South Carolina General Assembly
112th Session, 1997-1998

Bill 4614


Indicates Matter Stricken
Indicates New Matter


                    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

History

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 Committee


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

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.

A BILL

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.

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