H*3826(Rat #0056, Act #0033 of 1995)  General Bill, By Carnell, Boan, 
H.M. Hallman, Keegan and J.G. McAbee

Similar(S 653)
 A Bill to amend Act 1377 of 1968, as amended, relating to the issuance of
 Capital Improvement Bonds, so as to revise existing bond authorizations for
 the Adjutant General and the John De La Howe School; to amend Section 2-7-105,
 as amended, relating to State Capital Improvement Bonds being authorized by
 the General Assembly in odd-numbered years and State Highway Bonds may be
 authorized by the General Assembly in even-numbered years, so as to delete the
 provision regarding the General Assembly authorizing State Highway Bonds in
 even-numbered years; to amend Section 57-11-220, as amended, relating to the
 issuance of State Highway Bonds, so as to provide a procedure for the issuance
 of State Highway Bonds by the State Budget and Control Board; by adding
 Section 57-11-235, so as to authorize the State Budget and Control Board to
 issue State Highway Bonds; to amend Section 57-11-240, as amended, relating to
 the maximum annual debt service on general obligation bonds, so as to delete a
 reference to Section 2-7-105.-amended title

   03/21/95  House  Introduced, read first time, placed on calendar
                     without reference HJ-6
   03/22/95  House  Read second time HJ-19
   03/23/95  House  Read third time and sent to Senate HJ-12
   03/23/95  Senate Introduced, read first time, placed on calendar
                     without reference SJ-6
   03/28/95  Senate Read second time SJ-20
   03/28/95  Senate Ordered to third reading with notice of
                     amendments SJ-20
   03/30/95  Senate Amended SJ-161
   03/30/95  Senate Read third time and returned to House with
                     amendments SJ-161
   04/05/95  House  Concurred in Senate amendment and enrolled HJ-28
   04/05/95  House  Roll call Yeas-91  Nays-21 HJ-29
   04/05/95         Ratified R 56
   04/10/95         Signed By Governor
   04/10/95         Effective date 04/10/95
   04/24/95         Copies available
   04/24/95         Act No. 33

AN ACT TO AMEND ACT 1377 OF 1968, AS AMENDED, RELATING TO THE ISSUANCE OF CAPITAL IMPROVEMENT BONDS, SO AS TO REVISE EXISTING BOND AUTHORIZATIONS FOR THE ADJUTANT GENERAL AND THE JOHN DE LA HOWE SCHOOL; TO AMEND SECTION 2-7-105, AS AMENDED, RELATING TO STATE CAPITAL IMPROVEMENT BONDS BEING AUTHORIZED BY THE GENERAL ASSEMBLY IN ODD-NUMBERED YEARS AND STATE HIGHWAY BONDS MAY BE AUTHORIZED BY THE GENERAL ASSEMBLY IN EVEN-NUMBERED YEARS, SO AS TO DELETE THE PROVISION REGARDING THE GENERAL ASSEMBLY AUTHORIZING STATE HIGHWAY BONDS IN EVEN-NUMBERED YEARS; TO AMEND SECTION 57-11-220, AS AMENDED, RELATING TO THE ISSUANCE OF STATE HIGHWAY BONDS, SO AS TO PROVIDE A PROCEDURE FOR THE ISSUANCE OF STATE HIGHWAY BONDS BY THE STATE BUDGET AND CONTROL BOARD; BY ADDING SECTION 57-11-235, SO AS TO AUTHORIZE THE STATE BUDGET AND CONTROL BOARD TO ISSUE STATE HIGHWAY BONDS; TO AMEND SECTION 57-11-240, AS AMENDED, RELATING TO THE MAXIMUM ANNUAL DEBT SERVICE ON GENERAL OBLIGATION BONDS, SO AS TO DELETE A REFERENCE TO SECTION 2-7-105.

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

Authorizations revised

SECTION 1. (A) Sub-subitem (d), subitem 2 (Adjutant General), item (f), Section 3 of Act 1377 of 1968, as added by Section 1 of Act 522 of 1992, is amended to read:

"(d) Greenville HAWK Armory/DS

Facility 5,519"

(B) Sub-subitem (j), subitem 2 (Adjutant General), item (f), Section 3 of Act 1377 of 1968, as added by Section 1 of Act 531 of 1994, is amended to read:

"(j) Armory Construction/Renovations 1,042,200

The Adjutant General's Office must request the use of the Armory Construction/Renovations funds for specific projects."

Authorization revised

SECTION 2. Sub-subitem (b), subitem 20 (John de la Howe School), item (f), Section 3 of Act 1377 of 1968, as added by Section 1 of Act 522 of 1992, is amended to read:

"(b) Family and Child

Counseling Facility 1,707,565"

Bonds may be authorized

SECTION 3. Section 2-7-105 of the 1976 Code, as last amended by Section 23, Act 181 of 1993, is further amended to read:

"Section 2-7-105. State capital improvement bonds may be authorized by the General Assembly in odd-numbered years."

Highway bonds

SECTION 4. Section 57-11-220 of the 1976 Code, as last amended by Section 1524, Act 181 of 1993, is further amended to read:

"Section 57-11-220. Whenever it shall become necessary that monies be raised for highway transportation purposes, or construction and equipment of headquarters administrative facilities, including monies to be used to refund any state highway bonds then outstanding, the commission may make a request to the state board for the issuance of state highway bonds pursuant to this article. Such request may be in the form of a resolution adopted at any regular or special meeting of the commission. Such request shall set forth on the face thereof or by schedules attached thereto:

(1) the amount then required for highway transportation purposes;

(2) a tentative time schedule setting forth the period of time during which the sum requested will be expended;

(3) a debt service table showing the annual principal and interest requirements for all state highway bonds then outstanding;

(4) the amount of revenues derived from each of the sources of revenue during the preceding fiscal year; and

(5) the amount as estimated by the commission which will be derived from the sources of revenue during the then current and the next ensuing fiscal years during which it is expected that the state highway bonds then sought to be issued will be outstanding, but in estimating the amount to be derived from the sources of revenue the commission shall not assume that the revenues for the then current fiscal year or any future fiscal year will be more than five percent in excess of the actual sums derived from the sources of revenue in the preceding fiscal year, nor that in the sixth or subsequent years there will be any increase over the estimated revenues for the fifth fiscal year following the last completed fiscal year."

Issuance of highway bonds

SECTION 5. The 1976 Code is amended by adding:

"Section 57-11-235. Following the receipt of any request pursuant to Section 57-11-220, the state board shall review the same and to the extent that it shall approve such request, it shall be empowered, by resolution duly adopted, to effect the issuance of state highway bonds, or pending the issuance thereof, effect the issuance of bond anticipation notes pursuant to Chapter 17 of Title 11."

Debt service

SECTION 6. Section 57-11-240 of the 1976 Code, as last amended by Section 1524, Act 181 of 1993, is further amended to read:

"Section 57-11-240. The maximum annual debt service on general obligation bonds issued or outstanding as state highway bonds shall not exceed the debt service limits established in Article X, Section 13 of the South Carolina Constitution. Within such limitations, state highway bonds may be issued for state highway transportation purposes or to refund state highway bonds from time to time under the conditions prescribed by this article."

Time effective

SECTION 7. This act takes effect upon approval by the Governor.

Approved the 10th day of Apirl, 1995.