H*4480(Rat #0413, Act #0523 of 1992)  General Bill, By Carnell, Boan, 
S.R. Foster, J.W. Johnson and J.G. McAbee
 A Bill to amend Act 1377 of 1968, as amended, relating to the issuance of
 Capital Improvement Bonds, so as to reallocate and reduce existing bond
 authorizations, authorize the issuance of additional bonds, authorize the
 State Treasurer to transfer an amount necessary from the funds of the various
 state retirement systems for use to purchase or build suitable office space
 for the Retirement Division of the State Budget and Control Board, to provide
 that the purchase must conform to applicable laws, regulations, and policies
 governing acquisition, to provide that it is the intent of the General
 Assembly that state capital improvement bonds may not be authorized in 1993,
 and increase the aggregate principal indebtedness to reflect the additional
 capital improvement bonds authorized pursuant to the provisions of this
 Act.-amended title

   02/27/92  House  Introduced and read first time HJ-9
   02/27/92  House  Referred to Committee on Ways and Means HJ-9
   03/17/92  House  Committee report: Favorable Ways and Means HJ-5
   03/24/92  House  Read second time HJ-28
   03/25/92  House  Read third time and sent to Senate HJ-24
   03/26/92  Senate Introduced, read first time, placed on calendar
                     without reference SJ-16
   03/30/92  Senate Read second time SJ-16
   04/16/92  Senate Amended SJ-44
   04/16/92  Senate Read third time and returned to House with
                     amendments SJ-44
   04/22/92  House  Senate amendment amended HJ-47
   04/22/92  House  Returned to Senate with amendments HJ-47
   04/23/92  Senate Concurred in House amendment and enrolled SJ-25
   04/28/92  Senate Recalled from Legislative Council SJ-23
   04/28/92  Senate Reconsidered SJ-23
   04/28/92  Senate Non-concurrence in House amendment SJ-23
   04/28/92  House  House insists upon amendment and conference
                     committee appointed Reps. Boan, Carnell & H.
                     Brown HJ-22
   04/28/92  Senate Conference committee appointed Sens. Verne Smith,
                     Moore, Leatherman SJ-22
   04/29/92  House  Free conference powers granted HJ-266
   04/29/92  House  Free conference committee appointed Boan, Carnell
                     & H. Brown HJ-267
   04/29/92  Senate Free conference powers granted
   04/29/92  Senate Free conference committee appointed Sens. V.
                     Smith, Leatherman, Moore SJ-246
   04/29/92  Senate Free conference report received and adopted SJ-246
   04/29/92  House  Free conference report received and adopted HJ-328
   04/30/92  Senate Ordered enrolled for ratification
   04/30/92         Ratified R 413
   05/04/92         Signed By Governor
   05/04/92         Effective date 05/04/92
   05/04/92         Act No. 523
   06/09/92         Copies available

AN ACT TO AMEND ACT 1377 OF 1968, AS AMENDED, RELATING TO THE ISSUANCE OF CAPITAL IMPROVEMENT BONDS, SO AS TO REALLOCATE AND REDUCE EXISTING BOND AUTHORIZATIONS, AUTHORIZE THE ISSUANCE OF ADDITIONAL BONDS, AUTHORIZE THE STATE TREASURER TO TRANSFER AN AMOUNT NECESSARY FROM THE FUNDS OF THE VARIOUS STATE RETIREMENT SYSTEMS FOR USE TO PURCHASE OR BUILD SUITABLE OFFICE SPACE FOR THE RETIREMENT DIVISION OF THE STATE BUDGET AND CONTROL BOARD, TO PROVIDE THAT THE PURCHASE MUST CONFORM TO APPLICABLE LAWS, REGULATIONS, AND POLICIES GOVERNING ACQUISITION, TO PROVIDE THAT IT IS THE INTENT OF THE GENERAL ASSEMBLY THAT STATE CAPITAL IMPROVEMENT BONDS MAY NOT BE AUTHORIZED IN 1993, AND INCREASE THE AGGREGATE PRINCIPAL INDEBTEDNESS TO REFLECT THE ADDITIONAL CAPITAL IMPROVEMENT BONDS AUTHORIZED PURSUANT TO THE PROVISIONS OF THIS ACT.

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

Bond authorization reallocated

SECTION 1. Subitem 13 of Section 3 of Act 1377 of 1968, as added by Section 1 of Act 518 of 1980, is amended to read:

"13. Educational Television

Commission:

1. Greenville-Replacement

of Transmitter

Equipment and

Transmitter Building

on Paris Mountain. . . . . . .$1,171,900

2. Equipment-Spartanburg

Station. . . . . . . . . . . . . 485,000

3. Equipment-Columbia

Facility . . . . . . . . . . . . 970,000

Total, Education

Television Commission. .$ 2,626,900".

Bond authorization reallocated

SECTION 2. Subitem 5 of item 12 of Section 3 of Act 1377 of 1968, as added by Section 1 of Act 538 of 1986, is amended to read:

"5. Sumter Area Technical

College

(a) Building 400 Roof

replacement . . . . . . . 100,000

(b) Building 400 Renovations210,000".

Bond authorization reduced

SECTION 3. Sub-subitem (j), subitem 24(A) (Department of Youth Services), item (f), Section 3 of Act 1377 of 1968, as last amended by Section 6 of an act of 1991 bearing ratification number 256, is further amended to read:

"(j) Facility Roofing269,284".

Bonds authorized

SECTION 4. Item (f) of Section 3 of Act 1377 of 1968, as last amended by an act of 1991 bearing ratification number 256, is further amended by adding:

"Ports Authority

Economic Development Project25,000,000

__________

Total, Ports Authority 25,000,000

If the Joint Bond Review Committee and the Budget and Control Board determine that the Ports Authority Economic Development Project cannot be implemented, the authorization in this subitem is void."

Bonds authorization reallocated

SECTION 5. Subitem 34 (Horry County), item (f), Section 3 of Act 1377 of 1968, as last amended by Section 8 of an act of 1991 bearing ratification number 256, is further amended to read:

"34. City of Myrtle Beach

Convention Center 5,000,000

Total, City of Myrtle Beach 5,000,000

The funds authorized in this subitem for the City of Myrtle Beach Convention Center must be matched on a three-to-one value basis as provided by the governing body of the City of Myrtle Beach or the governing body of Horry County, donations in-kind, and any other source of funds which may be obligated for the convention center, including funds of any nonprofit corporation pursuant to any certificate of participation financing of the convention center."

Funds may be transferred to purchase offices for Retirement System

SECTION 6. (A)(1) The offices of the Retirement Division of the State Budget and Control Board have relocated three times in the downtown area of Columbia during the past fifteen years, bringing about administrative hardship and creating confusion on the part of the two hundred thousand members and retirees of the various state retirement systems.

(2) The Retirement Division is currently unable to provide adequate parking for its thousands of visitors.

(3) Many state retirement systems, after careful study, have determined it to be prudent to own administrative space acquired through the use of system funds.

(4) Leasing proposals indicate ownership is a wise option for our system to pursue.

(B) The General Assembly finds that the Retirement Division of the State Budget and Control Board needs adequate and suitable office space to fulfill its ordinary and necessary functions and that ownership of adequate and suitable office space will lend stability to the division's relationship with the members and retirees of the various state retirement systems, provide adequate parking for visitors, and, when compared to leasing, preserve the funds of the various systems.

(C) The State Treasurer may transfer an amount necessary from the funds of the various state retirement systems for use in purchasing or building adequate and suitable offices primarily for the use of the Retirement Division of the State Budget and Control Board. The purchase or construction must conform to applicable laws, regulations, and policies governing acquisitions.

Legislative intent not to authorize bonds in 1993

SECTION 7. Notwithstanding the provisions of Section 2-7-105 of the 1976 Code, it is the intent of the General Assembly that state capital improvement bonds may not be authorized in 1993.

Aggregate principal indebtedness increased

SECTION 8. Section 4 of Act 1377 of 1968, as last amended by an act of 1991 bearing ratification number 256, is further amended to read:

"Section 4. The aggregate principal indebtedness on account of bonds issued pursuant to this act may not exceed $1,790,539,125.10. The limitation imposed by the provisions of this section does not apply to bonds issued on behalf of the Mental Health Commission as provided in Acts 1276 and 1272 of 1970, or to bonds issued on behalf of the Commission on Mental Retardation as provided in Act 1087 of 1970 or to bonds issued on behalf of the South Carolina Fire Academy. The limitation imposed by the provisions of this section is not considered to be an obligation of the contract made between the State and holders of bonds issued pursuant to this act, and the limitation imposed by the provisions of this section may be enlarged by acts amending it or reduced by the application of the Capital Reserve Fund or by amendments of this act. Within these limitations state capital improvement bonds may be issued under the conditions prescribed by this act."

Time effective

SECTION 9. This act takes effect upon approval by the Governor.

In the Senate House April 30, 1992.

Nick A. Theodore,

President of the Senate

Robert J. Sheheen,

Speaker of the House of

Representatives

Approved the 4th day of May, 1992.

Carroll A. Campbell, Jr.,

Governor

Printer's Date -- June 1, 1992 -- S.