Current Status Bill Number:4100 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19970501 Primary Sponsor:Askins All Sponsors:Askins Drafted Document Number:gjk\20459htc.97 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Property, lease purchase or financing agreements, debt limits, refinancing or refunding provisions; State Government
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
House 19970501 Introduced, read first time, 30 HWM
referred to Committee
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TO AMEND SECTION 11-27-110, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE APPLICATION OF THE CONSTITUTIONAL LIMIT ON BONDED INDEBTEDNESS TO LEASE PURCHASE OR FINANCING AGREEMENTS, SO AS TO EXEMPT FROM THE DEFINITION THE REFINANCING OR REFUNDING OF EXISTING AGREEMENTS IF THE GOVERNMENTAL ENTITY DETERMINES THAT SAVINGS CAN BE ACHIEVED BY REFINANCING OR REFUNDING.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 11-27-110 of the 1976 Code, as added by Act 55 of 1995, is amended by adding a new subsection at the end to read:
"(E) This section does not apply to a financing agreement entered into for the purpose of refinancing any existing financing agreement, lease agreement, or similar agreement or refunding outstanding certificates of participation payable from a financing agreement, lease agreement, or similar agreement, if the governing body of the governmental entity determines that a savings can be achieved through the refinancing or refunding."
SECTION 2. This act takes effect upon approval by the Governor.