South Carolina General Assembly
117th Session, 2007-2008

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H. 3563

STATUS INFORMATION

General Bill
Sponsors: Reps. Limehouse, Cooper, Scarborough and Thompson
Document Path: l:\council\bills\bbm\9765ssp07.doc
Companion/Similar bill(s): 451

Introduced in the House on February 21, 2007
Currently residing in the House Committee on Ways and Means

Summary: Athletic facilities revenue bonds

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
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   2/21/2007  House   Introduced and read first time HJ-45
   2/21/2007  House   Referred to Committee on Ways and Means HJ-46

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

2/21/2007

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND SECTION 59-119-940, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CLEMSON UNIVERSITY ATHLETIC FACILITIES REVENUE BONDS, SO AS TO RAISE THE OUTSTANDING DEBT LIMIT FOR THESE BONDS TO TWO HUNDRED MILLION DOLLARS; AND TO AMEND SECTION 9 OF ACT 518 OF 1980, AS AMENDED, RELATING TO THE UNIVERSITY OF SOUTH CAROLINA ATHLETIC FACILITIES REVENUE BONDS, SO AS TO RAISE THE OUTSTANDING DEBT LIMIT TO TWO HUNDRED MILLION DOLLARS.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Section 59-119-940 of the 1976 Code, as last amended by Act 198 of 2004, is further amended to read:

"Section 59-119-940.    Upon receiving the approval of the state board and upon review by the Joint Bond Review Committee, the trustees may from time to time borrow such sums as necessary to accomplish the purpose of this article and to evidence such borrowings by bonds issued pursuant to this article in the aggregate principal amount as they determine, except that other provisions of this article to the contrary notwithstanding, there must not be outstanding at any time bonds issued pursuant to this article in the aggregate principal amount as they determine, except that other provisions of this article to the contrary notwithstanding, there must not be outstanding at any time bonds issued pursuant to this article in excess of sixty two hundred million dollars."

SECTION    2.    Section 9D of Act 518 of 1980, as last amended by Act 182 of 2005, is further amended to read:

"D.    May Issue Bonds.

Subject to obtaining the approval of the state board expressed by resolution duly adopted, the trustees are authorized to issue from time to time not exceeding sixty two hundred million dollars of bonds for the purpose of acquiring, constructing, reconstructing, renovating, or equipping athletic facilities and for the purpose of refunding any previous series of bonds authorized by this section. If the trustees, in authorizing the issuance of bonds pursuant to this section, prescribe by resolution that there must be on deposit in the Bond Reserve Fund certain sums at the time of the delivery of the bonds, the trustees are empowered to utilize a portion of the proceeds of any series of bonds issued pursuant to this section in order to meet the requirement."

SECTION    3.    This act takes effect upon approval by the Governor.

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