Current Status Bill Number:4614 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19980211 Primary Sponsor:Walker All Sponsors:Walker, Littlejohn, Allison, Davenport, Lee, Townsend, McCraw, D. Smith, Hawkins and Cato Drafted Document Number:gjk\21158sd.98 Companion Bill Number:1176 Residing Body:Senate Date of Last Amendment:19980415 Subject:Property, lease purchase or financing agreements or contracts, constitutional debt limits; Political Subdivisions, Bonds
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ Senate 19980528 Recalled from Committee 06 SF Senate 19980421 Introduced, read first time, 06 SF referred to Committee House 19980416 Read third time, sent to Senate House 19980415 Amended, read second time House 19980408 Committee report: Favorable with 30 HWM amendment House 19980218 Referred to Committee 30 HWM House 19980218 Recalled from Committee 26 HLCI House 19980211 Introduced, read first time, 26 HLCI referred to CommitteeView additional legislative information at the LPITS web site.
Indicates Matter Stricken
Indicates New Matter
RECALLED
May 28, 1998
H. 4614
Introduced by Reps. Walker, Littlejohn, Allison, Davenport, Lee, Townsend, McCraw, D. Smith, Hawkins and Cato
S. Printed 5/28/98--S.
Read the first time April 21, 1998.
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, LEASE PURCHASE AGREEMENTS, OR CONTRACTS WHICH A GOVERNMENTAL ENTITY IS PERMITTED TO ENTER INTO WITHOUT THEIR BEING SUBJECT TO APPLICABLE CONSTITUTIONAL DEBT LIMITATIONS, AND TO MAKE TECHNICAL REFERENCE CHANGES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 11-27-110(B) of the 1976 Code is amended to read:
"(B) A governmental entity described in subsection (A)(7)(8)(b) of this section may not enter into a financing agreement, other than an enterprise financing agreement, a lease purchase agreement for acquisition of energy efficiency products as provided for in Section 48-52-660, or a guaranteed energy savings contract for energy conservation measures as provided for in Section 48-52-670 where no such lease agreement or contract shall constitute in any manner an agreement, consent, authority, or otherwise to provide retail sales of energy by an energy or power provider or creates the authority to sell or provide retail energy or power, if the principal balance of the financing agreement, when added to the principal amount of limited bonded indebtedness outstanding on the date of execution of the financing agreement exceeds eight percent of the assessed value of taxable property in the jurisdiction of the governmental entity unless the financing agreement is approved by a majority of the electors voting on the agreement in a referendum duly called for this purpose by the governmental entity."
SECTION 2. Section 11-27-110(C) of the 1976 Code is amended to read:
"(C) If a governmental entity described in subsection (A)(7)(8)(b) of this section has outstanding any financing agreement, other than an enterprise financing agreement, a lease purchase agreement for acquisition of energy efficiency products as provided for in Section 48-52-660, or a guaranteed energy savings contract for energy conservation measures as provided for in Section 48-52-670, where no such lease agreement or contract shall constitute in any manner an agreement, consent, authority, or otherwise to provide retail sales of energy by an energy or power provider or creates the authority to sell or provide retail energy or power, 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 3. This act takes effect upon approval by the Governor.