South Carolina General Assembly
108th Session, 1989-1990

Bill 3531

                    Current Status

Bill Number:               3531
Ratification Number:       52
Act Number                 34
Introducing Body:          House
Subject:                   Refunding bonds
View additional legislative information at the LPITS web site.

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A34, R52, H3531)

AN ACT TO AMEND SECTION 11-15-460, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE INTEREST RATE ON REFUNDING BONDS, SO AS TO DELETE THE PROVISION WHICH REQUIRES THE REFUNDING BONDS TO BEAR RATES OF INTEREST LOWER THAN THOSE BORNE BY THE REFUNDED BONDS AND REQUIRE THAT PRIOR TO THE ISSUANCE OF ANY REFUNDING BONDS, THE GOVERNING BODY SHALL DETERMINE THAT A SAVINGS CAN BE EFFECTED THROUGH THE ISSUANCE OF THESE BONDS.

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

Refunding bonds

SECTION 1. Section 11-15-460 of the 1976 Code is amended to read:

"Section 11-15-460. These refunding bonds must bear interest at those rates as may be determined by the governing body of the issuer. However, prior to the issuance of any refunding bonds, the governing body shall determine that a savings can be effected through the issuance of these bonds."

Time effective

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