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TO ESTABLISH THE RESULTS OF A REVIEW OF THE LAW IMPLEMENTING ARTICLE X, SECTION 13(6)(c) OF THE CONSTITUTION OF SOUTH CAROLINA, 1895.
Whereas, Article X, Section 13(6)(c) of the Constitution of this State provides that during the regular session of the General Assembly in 1990 and during every fifth annual regular session thereafter, the General Assembly shall conduct and complete a review of the law implementing Article X, Section 13(6)(c); and
Whereas, the General Assembly has conducted and completed a review of the currently outstanding general obligation indebtedness of this State and the applicable debt limit; and
Whereas, the currently applicable debt limit under Article X, Section 13(6)(c) is six percent, comprising five percent for general obligation bonds as described in Article X, Section 13(6)(c), one-half percent for Economic Development General Obligation Bonds as described in Chapter 41 of Title 11 of the 1976 Code, and one-half percent for Research University Infrastructure General Obligation Bonds as described in Chapter 51 of Title 11 of the 1976 Code. Now, therefore,
Be it resolved by the House of Representatives, the Senate concurring:
That the General Assembly hereby determines that such debt limit shall not be amended or repealed as a result of this review.
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