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S. 369
STATUS INFORMATION
General Bill
Sponsors: Senator Grooms
Document Path: l:\s-res\lkg\003farm.mrh.doc
Introduced in the Senate on February 18, 2003
Currently residing in the Senate Committee on Agriculture and Natural Resources
Summary: State Farmer's Market Authority
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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2/18/2003 Senate Introduced and read first time SJ-3
2/18/2003 Senate Referred to Committee on Agriculture and Natural
Resources SJ-3
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND TITLE 46, CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING CHAPTER 16, SO AS TO CREATE THE SOUTH CAROLINA STATE FARMER'S MARKET AUTHORITY FOR THE PURPOSE OF FINANCING, CONSTRUCTING, AND OPERATING THE SOUTH CAROLINA STATE FARMER'S MARKET; AND TO AMEND TITLE 46 OF THE 1976 CODE BY REPEALING CHAPTER 15.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Title 46 of the 1976 Code is amended by adding:
Section 46-16-10. This act shall be cited as the South Carolina State Farmer's Market Authority Act.
Section 46-16-20. There is created within the Department of Agriculture a division to be known as the South Carolina State Farmer's Market Authority that must be governed by the Commissioner of Agriculture. The South Carolina State Farmer's Market Authority is created for the purpose of financing, constructing, and operating the South Carolina State Farmer's Market.
Section 46-16-30. For the purposes of this chapter, the following words and terms are defined as follows:
(1) `Authority', unless otherwise indicated, means the division of the Department of Agriculture known as the South Carolina State Farmer's Market Authority.
(2) `Commissioner', unless otherwise indicated, means the Commissioner of Agriculture..
(3) `Department', unless otherwise indicated, means the Department of Agriculture.
(4) `Director or designee' means the person appointed by the commissioner, serving at the commissioner's will and pleasure as his designee, to supervise and carry out the functions and duties of the South Carolina State Farmer's Market Authority as provided for by law.
(5) `Market' unless otherwise indicated, means the South Carolina State Farmer's Market constructed and operated in a manner consistent with the provisions of this chapter.
Section 46-16-40. The authority shall have the following powers and duties:
(1) the power of a body corporate, including the power to sue and be sued, to make contracts and to adopt and use a common seal and alter it as may be deemed expedient;
(2) to acquire by purchase or donation and to own, rent, lease, mortgage, and dispose of such property, real or personal, necessary to carry out the purposes and provisions of this chapter;
(3) to construct, equip, maintain, and operate the market;
(4) to employ and dismiss at pleasure the employees of the authority and to fix and to pay the compensation of the employees;
(5) to issue revenue bonds, consistent with the limitations and requirements of this chapter, to defray the cost of acquisition of the land and construction of necessary facilities to operate the market, payable both as to principal and interest from the revenues to be derived from the operation of the market;
(6) to use any funds appropriated by the State or any of its political subdivisions for the construction, operation, and maintenance of the market, provided that the funds are used in a manner consistent with the terms of the appropriation;
(7) to accept any assistance or in-kind service from the State, state agency, or political subdivision for the construction, operation, and maintenance of the market, subject to any limitation imposed by the State, agency, or political subdivision providing assistance or in-kind service; and
(8) to do all things necessary and required to accomplish the purposes of this chapter.
The powers and duties of the authority shall be exercised by the director.
Section 46-16-50. (A) All bonds issued by the director under authority of this chapter shall be limited obligations of the authority, the principal of and interest on which shall be payable solely out of the revenues derived from the operation of the market authorized by this chapter which the bonds are issued to finance. Bonds and interest coupons issued under authority of this chapter shall not constitute an indebtedness of the authority, the department, the State of South Carolina, or any political subdivision thereof, within the meaning of any state constitutional provision or statutory limitation, and shall not constitute nor give rise to a pecuniary liability of the same or a charge against the general credit of the authority or the department or against the full faith, credit or taxing power of the State of South Carolina, or a political subdivision thereof, and such fact shall be plainly stated on the face of each bond.
(B) Subject to the limitations of Section 46-16-70:
(1) Bonds issued under authority of this chapter may be executed and delivered at any time as a single issue or from time to time as several issues, may be in such form and denominations, may be of such tenor, may be in registered or bearer form either as to principal or interest or both, may be payable in such installments and at such time or times not exceeding forty years from their date, may be subject to such terms of redemption, may be payable at such place or places, may bear interest at such rate or rates payable at such place or places and evidenced in such manner, and may contain such provisions not inconsistent herewith, all of which shall be provided in the proceedings of the commission authorizing the bonds.
(2) Bonds issued under the authority of this chapter may be sold at public or private sale at such price and in such manner and from time to time as may be determined by the director to be most advantageous, and the authority may pay, as a part of the cost of constructing the market, and out of the bond proceeds, all expenses, premiums and commissions which the director may deem necessary or advantageous in connection with the authorization, sale and issuance thereof. All bonds issued under the authority of this chapter except registered bonds, registered otherwise than to bearer and all interest coupons appurtenant thereto shall be construed to be negotiable instruments, despite the fact that they are payable solely from a specified source.
(3) The proceedings authorizing the issuance of bonds may provide for the issuance, in the future, of further bonds on a parity with those initially issued, but such proceedings shall preclude the issuance of bonds or any obligations of any sort secured by a lien prior to the lien of the bonds or bonds afterwards issued on a parity with the bonds.
(4) Pending the issuance of bonds, bond anticipation notes may be issued, and to the end that a vehicle be provided therefore, the provisions of Sections 11-17-10 to 11-17-110, as now or hereafter amended, shall be applicable to such bond anticipatory borrowing.
Section 46-16-60. (A) No bonds shall be issued pursuant to the provisions of this chapter until the proposal of the director to issue the bonds receives the approval of the State Budget and Control Board. Whenever the director shall propose to issue bonds pursuant to the provisions of this chapter, he shall file a petition with the State Budget and Control Board setting forth:
(1) the principal amount of the bonds proposed to be issued.
(2) the cost of constructing the market, including architects' and engineers' fees; the purchase price of any real estate encompassing any site for placement of the market; all expenses in connection with the authorization, sale, and issuance of the bonds to finance such acquisition; and the interest on the bonds for a reasonable time prior to construction, during construction, and for not exceeding one year after completion of the construction;
(3) the maturity schedule of the bonds proposed to be issued;
(4) a schedule showing the annual debt service requirements on the bonds;
(5) a schedule showing the amount and source of revenues available for the payment of the debt service requirements established by the schedule required in item subitem (4);
(6) the method to be employed in selling the proposed bonds;
(7) any other information that the Budget and Control Board shall require.
(B) The State Budget and Control Board is authorized to give its approval to the issuance of bonds pursuant to this chapter if it determines:
(1) the funds estimated to be available for the repayment of the bonds will be sufficient to provide for the payment of the principal and interest on the bonds as they become due; and
(2) sufficient funds will be available from the sale of bonds and from any the source to finance construction.
(C) The State Budget and Control Board may impose any condition it deems necessary on the manner and amount of bonds to be issued pursuant to this chapter. The director's authority to issue bonds is subject to any condition imposed by the State Budget and Control Board.
(D) The director also must provide all information required by this section to the South Carolina State Farmer's Market Authority Advisory Council within a reasonable amount of time before submission to the State Budget and Control Board.
Section 46-16-70. No construction of the market shall begin until the State Treasurer certifies to the State Budget and Control Board that sufficient funds are available from the sale of bonds and from any other source to finance construction. After the State Treasurer certifies to the State Budget and Control Board that sufficient revenues are available, the director shall have the power to provide that the bond proceeds shall be disbursed by the trustee bank or banks during construction upon the estimate, order, or certificate of the designated construction engineer and the authorized representative of the division. In making such agreements or provisions, the director shall not have the power to obligate the authority except with respect to the market and the application of the market revenues. The director shall not have the power to incur a pecuniary liability or a charge upon the general credit of the authority, the department, or the full faith, credit or taxing power of the State of South Carolina or a political subdivision thereof.
Section 46-16-80. The proceeds from the sale of any bonds issued under authority of this chapter shall be applied only for the purpose for which the bonds were issued; provided, however, that any premium and accrued interest received in any such sale shall be applied to the payment of the principal of or the interest on the bonds sold; and provided, further, that if for any reason any portion of the proceeds shall not be needed for the purpose for which the bonds were issued, such unneeded portion of the proceeds shall be applied to the payment of the principal of or the interest on the bonds.
Section 46-16-90. Any bonds issued pursuant to this chapter and at any time outstanding may at any time and from time to time be refunded by the director, but only with the approval of the State Budget and Control Board being first obtained, by the issuance of refunding bonds in such amount as the director may deem necessary, but not exceeding an amount sufficient to refund the principal of the bonds to be refunded, together with any unpaid interest thereon and any premiums, expenses, and commissions necessary to be paid in connection therewith. Any such refunding may be effected whether the bonds to be refunded have matured or shall thereafter mature, either by sale of the refunding bonds and the application of the proceeds for the payment of the bonds to be refunded, or by exchange of the refunding bonds for the bonds to be refunded thereby; provided, that the holders of any bonds to be refunded shall not be compelled without their consent to surrender their bonds for payment or exchange prior to the date on which they are payable, or, if they are called for redemption, prior to the date on which they are by their terms subject to redemption. All refunding bonds issued under the authority of this chapter shall be payable in the same manner and under the same terms and conditions as are herein granted for the issuance of bonds. In addition to the powers herein granted for the issuance of refunding bonds the director may avail himself of the provisions of Sections 11-21-10 to 11-21-80 (the Advanced Refunding Act).
Section 46-16-100. It shall be lawful for all executors, administrators, guardians, committees, and other fiduciaries to invest any moneys in their hands in bonds issued under the provisions of this chapter.
Section 46-16-110. The bonds authorized by this chapter and the income produced by the bonds, and any market constructed pursuant to this chapter, so long as owned by the authority, and the revenue derived from operation of the market shall be exempt from all taxation in the State of South Carolina except for inheritance, estate, or transfer taxes.
Section 46-16-120. (A) To assist and advise the commissioner and director to carry out the responsibilities prescribed in this chapter, there is hereby created the South Carolina State Farmer's Market Authority Advisory Council that shall consist of eleven members as follows:
(1) three persons engaged in the wholesaling of agricultural products at the South Carolina State Farmer's Market recommended by the South Carolina State Farmer's Market Vendor Association;
(2) three persons engaged in the retailing of agricultural products at the South Carolina State Farmer's Market recommended by the South Carolina State Farmer's Market Vendor Association;
(3) one person recommended by Farm Bureau;
(4) two persons recommended by the chairman of the county council where the market is located;
(5) one person recommended by the chairman of the House Ways and Means Committee; and
(6) one person recommended by the chairman of the Senate Finance Committee.
The various recommending authorities shall notify the commissioner of their recommendations. Upon receiving notification, the commissioner shall confirm the recommendation by way of appointment to the advisory council. Members shall serve four-year terms and until their successors are appointed. Vacancies occurring by death, resignation, or removal shall be filled in the same manner as the original appointment. A member filling a vacancy shall serve the remainder of the unexpired term.
(B) The commissioner shall call the initial meeting of the advisory council no later than thirty days following the receipt of the last recommendation for appointment. A majority of the members shall constitute a quorum. At the initial meeting, the members shall elect a chairman and adopt rules and procedures for the conduct of business.
(C) The advisory council shall meet as often as may be deemed necessary at the call of the chairman or a majority of the members. Appointed members shall receive mileage, per diem, and subsistence as is provided by law for state boards, committees, and commissions for attending meetings of the committee; provided, that the advisory council shall meet at least quarterly.
(D) In addition to the other duties imposed by this chapter, the advisory council shall provide a report to the commissioner by July first of each year detailing its recommendations for improvement to the management and operation of the market. A copy of this report must be forwarded to the chairmen of the House Ways and Means Committee and the Senate Finance Committee. The commissioner must review the report and take it into consideration when setting the policies and procedures for the operation and management of the market. The commissioner must provide a response to the report within sixty days of its receipt detailing his reasons for accepting or rejecting the advisory council's recommendations. A copy of the response must be sent to the chairman of the advisory council and forwarded to the chairmen of the House Ways and Means Committee and the Senate Finance Committee.
(E) The director shall provide any information regarding the operation and management of the market the advisory council deems necessary to perform its duties under this chapter."
SECTION 2. Chapter 15 of Title 46 is repealed.
SECTION 3. This act takes effect upon approval by the Governor.
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