South Carolina General Assembly
113th Session, 1999-2000

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Bill 4512

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COMMITTEE REPORT

April 6, 2000

H. 4512

Introduced by Reps. Webb, Barrett, Dantzler, Harris, Jennings, Leach, Ott, Rhoad, Riser, Robinson, Sandifer, Sharpe, Trotter, Wilkins and Witherspoon

S. Printed 4/6/00--H.

Read the first time February 1, 2000.

            

THE COMMITTEE ON WAYS AND MEANS

To whom was referred a Bill (H. 4512), to amend Act 1278 of 1970, as amended, relating to the issuance of plant improvement bonds by Clemson University, etc., respectfully

REPORT:

That they have duly and carefully considered the same, and recommend that the same do pass:

ROBERT W. HARRELL, JR., for Committee.

STATEMENT OF ESTIMATED FISCAL IMPACT

REVENUE IMPACT1

This bill is not expected to reduce state general fund revenue in FY2000-01.

Explanation

This bill makes technical changes to language relating to the issuance of plant improvement bonds by Clemson University. Plant improvement bonds may not exceed an aggregate $30 million in principal outstanding. Based on information provided by the State Treasurer's Office, Clemson University plant improvement bond principal outstanding at the end of FY 1999 was $7,845,000. This bill is not expected to reduce state general fund revenue in FY 2000-01.

Approved By:

William C. Gillespie

Board of Economic Advisors

1/ This statement meets the requirement of Section 2-7-71 for a state revenue impact, Section 2-7-76 for a local revenue impact, and Section 6-1-85(B) for an estimate of the shift in local property tax incidence.

A BILL

TO AMEND ACT 1278 OF 1970, AS AMENDED, RELATING TO THE ISSUANCE OF PLANT IMPROVEMENT BONDS BY CLEMSON UNIVERSITY, SO AS TO MODIFY THE LIMITATION ON THE AMOUNT OF PLANT IMPROVEMENT BONDS WHICH MAY BE ISSUED.

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

SECTION 1. Section 4 of Act 1278 of 1970, as last amended by Section 1 of Act 625 of 1990, is further amended to read:

"Section 4. Subject to obtaining the approval of the State Board expressed by an adopted resolution, the trustees may issue not exceeding thirty million dollars of bonds, from time-to-time, plant improvement bonds which at no time may exceed thirty million dollars in principal amount outstanding."

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

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