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S. 1181
STATUS INFORMATION
Joint Resolution
Sponsors: Senators Martin, McConnell, Leatherman, Thomas, Ryberg, Campsen, Knotts and Alexander
Document Path: l:\s-jud\bills\martin\jud0055.lam.doc
Introduced in the Senate on February 23, 2006
Currently residing in the Senate Committee on Judiciary
Summary: Successor-in-interest
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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2/23/2006 Senate Introduced and read first time SJ-3
2/23/2006 Senate Referred to Committee on Judiciary SJ-3
2/24/2006 Senate Referred to Subcommittee: Martin (ch), Hutto, Ritchie,
Sheheen, Campsen
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
PROPOSING AN AMENDMENT TO ARTICLE X OF THE CONSTITUTION OF THIS STATE, RELATING TO FINANCE AND TAXATION, BY ADDING SECTION 15A, SO AS TO PROVIDE THAT IF A COMPLETE OR PARTIAL SUCCESSOR-IN-INTEREST TO A SCHOOL DISTRICT IN THIS STATE, OTHER TRANSFEREE OF A SCHOOL DISTRICT, OR OTHER ASSOCIATE OF ANY KIND OF A SCHOOL DISTRICT UNDERTAKES A DUTY OF THE SCHOOL DISTRICT AND IN THAT UNDERTAKING INCURS DEBT AFTER THE RATIFICATION DATE OF THIS SECTION THAT IS SERVICED BY GENERAL OBLIGATION BORROWING OF THE SCHOOL DISTRICT, THEN THE SUCCESSOR-IN-INTEREST, TRANSFEREE, OR ASSOCIATE IS DEEMED TO BE THE SCHOOL DISTRICT, AND THE DEBT INCURRED IS DEEMED GENERAL OBLIGATION DEBT OF THE SCHOOL DISTRICT SUBJECT TO ANY AND ALL REQUIREMENTS, INCLUDING, BUT NOT LIMITED TO, ANY REFERENDUM REQUIREMENT, FOR INCURRING GENERAL OBLIGATION DEBT BY THE SCHOOL DISTRICT.
SECTION 1. It is proposed that Article X of the Constitution of this State be amended by adding:
"Section 15A. For purposes of Section 15 of this article, if a complete or partial successor-in-interest to a school district in this State, other transferee of a school district, or other associate of any kind of a school district undertakes a duty of the school district and in that undertaking incurs debt after the ratification date of this section that is serviced by general obligation borrowing of the school district, then the successor-in-interest, transferee, or associate is deemed to be the school district, and the debt incurred is deemed general obligation debt of the school district subject to any and all requirements, including, but not limited to, any referendum requirement, for incurring general obligation debt by the school district."
SECTION 2. The proposed amendment must be submitted to the qualified electors at the next general election for representatives. Ballots must be provided at the various voting precincts with the following words printed or written on the ballot:
"Must Article X of the Constitution of this State be amended by adding Section 15A so as to provide that for purposes of the limits on bonded indebtedness for school districts, if a complete or partial successor-in-interest to a school district in this State, other transferee of a school district, or other associate of any kind of a school district undertakes a duty of the school district and in that undertaking incurs debt after the ratification date of this section that is serviced by general obligation borrowing of the school district, then the successor-in-interest, transferee, or associate is deemed to be the school district, and the debt incurred is deemed general obligation debt of the school district subject to any and all requirements, including, but not limited to, any referendum requirement, for incurring general obligation debt by the school district?
Those voting in favor of the question shall deposit a ballot with a check or cross mark in the square after the word 'Yes', and those voting against the question shall deposit a ballot with a check or cross mark in the square after the word 'No'."
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