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Indicates Matter Stricken
Indicates New Matter
S. 1244
STATUS INFORMATION
General Bill
Sponsors: Senator Martin
Document Path: l:\s-res\lam\024succ.kmm.doc
Introduced in the Senate on March 14, 2006
Currently residing in the Senate Committee on Education
Summary: Successor-in-interest
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 3/14/2006 Senate Introduced and read first time 3/14/2006 Senate Referred to Committee on Education SJ-17
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND SECTION 59-71-30 OF THE 1976 CODE, RELATING TO AUTHORITIES OF OPERATING SCHOOL UNITS AUTHORIZED TO ISSUE GENERAL OBLIGATION BONDS, TO PROVIDE THAT A SUCCESSOR-IN-INTEREST OF AN OPERATING SCHOOL UNIT INCURS THE DEBTS OF ITS PREDECESSOR-IN-INTEREST UPON THE SUCCESSOR-IN-INTEREST UNDERTAKING THE DUTIES OF ITS PREDECESSOR-IN-INTEREST SUBJECT TO ALL REQUIREMENTS FOR INCURRING GENERAL OBLIGATION DEBT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 59-71-30 of the 1976 Code is amended to read:
"Section 59-71-30. (A) The authorities of any operating school unit may issue general obligation bonds of such operating school unit for the purpose of defraying the cost of capital improvements to any amount not exceeding the constitutional debt limitation applicable to such operating school unit, if:
(1) The election required by this article as a condition precedent to the issuance of bonds results favorably thereto;
(2) The bonds are issued within three years following the holding of the election; and
(3) The county board wherein such operating school unit is located, if there is such, shall give its approval to the issuance of such bonds.
(B) A complete or partial successor-in-interest to, or other transferee of, an operating school unit, when that successor-in-interest or transferee of the operating school unit undertakes a duty of the operating school unit, and in that undertaking incurs debt after the effective date of this section serviced by general obligation borrowing of the operating school unit is deemed to be the operating school unit; and the debt incurred is deemed general obligation debt of the operating school unit subject to any and all requirements, including, but not limited to, any referendum requirement for incurring general obligation debt by the operating school unit and any general obligation debt limitation."
SECTION 2. This act takes effect upon approval by the Governor.
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