Bill 3002

                    Current Status

Introducing Body:               House
Bill Number:                    3002
Ratification Number:            145
Act Number:                     83
Primary Sponsor:                Kirsh
Type of Legislation:            GB
Subject:                        General obligation bonds,
                                counties
Date Bill Passed both Bodies:   Apr 24, 1991
Computer Document Number:       3002
Governor's Action:              S
Date of Governor's Action:      May 27, 1991
Introduced Date:                Jan 08, 1991
Last History Body:              ------
Last History Date:              May 27, 1991
Last History Type:              Act No. 83
Scope of Legislation:           Statewide
All Sponsors:                   Kirsh
Type of Legislation:            General Bill

 Bill  Body    Date          Action Description              CMN
 ----  ------  ------------  ------------------------------  ---
 3002  ------  May 27, 1991  Act No. 83
 3002  ------  May 27, 1991  Signed by Governor
 3002  ------  May 21, 1991  Ratified R 145
 3002  Senate  Apr 24, 1991  Read third time, enrolled for
                             ratification
 3002  Senate  Apr 23, 1991  Read second time, notice of
                             general amendments
 3002  Senate  Apr 17, 1991  Committee Report: Favorable     11
 3002  Senate  Mar 21, 1991  Introduced, read first time,    11
                             referred to Committee
 3002  House   Mar 21, 1991  Read third time, sent to
                             Senate
 3002  House   Mar 20, 1991  Read second time
 3002  House   Mar 19, 1991  Committee Report: Favorable     30
 3002  House   Jan 08, 1991  Introduced and read first       30
                             time, referred to Committee
 3002  House   Dec 12, 1990  Prefiled, referred to           30
                             Committee

(A83, R145, H3002)

AN ACT TO AMEND SECTION 4-15-30, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE ISSUANCE OF GENERAL OBLIGATION BONDS OF A COUNTY AS A RESULT OF AN ELECTION AND THE TIME LIMIT FOR THE ISSUANCE OF THEM, SO AS TO EXTEND THE TIME LIMIT FOR THE ISSUANCE OF THESE BONDS FROM THREE TO FIVE YEARS AND TO PROVIDE THAT THE FIVE-YEAR PERIOD IS TOLLED WHILE LITIGATION CONTESTING THE VALIDITY OF THE ELECTION IS PENDING.

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

Findings

SECTION 1. (A) Article X of the Constitution of South Carolina, 1895, which became effective on November 30, 1977, provides in Section 14(6)(c) that general obligation debt authorized as a result of a favorable referendum result of an election must be issued within five years of the date of that referendum. However, Section 4-15-30 of the 1976 Code provides that bonds authorized as a consequence of a favorable result of an election must be issued within three years following the election. In order to conform Section 4-15-30, with the provision of new Article X of the Constitution of South Carolina, it is necessary to provide that all bonds authorized as a result of the favorable election must be issued within five years following the date on which the election was held.

(B) It has come to the attention of the General Assembly that litigation challenging an election may take several years to complete. It has further come to the attention of the General Assembly that during the pendency of this litigation, bonds authorized by the election may not be issued due to the existence of the litigation. In order to permit the five-year period contemplated by the Constitution during which bonds may be issued following an election, it may be necessary to provide that the five-year period is tolled while litigation contesting the validity of the election is pending.

Time limit extended

SECTION 2. Section 4-15-30 of the 1976 Code is amended to read:

"Section 4-15-30. (A) The authorities of a county may issue general obligation bonds of the county to defray the cost of any authorized purpose and for any amount not exceeding its applicable constitutional debt limit, if:

(1) the election required by this chapter as a condition precedent to the issuance of bonds is favorable; and

(2) the bonds are issued within five years following the holding of the election.

(B) Bonds issued pursuant to the provisions of this chapter may be issued in either a single issue or from time to time as several separate issues.

(C) The five-year period required in (A)(2) of this section is tolled while litigation contesting the validity of the election is pending."

Applicability

SECTION 3. The provisions of this act apply to all elections conducted pursuant to the provisions of Chapter 15, Title 4 of the 1976 Code after January 1, 1985.

Time effective

SECTION 4. This act takes effect upon approval by the Governor.

Approved the 27th day of May, 1991.