Current Status Bill Number:
931Type of Legislation: General Bill GBIntroducing Body: SenateIntroduced Date: 19980120Primary Sponsor: FordAll Sponsors: FordDrafted Document Number: res1559.rfResiding Body: SenateCurrent Committee: Education Committee 04 SEDSubject: School bonds, revenue raised from bond referendum used solely for; Bonds or Notes, Schools and School Districts
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ Senate 19980120 Introduced, read first time, 04 SED referred to CommitteeView additional legislative information at the LPITS web site.
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 ONLY BE UTILIZED FOR THE PURPOSE OF FUNDING THE PROJECT OR PROJECTS IDENTIFIED AT THE TIME OF CONSIDERATION OF THE ISSUE BY THE VOTERS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 59-71-180 is amended by adding:
"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 section, 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(s) 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.