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Bill 3759

                    Current Status

Bill Number:                      3759
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  20010321
Primary Sponsor:                  Koon
All Sponsors:                     Koon, Knotts, Bingham, Frye and Riser
Drafted Document Number:          l:\council\bills\gjk\20364sd01.doc
Residing Body:                    House
Current Committee:                Ways and Means Committee 30 HWM
Subject:                          Property, lease purchase or financing 
                                  agreements subject to constitutional debt 
                                  limits; Bonds, Notes, General obligation


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   20010321  Introduced, read first time,           30 HWM
                  referred to Committee


              Versions of This Bill

TO AMEND SECTION 11-27-110, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CERTAIN LEASE PURCHASE AND FINANCING AGREEMENTS BEING SUBJECT TO APPLICABLE CONSTITUTIONAL DEBT LIMITS, SO AS TO FURTHER PROVIDE FOR THE FINANCING AGREEMENTS WHICH ARE SUBJECT TO THIS PROVISION.

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

SECTION    1.    Section 11-27-110(A)(6) of the 1976 Code, as last amended by Act 106 of 1997, is further amended to read:

    "(6)    'financing agreement' means any contract entered into after December 31, 1995, under the terms of which a governmental entity acquires the use of an asset which provides:

        (a)    for payments to be made in more than one fiscal year, whether by the stated term of the contract or under any renewal provisions, optional or otherwise;

        (b)    that the payments thereunder are divided into principal and interest components or which contain any reference to any portion of any payment under the agreement being treated as interest; and for payments by the governmental entity which will be utilized, directly or through any intermediary, to service all or a portion of indebtedness of the governmental entity intermediary or any other entity issued for the purpose of acquiring or improving the asset; and

        (c)    that title to all or a portion of the asset will be in the name of the governmental entity or will be transferred to the governmental entity if all or a portion of the payments scheduled or provided for in the financing agreement are made, but the term excludes any refinancing agreement and contracts entered into in connection with issues of general obligation bonds or revenue bonds issued pursuant to authorization provided in Article X of the Constitution;"

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

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