H 4372 Session 109 (1991-1992)
H 4372 Joint Resolution, By J.G. Felder, Anderson, D.W. Beatty, L.E. Bennett,
J. Brown, A.W. Byrd, Canty, Cobb-Hunter, B. Council, S.R. Foster, Glover,
Inabinett, D.E. Martin, Rhoad, Scott, L.S. Taylor, L.S. Whipper, J.M. White and
D. Williams
A Joint Resolution to empower the Trustees of South Carolina State College to
issue special obligation bonds to pay for the cost of enlarging and improving
Dawson Football Stadium; to prescribe the conditions under which the bonds may
be issued; and to make provisions for their repayment.
02/05/92 House Introduced, read first time, placed on calendar
without reference HJ-45
02/12/92 House Debate adjourned until Thursday, February 13,
1992 HJ-32
02/19/92 House Tabled HJ-18
INTRODUCED
February 5, 1992
H. 4372
Introduced by REPS. Felder, Foster, Bennett, Cobb-Hunter, Anderson,
Beatty, J. Brown, Byrd, Canty, Glover, Inabinett, D. Martin, Scott,
Taylor, Whipper, White, D. Williams, Rhoad and Council
S. Printed 2/5/92--H.
Read the first time February 5, 1992.
A JOINT RESOLUTION
TO EMPOWER THE TRUSTEES OF SOUTH CAROLINA STATE
COLLEGE TO ISSUE SPECIAL OBLIGATION BONDS TO PAY
FOR THE COST OF ENLARGING AND IMPROVING DAWSON
FOOTBALL STADIUM; TO PRESCRIBE THE CONDITIONS
UNDER WHICH THE BONDS MAY BE ISSUED; AND TO MAKE
PROVISIONS FOR THEIR REPAYMENT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The General Assembly has made the following findings
of fact:
(1) Improvements to Dawson Football Stadium at South Carolina
State College are required at a presently estimated cost of three million
dollars.
(2) The trustees have sought the power to raise monies required
for the improvements through the authorization of this joint resolution,
which empowers the trustees to pay the principal and interest of the
bonds from the proceeds of any one or more of the following sources:
(a) the admission fees;
(b) the special student fee;
(c) the other sources provided or authorized in this joint
resolution.
SECTION 2. Unless the context clearly requires otherwise, as used
in this joint resolution:
(1) "Admission fee" means the special fee or charge,
in addition to other charges, imposed upon each person admitted to a
"home" football game, except a freshman or intramural
game, in Dawson Football Stadium at South Carolina State College or
at any other location where a "home" game is played by the
South Carolina State College Varsity football team, excluding students
admitted as a result of student fees paid to the institution for a regular
session.
(2) "Bonds" means the Stadium Improvement
Revenue Bonds of South Carolina State College authorized by this joint
resolution.
(3) "College" means South Carolina State College,
located at Orangeburg, South Carolina.
(4) "Dawson Football Stadium" means the football
stadium of South Carolina State College located at Orangeburg, South
Carolina.
(5) "Debt service fund" means the fund established
by this joint resolution for the payment of the principal and interest on
the bonds.
(6) "Improvements" means the enlargement and
improvements to Dawson Football Stadium, including necessary
equipment.
(7) "Special student fee" means the fee authorized by
this joint resolution to be established by the college to provide funds to
assist in the repayment of bonds authorized under this joint resolution
and imposed upon each person in attendance at any regular session,
excluding summer sessions, of the college, who is enrolled in a
sufficient number of classes or courses for which credit is given toward
any degree offered by the college to be classified as a regular full-time
student for the purpose of assessing other student fees.
(8) "State board" means the State Budget and Control
Board.
(9) "Trustees" means the Board of Trustee of South
Carolina State College.
SECTION 3. The right of the trustees to construct the improvements
and then to operate and maintain them is affirmed.
SECTION 4. Subject to obtaining the approval of the state board
expressed by resolution duly adopted, the trustees are authorized to issue
not more than three million dollars of bonds.
SECTION 5. The faith and credit of the State of South Carolina must
not be pledged for the payment of the principal and interest on the bonds
and there must be on the face of each bond a statement plainly worded
to that effect. Neither the trustees nor any other persons executing the
bonds are personally liable for them.
SECTION 6. In order to utilize the authorizations of this joint
resolution, the trustees, on behalf of the college, shall adopt resolutions
providing for the issuance of the bonds within the limitations mentioned,
and by that resolution shall prescribe the tenor, terms, and conditions of
the bonds and the obligations of the college incurred in connection with
their issuance. The bonds may be issued as a single issue or as several
separate issues. In the event that the bonds are issued as two or more
issues, then all bonds must be on a parity in all respects inter se and are
equally and ratably entitled to payment from the sources provided in this
joint resolution.
SECTION 7. The bonds must be issued as serial bonds, maturing in
equal or unequal amounts, at those times and on those occasions, and in
denominations as the trustees determine. However, the last maturing
bonds of any issue must be expressed to mature not later than twenty
years from their date, and the first maturing bonds of any issue must fall
due not later than five years from their date. The bonds shall bear a rate
of interest, payable on occasions as the trustees prescribe, and must be
payable in a medium of payment and at a place as the resolutions
prescribe. Bonds may be issued with provisions permitting their
redemption before their stated maturity, at a time and under conditions
as the trustees prescribe. Bonds made subject to redemption before their
stated maturities may contain a provision requiring the payment of a
premium for the privilege of exercising the right of redemption, in an
amount the trustees prescribe. All bonds that are subject to redemption
must contain a statement to that effect on the face or reverse of each
bond. A resolution authorizing redeemable bonds must contain
provisions specifying the manner of call and the notice that must be
given.
SECTION 8. The bonds may be in the form of fully registered bonds,
payable to the registered owner as shown on the books of the treasurer
of the college, or on registry books kept for the college by the State
Treasurer or by any corporate registrar, upon conditions the trustees
prescribe.
SECTION 9. The bonds and all interest to become due on them must
have the tax exempt status pursuant to Section 12-1-50.
SECTION 10. It is unlawful for all executors, administrators,
guardians and fiduciaries, and all sinking fund commissions to invest
any monies in their hands in the bonds.
SECTION 11. The bonds must be executed in the name of the
college in a manner and by those persons the trustees determine, and the
seal of the college must be reproduced, affixed to, or impressed on each
bond. The delivery of the bonds so executed is valid notwithstanding
changes in officers or seal occurring after the execution and before the
delivery.
SECTION 12. All bonds must be disposed of in a manner the
trustees determine, except that a sale, privately negotiated without public
advertisement, must not be made unless the approval of the state board
is obtained. If the trustees elect to sell the bonds at public sales, at least
one advertisement of the sale must appear in a financial paper published
in the City of New York, State of New York, or some other newspaper
of general circulation in South Carolina, not less than ten days before the
occasion fixed for the opening of bids.
SECTION 13. The proceeds of all bonds must be delivered to the
State Treasurer and retained in a special fund or funds and applied solely
to the purposes for which the bonds are issued. Withdrawals from the
Debt Service Fund must be made on the order or requisition of the
college and must be in a manner the State Treasurer prescribes. The
State Treasurer may make temporary investments of funds derived from
the proceeds of bonds in obligations enumerated in Section 11-9-660
with maturities consonant with the need for the funds.
SECTION 14. To provide for the adequate payment of the
principal of and interest on the bonds, the trustees are authorized to
place into effect either the admission fee or the special student fee, or
both. If only one of the fees is imposed at the time the bonds are issued,
the trustees, at any time the bonds are outstanding, by resolution, may
impose the other fee to further secure payment of the bonds. The fees
must be established on a basis and in an amount necessary to provide for
the payment of the principal and interest on the bonds as they mature
and to provide cushion or reserve for them in the Debt Service Fund that
the trustees consider prudent. Either the admission fee or the special
student fee, or both, may be imposed as soon after the effective date of
this joint resolution as the trustees determine. It is the duty of the
trustees to calculate the debt service requirements of the bonds not less
frequently than annually and at that time, appropriate revisions of the
admission fee or the special student fee, or both, may be made if
required to make adequate provisions for the payment of principal and
interest on the bonds and the maintenance of the cushion or reserve in
the fund.
The special student fee must bear nomenclature as the trustees
prescribe and, in the discretion of the trustees, it may be included as a
part of any other fees. However, it is the duty of the trustees to account
for the receipts from the special student fee to the State Treasurer.
SECTION 15. Except to the extent other monies are restricted
inconsistent with these provisions, the trustees are empowered to
deposit, in the Debt Service Fund, before the issuance of any bonds,
monies derived from other sources, including funds raised by the athletic
department of the college. They also are empowered throughout the life
of the bonds to make payments from these other sources to the fund, and
in calculating the amount or rate of the admission fee or the special
student fee, or both, for any year, they may take into account all monies
then actually paid to the fund from the other sources which then are
available to meet the payment of the principal and interest on the bonds
for the year.
SECTION 16. In the resolutions authorizing the issuance of the
bonds, the trustees are empowered to:
(1) covenant and agree throughout the life of the bonds that the
admission fee or the special student fee, or both, are imposed,
maintained, and revised when necessary, in an amount, without
limitation as to rate, as is sufficient to meet the payment of the principal
and interest for the bonds as they become due, and to create a cushion
or reserve fund as the trustees consider prudent. The cushion or reserve
must be used only to meet the payment of the principal and interest on
the bonds under the conditions as the trustees prescribe and must be
maintained in a manner as to insure its availability for repayment;
(2) establish the Debt Service Fund, which must be maintained at
the hands of the State Treasurer;
(3) covenant that all revenues derived from the admission fee or
the special student fee, or both, are paid to the State Treasurer for
deposit in the fund in a manner prescribed by the State Treasurer;
(4) establish appropriate rules requiring the payment of the
admission fee or the special student fee, or both;
(5) covenant as to the use of the proceeds of the sale of the bonds;
(6) provide for the terms, form, registration, exchange, execution
and authentication of bonds, and for the replacement of lost, destroyed,
or mutilated bonds;
(7) covenant for the mandatory redemption of bonds on terms and
conditions as the resolutions authorizing the bonds prescribe;
(8) prescribe the procedure, if any, by which the terms of the
contract with the bondholders may be amended, the number of bonds
whose holders must consent to amendment, and the manner in which the
consent is given;
(9) covenant to insure the football stadium against loss by fire or
other casualty;
(10) operate and maintain the football stadium in good repair;
(11) prescribe the events of default and the terms and conditions
upon which all or any bonds are or may be declared due before maturity,
and the terms and conditions upon which the declaration and its
consequences may be waived;
(12) reserve the right to issue additional bonds payable from the
sources provided in this joint resolution for the payment of the bonds
pursuant to Section 18 of this joint resolution or to the extent to which
the trustees may become authorized to issue additional bonds by
legislation enacted, if it is necessary in the future to further enlarge or
improve the football stadium and to prescribe the conditions under
which additional bonds may be issued; and
(13) make further covenants and agreements as necessary or
desirable in order to market the bonds.
SECTION 17. The State Treasurer is authorized to accept custody
of receipts and revenues derived from the imposition of the admission
fee and any special student fee imposed by the trustees, to deposit them
in the Debt Service Fund, and to utilize the proceeds of the fund for the
payment of the principal and interest on the bonds and for the
establishment of a cushion or reserve for their payment. The trustees
shall make adequate provisions for the transmission of the revenues
derived from the fees to the State Treasurer in a manner prescribed by
the State Treasurer. Monies in the fund may be invested and reinvested
by the State Treasurer in obligations enumerated in Section 11-9-660,
with maturities consonant with the needs of the fund.
SECTION 18. The trustees are authorized to issue additional bonds
in one or more series as provided in the resolutions authorizing the
original series of bonds for the purpose of refunding or retiring the
bonds or for the purpose of enlarging or improving the football stadium.
However, the aggregate principal amount of all bonds outstanding at any
one time, issued pursuant to the authority of this joint resolution, must
not exceed three million dollars without first obtaining additional
authority for the excess amount from the General Assembly. Defeased
bonds are not considered outstanding for purposes of this section.
SECTION 19. It is not intended by this joint resolution to limit the
college in the construction of the improvements to the sums provided in
this joint resolution, and if the college obtains funds from other sources
for the purposes of enlarging and improving the football stadium, then
it is empowered to apply the funds to the improvements as now
contemplated or to provide further improvements for the football
stadium.
SECTION 20. This joint resolution takes effect upon approval by
the Governor.
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