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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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