Current Status Bill Number:963 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19960109 Primary Sponsor:Passailaigue All Sponsors:Passailaigue, McGill, O'Dell, Richter, Short, Rose, McConnell Drafted Document Number:BBM\10430SD.96 Companion Bill Number:4313 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Citadel, issuance of revenue bonds
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
Senate 19960402 Recommitted to Committee 06 SF
Senate 19960221 Recalled from Committee, 06 SF
placed on the Calendar
Senate 19960109 Introduced, read first time, 06 SF
referred to Committee
Senate 19951204 Prefiled, referred to Committee 06 SF
View additional legislative information at the LPITS web site.
Indicates Matter Stricken
Indicates New Matter
RECALLED
February 21, 1996
S. 963
Introduced by SENATORS Passailaigue, McGill, O'Dell, Richter, Short, Rose and McConnell
S. Printed 2/21/96--S.
Read the first time January 9, 1996.
1. Estimated Cost to State-First Year$ - 0 -
2. Estimated Cost to State-Annually Thereafter$ - 0 -
A review of this bill indicates there will not be any impact upon the General Fund of the State. Any additional costs associated with this bill would be funded by revenues collected by the institution.
Prepared By: Approved By:
Michael L. Shealy
Office of State Budget
TO AMEND SECTION 59-122-20, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE AUTHORITY OF THE CITADEL TO ISSUE REVENUE BONDS FOR STUDENT HOUSING, FACULTY HOUSING, AND AUXILIARY FACILITIES, SO AS TO INCREASE THE MAXIMUM PRINCIPAL AMOUNT OF THESE REVENUE BONDS AUTHORIZED TO BE OUTSTANDING AT ANY TIME FROM TWENTY-FIVE MILLION DOLLARS TO THIRTY-FIVE MILLION DOLLARS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 59-122-20 of the 1976 Code, as amended by Act 102 of 1989, is further amended to read:
"Section 59-122-20. (A) The board is authorized to acquire and maintain, by construction and purchase, such student and faculty housing and auxiliary facilities as it determines to be necessary, appropriate, or convenient to assist in the proper and efficient operation of The Citadel. The board is further authorized to undertake the renovation, refurbishment, or rehabilitation of any of its student and faculty housing and auxiliary facilities as it considers appropriate. In connection with this acquisition or renovation, the board also is authorized to acquire equipment, furnishings, and machinery as are necessary or desirable for the efficient and proper use of the facilities.
(B) To provide the money necessary to pay the costs incurred in the exercise of its powers, the board is authorized to incur indebtedness, of which the principal amount outstanding at any time may not exceed twenty-five thirty-five million dollars and to apply the proceeds in accord with Section 59-122-30 of this chapter. The board is authorized to issue bond anticipation notes as provided in Chapter 17 of Title 11 and to refund or advance refund any bonds issued pursuant to this at such terms and under such conditions as it considers appropriate, with state board approval, following review by the Joint Bond Review Committee."
SECTION 2. This act takes effect upon approval by the Governor.