Current Status Bill Number:1176 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19980408 Primary Sponsor:Reese All Sponsors:Reese Drafted Document Number:dka\4804mm.98 Companion Bill Number:4614 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Property, lease purchase or financing agreements, constitutional debt limits, Political Subdivisions, Bonds or Notes
Body Date Action Description Com Leg Involved
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Senate 19980408 Introduced, read first time, 06 SF
referred to Committee
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TO AMEND SECTION 11-27-110, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO LEASE-PURCHASE OR FINANCING AGREEMENTS BEING SUBJECT TO APPLICABLE CONSTITUTIONAL DEBT LIMITATIONS, SO AS TO FURTHER PROVIDE FOR THOSE FINANCING AGREEMENTS OR CONTRACTS WHICH ARE NOT CONSIDERED A LEASE-PURCHASE OR FINANCING AGREEMENT SUBJECT TO APPLICABLE CONSTITUTIONAL DEBT LIMITATIONS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 11-27-110(C) of the 1976 Code is amended to read:
"(C) If a governmental entity described in subsection (A)(7)(b) of this section has outstanding any financing agreement, other than an enterprise financing agreement, a lease purchase agreement for energy efficiency products as provided for in Section 48-52-660, or a guaranteed energy savings contract as provided for in Section 48-52-670 on the date of issuance of any limited bonded indebtedness pursuant to any bond act, the amount of this limited bonded indebtedness plus the amount of all other limited bonded indebtedness of the governmental entity, when added to the principal balance under any financing agreement or agreements of the governmental entity must not exceed the amount of the governmental entity's constitutional debt limit unless this bonded indebtedness is approved by a majority of the electors voting on the bonded indebtedness in a referendum duly called for this purpose by the governmental entity. This requirement applies notwithstanding any other provision of any bond act and is in addition to the terms and conditions specified in any bond act."
SECTION 2. This act takes effect upon approval by the Governor.