South Carolina General Assembly
112th Session, 1997-1998

Bill 4527


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Bill Number:                       4527
Type of Legislation:               General Bill GB
Introducing Body:                  House
Introduced Date:                   19980128
Primary Sponsor:                   Mack
All Sponsors:                      Mack, Neilson, Woodrum,
                                   J. Hines, Breeland, Hinson,
                                   M. Hines, Govan, Moody-Lawrence,
                                   Cave, Bowers, Byrd, Clyburn, Baxley
                                   and Phillips 
Drafted Document Number:           gjk\21084sd.98
Residing Body:                     House
Current Committee:                 Ways and Means Committee 30
                                   HWM
Subject:                           School bonds, revenue raised as
                                   result of referendum to be used only
                                   for project; Bonds or Notes, School
                                   Districts



History


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

House   19980128  Introduced, read first time,             30 HWM
                  referred to Committee

View additional legislative information at the LPITS web site.


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND SECTION 59-71-180, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO SCHOOL BONDS, SO AS TO PROVIDE REVENUE RAISED AS A RESULT OF THE PASSAGE OF A BOND REFERENDUM WHICH IDENTIFIES A PARTICULAR PROJECT OR PROJECTS MAY BE UTILIZED ONLY FOR THE PURPOSE OF FUNDING THE PROJECT OR PROJECTS IDENTIFIED AT THE TIME OF CONSIDERATION OF THE ISSUE BY THE VOTERS, AND TO PROVIDE FOR CERTAIN FINANCIAL FORFEITURES FOR VIOLATION.

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

SECTION 1. Section 59-71-180 of the 1976 Code is amended to read:

"Section 59-71-180. (A) The proceeds derived from the sale of the bonds shall be deposited with the treasurer of the county wherein the operating school unit is located, in whole or in part, in a special fund to the credit of the operating school unit and shall be applied solely to the purposes for which the bonds were issued, except that the premium, if any, shall be placed in the sinking fund established by Section 59-71-150 and the accrued interest, if any, shall be used to discharge in part the first interest to become due on such bonds.

(B) Notwithstanding any other provision of law on or after the effective date of this subsection, all proceeds of capital improvement bonds issued for school building or renovation which identify a specific project or projects in the issue placed on the ballot must be utilized solely for the particular project or projects identified at the time of consideration of the issue by the voters. Any school district which fails to comply with this subsection shall forfeit its annual allocation under the Education Finance Act, Chapter 28, Title 59, until the district complies with this subsection."

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

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