Current Status Introducing Body:Senate Bill Number:1272 Ratification Number:281 Act Number:514 Primary Sponsor:Williams Type of Legislation:JR Subject:S. C. State College trustees, special obligation bonds Companion Bill Number:4372 Date Bill Passed both Bodies:Feb 13, 1992 Computer Document Number:DKA/3630.AL Governor's Action:S Date of Governor's Action:Feb 24, 1992 Introduced Date:Feb 05, 1992 Last History Body:------ Last History Date:Feb 24, 1992 Last History Type:Act No. 514 Scope of Legislation:Statewide All Sponsors:Williams Matthews Fielding Gilbert Mitchell Patterson Washington Type of Legislation:Joint Resolution
Bill Body Date Action Description CMN
---- ------ ------------ ------------------------------ ---
1272 ------ Feb 24, 1992 Act No. 514
1272 ------ Feb 24, 1992 Signed by Governor
1272 ------ Feb 18, 1992 Ratified R 281
1272 House Feb 13, 1992 Read third time, enrolled for
ratification
1272 House Feb 12, 1992 Read second time
1272 House Feb 11, 1992 Introduced, read first time,
placed on Calendar without
reference
1272 Senate Feb 07, 1992 Read third time, sent to House
1272 Senate Feb 06, 1992 Read second time, unanimous
consent for third reading on
Friday, February 7, 1992
1272 Senate Feb 05, 1992 Introduced, read first time,
placed on Calendar without
reference
View additional legislative information at the LPITS web site.
(A514, R281, S1272)
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:
General Assembly findings
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.
Definitions
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 Trustees of South Carolina State College.
Improvements and maintenance authorized
SECTION 3. The right of the trustees to construct the improvements and then to operate and maintain them is affirmed.
Bond limits set
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.
Full faith and credit of State not pledged
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.
Resolutions for issuance of bonds
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.
Requirements of bonds
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.
Registration of bonds
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.
Bonds tax exempt
SECTION 9. The bonds and all interest to become due on them must have the tax exempt status pursuant to Section 12-2-50.
Persons who may invest
SECTION 10. It is lawful for all executors, administrators, guardians and fiduciaries, and all sinking fund commissions to invest any monies in their hands in the bonds.
Execution and delivery of 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.
Sale of bonds
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.
Disposition of proceeds
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.
Authorization of special fees for repayment of bond
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.
Disposition of monies from other sources for repayment
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.
Power of trustees in authorizing bonds
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.
State Treasurer's responsibilities
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.
Additional bonds authorized
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.
Improvements for stadium not limited to amount of bonds authorized
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.
Time effective
SECTION 20. This joint resolution takes effect upon approval by the Governor.
Approved the 24th day of February, 1992.