Bill 322

                    Current Status

Bill Number:               322
Ratification Number:       3
Act Number                 2
Introducing Body:          Senate
Subject:                   Power of a redevelopment commission of a
                           municipality to issue and sell bonds

(A2, R3, S322)

AN ACT TO AMEND SECTION 31-10-120, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE POWER OF A REDEVELOPMENT COMMISSION OF A MUNICIPALITY TO ISSUE AND SELL BONDS, SO AS TO INCREASE FROM THIRTY TO FORTY-FIVE YEARS THE MAXIMUM MATURITY TIME OF THE BONDS.

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

Bonds

SECTION 1. Section 31-10-120(c) of the 1976 Code is amended to read:

"(c) Bonds of the commission must be authorized by its resolution and may be issued in one or more series and shall bear such date or dates, be payable upon demand or mature at such time or times not to exceed forty-five years, bear interest at such rate or rates, be in such denomination or denominations, be in such form either coupon or registered, carry such conversion or registration privileges, have such rank or priority, be executed in such manner, be payable in such medium of payment, at such place or places, and be subject to such terms of redemption (with or without premium) as the resolution may provide."

Time effective

SECTION 2. This act takes effect upon approval by the Governor.