South Carolina General Assembly
110th Session, 1993-1994

Bill 1182

                    Current Status
Introducing Body:               Senate
Bill Number:                    1182
Ratification Number:            542
Act Number:                     442
Primary Sponsor:                Drummond
Type of Legislation:            GB
Subject:                        Tax exempt bond, indenture
                                for
Date Bill Passed both Bodies:   19940525
Computer Document Number:       JIC/5489HC.94
Governor's Action:              S
Date of Governor's Action:      19940616
Introduced Date:                19940215
Date of Last Amendment:         19940511
Last History Body:              ------
Last History Date:              19940616
Last History Type:              Act No. 442
Scope of Legislation:           Statewide
All Sponsors:                   Drummond
Type of Legislation:            General Bill
History

Bill   Body    Date          Action Description              CMN  Leg Involved
----   ------  ------------  ------------------------------  ---  ------------
1182   ------  19940616      Act No. 442
1182   ------  19940616      Signed by Governor
1182   ------  19940602      Ratified R 542
1182   Senate  19940525      Concurred in House amendment,
                             enrolled for ratification
1182   House   19940512      Read third time, returned to
                             Senate with amendment
1182   House   19940511      Amended, read second time
1182   House   19940510      Debate interrupted
1182   House   19940421      Committee Report: Favorable     30
                             with amendment
1182   House   19940406      Introduced, read first time,    30
                             referred to Committee
1182   Senate  19940405      Read third time, sent to House
1182   Senate  19940331      Read second time
1182   Senate  19940330      Committee Report: Favorable     06
1182   Senate  19940215      Introduced, read first time,    06
                             referred to Committee
View additional legislative information at the LPITS web site.

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

(A442, R542, S1182)

AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 11-1-85 SO AS TO REQUIRE THE INDENTURE, ORDINANCE, OR RESOLUTION FOR A TAX-EXEMPT BOND TO INCLUDE A COVENANT TO FILE AN ANNUAL INDEPENDENT AUDIT WITH A CENTRAL REPOSITORY AND SIMILARLY TO FILE WITH A CENTRAL REPOSITORY EVENT SPECIFIC INFORMATION ADVERSELY AFFECTING MORE THAN FIVE PERCENT OF REVENUE OR TAX BASE.

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

Covenant required

SECTION 1. Chapter 1, Title 11 of the 1976 Code is amended by adding:

"Section 11-1-85. Notwithstanding any other provision of law, a tax-exempt bond issued by or on behalf of any public or private body or entity must include in the issuing indenture, ordinance, or resolution a covenant requiring the issuer to file with a central repository for availability in the secondary bond market when requested:

(1) an annual independent audit, within thirty days of the issuer's receipt of the audit, and

(2) event specific information, within thirty days of an event adversely affecting more than five percent of revenue or its tax base."

Time effective

SECTION 2. This act takes effect on the first day of the second month following approval by the Governor and applies with respect to tax-exempt bond indentures executed on or after that date.

Approved the 16th day of June, 1994.