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H. 3852
STATUS INFORMATION
General Bill
Sponsors: Reps. Lourie, J.E. Smith, McLeod, Anthony, Govan, Hayes, Whipper, Rutherford, Bailey, Bales, Breeland, G. Brown, J. Brown, Clark, Clyburn, Cobb-Hunter, Emory, Freeman, J. Hines, M. Hines, Lloyd, Miller, Neilson, Ott, Rivers and F.N. Smith
Document Path: l:\council\bills\ggs\22991htc03.doc
Introduced in the House on March 26, 2003
Currently residing in the House Committee on Ways and Means
Summary: Bond authorization for school buses
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 3/26/2003 House Introduced and read first time HJ-5 3/26/2003 House Referred to Committee on Ways and Means HJ-5
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND ACT 1377 OF 1968, AS AMENDED, RELATING TO THE ISSUANCE OF STATE CAPITAL IMPROVEMENT BONDS, SO AS TO AUTHORIZE TWENTY MILLION DOLLARS IN SUCH BONDS FOR THE STATE DEPARTMENT OF EDUCATION FOR THE PURCHASE OF SCHOOL BUSES AND TO CONFORM THE AGGREGATE PRINCIPAL INDEBTEDNESS AMOUNT TO THE ADDITIONAL BONDS AUTHORIZED BY THIS ACT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. A. Item (f) of Section 3 of Act 1377 of 1968, as last amended by Act 1 of 2001, is further amended by adding:
"(1) Department of Education:
Transportation - School Buses $20,000,000
TOTAL $20,000,000."
B. Section 4 of Act 1377 of 1968, as last amended by Act 1 of 2001, is further amended to read:
"Section 4. The aggregate principal indebtedness on account of bonds issued pursuant to this act may not exceed $2,583,904,475 $2,603,904,475. The limitation imposed by the provisions of this section does not apply to bonds issued on behalf of the Mental Health Commission as provided in Acts 1276 and 1272 of 1970 or to bonds issued on behalf of the Commission on Mental Retardation as provided in Act 1087 of 1970 or to bonds issued on behalf of the South Carolina Fire Academy. The limitation imposed by the provisions of this section is not considered to be an obligation of the contract made between the State and holders of bonds issued pursuant to this act, and the limitation imposed by the provisions of this section may be enlarged by acts amending it or reduced by the application of the Capital Reserve Fund or by amendments of this act. Within these limitations state capital improvement bonds may be issued under the conditions prescribed by this act."
SECTION 2. This act takes effect upon approval by the Governor.
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