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Bill 3969

                    Current Status

Bill Number:                      3969
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  20010419
Primary Sponsor:                  Carnell
All Sponsors:                     Carnell, Klauber and Parks
Drafted Document Number:          l:\council\bills\pt\1354dw01.doc
Residing Body:                    House
Current Committee:                Ways and Means Committee 30 HWM
Subject:                          Municipal improvements, revenue bonds; 
                                  financing capacity payments under public 
                                  utility contract; Political Subdivisions


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   20010419  Introduced, read first time,           30 HWM
                  referred to Committee


              Versions of This Bill

TO AMEND SECTIONS 6-17-30 AND 6-21-80, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO BORROWING OR ISSUING REFUNDING BONDS AND ADDITIONAL BONDS BY MUNICIPALITIES UNDER THE REVENUE BOND REFINANCING ACT OF 1937 AND THE AUTHORIZATION FOR A MUNICIPALITY TO ISSUE REVENUE BONDS TO FINANCE IMPROVEMENTS TO ITS SYSTEM, AS DEFINED IN SECTION 6-21-40, SO AS TO PROVIDE FOR THE FINANCING OF CAPACITY PAYMENTS UNDER CERTAIN SUPPLY CONTRACTS.

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

SECTION    1.    Section 6-17-30 of the 1976 Code is amended by adding the following paragraph at the end:

    "In addition to any other authorizations provided under this chapter, in the case of any contract between a municipality, as the acquirer, and another entity, as the supplier, providing for, among other things, the acquisition by the municipality of capacity with respect to the provision of water, sewer service, electricity, or gas, the aggregate actual cost to the municipality of the capacity portion of the contract shall, for purposes of this chapter, be deemed to be a financeable improvement to the water, sewer, electricity, or gas system, as the case may be, of the municipality."

SECTION    2.    Section 6-21-80 of the 1976 Code is amended by adding the following paragraph at the end:

    "In addition to any other authorizations provided under this chapter, in the case of any contract between a municipality, as the acquirer, and another entity, as the supplier, providing for, among other things, the acquisition by the municipality of capacity with respect to the provision of water, sewer service, electricity, or gas, the aggregate actual cost to the municipality of the capacity portion of the contract shall, for purposes of this chapter, be deemed to be a financeable improvement to the water, sewer, electricity, or gas system, as the case may be, of the municipality."

SECTION    3.    This act takes effect upon approval by the Governor.

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