H*2908(Rat #0116, Act #0066 of 1983)  General Bill, By  House Ways and Means
 A Bill to authorize the State Forestry Commission to borrow an amount not to
 exceed one million, five hundred thousand dollars to finance a second
 generation tree seed orchard and to provide for the method of payment of the
 loan and interest.

   04/14/83  House  Introduced, read first time, placed on calendar
                     without reference HJ-2210
   04/20/83  House  Debate adjourned HJ-2311
   04/21/83  House  Debate adjourned HJ-2358
   04/26/83  House  Debate adjourned HJ-2394
   04/27/83  House  Debate adjourned HJ-2423
   04/28/83  House  Amended HJ-2463
   04/28/83  House  Read second time HJ-2466
   04/29/83  House  Read third time and sent to Senate HJ-2477
   05/03/83  Senate Introduced and read first time SJ-1190
   05/03/83  Senate Referred to Committee on Finance SJ-1190
   05/11/83  Senate Committee report: Favorable Finance SJ-1335
   05/11/83  Senate Amended SJ-1340
   05/11/83  Senate Read second time SJ-1340
   05/11/83  Senate Ordered to third reading with notice of
                     amendments SJ-1340
   05/12/83  Senate  Read third time SJ-1360
   05/12/83  Senate Returned SJ-1360
   05/18/83  House  Concurred in Senate amendment and enrolled HJ-2947
   05/24/83         Ratified R 116
   05/25/83         Signed By Governor
   05/25/83         Effective date 05/25/83
   05/25/83         Act No. 66
   06/07/83         Copies available

AN ACT TO AUTHORIZE THE STATE FORESTRY COMMISSION TO BORROW AN AMOUNT NOT TO EXCEED ONE MILLION, FIVE HUNDRED THOUSAND DOLLARS TO FINANCE A SECOND GENERATION TREE SEED ORCHARD AND TO PROVIDE FOR THE METHOD OF PAYMENT OF THE LOAN AND INTEREST.

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

Forestry Commission authorized to borrow

SECTION 1. In order to finance the cost of acquiring land for use as a second generation tree seed orchard, the State Forestry Commission may borrow from one or more financial institutions or from whatever other source is appropriate, not exceeding one million, five hundred thousand dollars for such period of time as needed, not exceeding fifteen years, and upon such terms and conditions as the commission, with the approval of the State Budget and Control Board, agrees upon.

Revenue pledged

SECTION 2. Notwithstanding any other provision of law, for the payment of the loan and the interest thereon, there is annually pledged all revenues derived from the sale of timber from Forestry Commission lands which exceed the amount of one hundred eight thousand, six hundred seventy dollars to be credited to the General Fund of the State and those funds designated for allocation to counties under the provisions of Section 48-23-260 of the 1976 Code, and all donations and revenues made available to the Commission for this purpose. Each year, after allocation of revenue from timber sales to the General Fund, counties, and the payment of principal and interest on the loan, any remaining funds may be used for the reforestation of Forestry Commission lands cut pursuant to this act. Any unexpended balance at the close of each fiscal year must be carried forward and expended in accordance with the provisions of this act.

Notes

SECTION 3. The amount borrowed shall be evidenced by one or more notes of the commission payable as to both principal and interest solely from the revenues to be pledged therefor as authorized.

Form of notes

SECTION 4. The notes shall be in such form and of such tenor as is approved by the commission subject to the limitations of this act.

Tax exempt status

SECTION 5. The notes and the interest to become due thereon shall have the tax exempt status prescribed by Section 12-1-60 of the 1976 Code.

Time effective

SECTION 6. This act shall take effect upon approval by the Governor.