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H. 4455
STATUS INFORMATION
General Bill
Sponsors: Reps. Cobb-Hunter and Mitchell
Document Path: l:\council\bills\gjk\20711sd06.doc
Companion/Similar bill(s): 4511, 4984
Introduced in the House on January 18, 2006
Currently residing in the House Committee on Ways and Means
Summary: School Facilities Bond Act
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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1/18/2006 House Introduced and read first time HJ-178
1/18/2006 House Referred to Committee on Ways and Means HJ-178
4/6/2006 House Member(s) request name added as sponsor: Mitchell
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND CHAPTER 146, TITLE 59, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE STATE SCHOOL FACILITIES BOND ACT, BY ADDING SECTION 59-146-55 SO AS TO PROVIDE THAT BEGINNING WITH FISCAL YEAR 2006-2007 AND CONTINUING FOR A PERIOD OF FOUR FISCAL YEARS THEREAFTER, AN ADDITIONAL THREE HUNDRED MILLION DOLLARS IN SCHOOL FACILITIES BONDS MAY BE ISSUED, AND TO PROVIDE THAT THESE BONDS MUST BE ALLOCATED TO SCHOOL DISTRICTS BASED ON A FORMULA WHICH GIVES PRIORITY CONSIDERATION TO DISTRICTS WITH HIGHER PERCENTAGES OF STUDENTS ELIGIBLE FOR FREE OR REDUCED PRICED LUNCHES, THE RELATIVE FINANCIAL ABILITY OF A DISTRICT TO FUND NEW SCHOOL FACILITIES OR IMPROVE EXISTING FACILITIES, AND REMAINING CAPACITY OF A DISTRICT TO ISSUE ADDITIONAL CAPITAL IMPROVEMENT BONDS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 146, Title 59 of the 1976 Code is amended by adding:
"Section 59-146-55. In addition to the provisions of Section 59-146-50, beginning with fiscal year 2006-2007 and continuing for a period of four fiscal years thereafter, an additional three hundred million dollars in state school facilities bonds may be issued under this chapter. These bonds must be allocated to school districts based on a formula implemented by regulation of the Department of Education which gives priority consideration to districts with higher percentages of students eligible for free or reduced priced lunches, the relative financial ability of a district to fund new school facilities or improve existing facilities as determined under the Education Finance Act, and remaining capacity of a district to issue additional capital improvement bonds."
SECTION 2. This act takes effect upon approval by the Governor.
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