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TO AMEND ACT 1377 OF 1968, AS AMENDED, RELATING TO STATE CAPITAL IMPROVEMENT BONDS AND AUTHORIZATIONS, SO AS TO PROVIDE THAT THE PRINCIPAL AMOUNT OF BONDS ISSUED TO REFUND EXISTING BONDS AND THE COST OF ISSUANCE OF THESE REFUNDING BONDS IS NOT INCLUDED IN THE AGGREGATE PRINCIPAL AMOUNT OF STATE CAPITAL IMPROVEMENT BONDS AND TO DELETE THE REQUIREMENT THAT THE BOND PREMIUM BE APPLIED TO THE FIRST INSTALLMENT OF PRINCIPAL OF THE BONDS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. A. Section 2(h) of Act 1377 of 1968 is amended by adding a new paragraph at the end to read:
"In a refunding of State Capital Improvement Bonds, heretofore or hereafter issued and outstanding, the principal amount of the refunding bonds is not included in the computation of the aggregate principal amount of State Capital Improvement Bonds that are authorized to be issued pursuant to this act."
B. Section 4 of Act 1377 of 1968 is amended by adding a paragraph at the end to read:
"The costs of issuance, as certified by the State Treasurer, of State Capital Improvement Bonds, heretofore or hereafter issued pursuant to the provisions of this act, is not included in the computation of the aggregate principal amount of State Capital Improvement Bonds authorized to be issued pursuant to this act."
C. Section 17 of Act 1377 of 1968 is amended to read:
"Section 17. The proceeds of the sale of the State Capital Improvement Bonds shall must be received by the State Treasurer and applied by him the State Treasurer to the purposes for which issued, except that the accrued interest, if any, shall must be used to discharge in part the first interest to become due on such the bonds, and the premium, if any, shall be used to discharge the payment of the first installment of principal to become due on such bonds, but the purchasers of such the bonds shall in no wise be are not liable for the proper application of the proceeds to the purposes for which they are intended."
SECTION 2. This act takes effect upon approval by the Governor.
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