponsor:Leatherman All Sponsors:Leatherman Drafted Document Number:pfm\7241htc.95 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Bonded indebtedness, subdivisions and schools
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
Senate 19950307 Introduced, read first time, 06 SF
referred to Committee
View additional legislative information at the LPITS web site.
PROPOSING AN AMENDMENT TO ARTICLE X, SECTIONS 14 AND 15, CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO THE BONDED INDEBTEDNESS OF POLITICAL SUBDIVISIONS AND SCHOOL DISTRICTS, SO AS TO INCREASE THE GENERAL OBLIGATION DEBT LIMIT FROM EIGHT TO TWELVE PERCENT OF THE ASSESSED VALUE OF ALL TAXABLE PROPERTY OF POLITICAL SUBDIVISIONS AND SCHOOL DISTRICTS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. It is proposed that Section 14(7)(a), Article X, of the Constitution of this State be amended to read:
"(a) For any of its corporate purposes in an amount not exceeding eight twelve percent of the assessed value of all taxable property of such the political subdivision; or".
SECTION 2. The proposed amendment must be submitted to the qualified electors at the next general election for representatives. Ballots must be provided at the various voting precincts with the following words printed or written on the ballot:
"Must Section 14(7)(a), Article X of the Constitution of this State be amended so as to increase the general obligation debt limit from eight to twelve percent of the assessed value of all taxable property of a political subdivision?
Those voting in favor of the question shall deposit a ballot with a check or cross mark in the square after the word `Yes', and those voting against the question shall deposit a ballot with a check or cross mark in the square after the word `No'."
SECTION 3. It is proposed that subsection (6) of Section 15, Article X of the Constitution of this State be amended to read:
"(6) In addition to the bonded indebtedness authorized by subsection (5), during the period beginning on the date of the ratification of this article in 1977 and ending on the fifth anniversary of that date, the governing body of any a school district may incur bonded indebtedness to the limit authorized by Section 5, Article X of the Constitution as of January 1, 1976, and upon such the terms and conditions as the General Assembly may have heretofore or may hereafter prescribe; provided, however. However, that in determining the limit authorized by Section 5, Article X of the Constitution, and in the event the assessed value of all taxable property in any a school district decreases in any year during the aforesaid this five-year period to an amount less than the assessed value of all taxable property in any such the school district as of December 31, 1975, the assessed value of all taxable property of any such the school district as of December 31, 1975, shall must be applied in determining any such the school district's bonded indebtedness during the aforesaid this five-year period. After the fifth anniversary of that date, the governing body of any the school district may incur general obligation debt in an amount not exceeding eight twelve percent of the assessed value of all taxable property of such the school district subject to the provisions of subsection (3) of this section and upon such terms and conditions as the General Assembly may prescribe.
In computing the eight twelve percent debt limitation imposed by the provisions of this subsection, bonded indebtedness existing on the date of the fifth anniversary of the ratification of this article in 1977 and bonded indebtedness incurred under the provisions of subsection (5) of this section shall must not be considered in the computation of the eight twelve percent limitation."
SECTION 4. The proposed amendment must be submitted to the qualified electors at the next general election for representatives. Ballots must be provided at the various voting precincts with the following words printed or written on the ballot:
"Must Section 15, Article X of the Constitution of this State relating to authorized bonded indebtedness of school districts be amended so as to increase the general obligation debt limit from eight percent to twelve percent of the assessed value of all taxable property of the school district?
Those voting in favor of the question shall deposit a ballot with a check or cross mark in the square after the word `Yes', and those voting against the question shall deposit a ballot with a check or cross mark in the square after the word `No'."