South Carolina General Assembly
115th Session, 2003-2004

Download This Version in Microsoft Word format

Bill 1025


Indicates Matter Stricken
Indicates New Matter


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND CHAPTER 3, TITLE 54, CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 54-3-700, SO AS TO PROVIDE THAT THE STATE PORTS AUTHORITY IS NOT REQUIRED TO OPERATE A MARINE TERMINAL AT PORT ROYAL, AND TO PROVIDE FOR THE CESSATION OF TERMINAL OPERATIONS, THE SALE OF PROPERTY AT FAIR MARKET VALUE, AND FOR THE DISPOSITION OF THE PROCEEDS FROM THE SALE OF THE PROPERTY.

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

SECTION    1.    Chapter 3, Title 54, of the 1976 Code is amended by adding:

"Section 54-3-700.    (A)    Upon the effective date of this section:

(1)    the State Ports Authority has no statutory responsibility to operate a marine terminal at Port Royal; and

(2)    marine operations at Port Royal shall cease as soon as practicable.

(B)    The State Ports Authority is hereby directed to sell all its real and personal property at Port Royal upon the effective date of this section, but in a manner that is financially responsible and advantageous to the State Ports Authority.

(C)    The State Ports Authority shall, in its discretion, determine the manner of the sale, but in no event shall terms of the sale extend beyond December 31, 2006, except for parcels which may be under long-term contract, in which case the South Carolina Ports Authority is directed to terminate such leases as soon as possible through 'lease purchases,' 'buy outs,' or any other lawful means.

(D)    Any real or personal property at Port Royal which is to be sold shall first be appraised and then sold at fair market value. All proceeds from the sale of real and personal property at Port Royal shall be retained by the State Ports Authority of which two million dollars must be expended in the town of Port Royal for economic development and infrastructure needs necessitated by the closing of Port Royal. These funds must be expended at the direction of the Town Council of Port Royal with the approval of the Budget and Control Board and shall have priority over all other expenditures except usual and necessary closing costs attributable to any sales contracts."

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

----XX----

This web page was last updated on Thursday, June 25, 2009 at 9:23 A.M.