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Indicates Matter Stricken
Indicates New Matter
Indicates Matter Stricken
Indicates New Matter
INTRODUCED
May 28, 2008
S. 1429
S. Printed 5/28/08--S.
Read the first time May 28, 2008.
TO AMEND SECTION 6-21-180, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO ACCEPTANCE OF FEDERAL LOANS AND GRANTS UNDER THE REVENUE BOND ACT FOR UTILITIES, SO AS TO PERMIT MORTGAGES TO FEDERAL AGENCIES IN CERTAIN CIRCUMSTANCES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The General Assembly finds that:
(1) under the provisions of the revenue bond act for utilities, certain governmental entities are empowered to enter into loan agreements with federal agencies;
(2) certain federal agencies require a mortgage in connection with such loans;
(3) such loans are available on extremely attractive terms to local governmental entities; and
(4) it is therefore necessary to amend Section 6-21-180 to permit such mortgages.
SECTION 2. Section 6-21-180 of the 1976 Code is amended to read:
"Section 6-21-180. Any municipality desiring to borrow money and issue bonds under this chapter may borrow such the money from any federal agency and may accept loans and grants from such the agency and execute any agreements, including a mortgage to the extent required by the federal agency, or as otherwise provided, within the authority of this chapter and do all things necessary and convenient for such this purpose."
SECTION 3. This act takes effect upon approval by the Governor.
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