Current Status Introducing Body:Senate Bill Number:178 Ratification Number:496 Act Number:426 Primary Sponsor:Drummond Type of Legislation:GB Subject:Revenue bonds, issuance of Date Bill Passed both Bodies:19940517 Computer Document Number:EGM/22328.DW Governor's Action:S Date of Governor's Action:19940527 Introduced Date:19930113 Last History Body:------ Last History Date:19940527 Last History Type:Act No. 426 Scope of Legislation:Statewide All Sponsors:Drummond Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
---- ------ ------------ ------------------------------ --- ------------
178 ------ 19940527 Act No. 426
178 ------ 19940527 Signed by Governor
178 ------ 19940524 Ratified R 496
178 House 19940517 Read third time, enrolled for
ratification
178 House 19940516 Read second time
178 House 19940511 Debate adjourned until
Thursday, 19940512
178 House 19940421 Committee Report: Favorable 30
178 House 19940407 Introduced, read first time, 30
referred to Committee
178 Senate 19940406 Read third time, sent to House
178 Senate 19940310 Read second time
178 Senate 19940309 Committee Report: Favorable 06
178 Senate 19930113 Introduced, read first time, 06
referred to Committee
View additional legislative information at the LPITS web site.
(A426, R496, S178)
AN ACT TO AMEND SECTIONS 4-29-140, 44-7-1590, 48-3-140, AND 58-19-160, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE PROCEDURE BY WHICH THE BUDGET AND CONTROL BOARD APPROVES THE ISSUANCE OF REVENUE BONDS FOR VARIOUS PURPOSES, SO AS TO CHANGE THE PROCEDURE FOR THE ISSUANCE OF THESE BONDS.
Be it enacted by the General Assembly of the State of South Carolina:
Issuance of bonds, procedure
SECTION 1. Section 4-29-140 of the 1976 Code is amended to read:
"Section 4-29-140. (A) No bonds may be issued pursuant to the provisions of this chapter until the proposal of the governing board to issue the bonds receives the approval of the state board. Whenever a governing board proposes to issue bonds pursuant to the provisions of this chapter, it shall file its petition with the state board setting forth:
(1) a brief description of the project proposed to be undertaken and its anticipated effect upon the economy of the county or incorporated municipality in which the project is to be located and of the areas adjacent to it;
(2) a reasonable estimate of the cost of the project;
(3) a general summary of the terms and conditions of the financing agreement and security agreement to be made, including a statement establishing the basis for the payment of sums in lieu of taxes as required by Section 4-29-60; and
(4) such other information as the state board requires.
Upon the filing of the petition the state board, as soon as practicable, shall conduct such review as it considers advisable, and if it finds that the proposal of the governing board is intended to promote the purposes of this chapter, it is authorized to approve the proposal. At any time following the approval, the governing board may proceed with the acquisition and financing of the project in accordance with the proposal as approved by the state board. Notice of the approval of a proposal by the state board must be published at least once by the state board in a newspaper having general circulation in the county where the project is to be located.
(B) Any interested party, within twenty days after the date of the publication of the notice, but not afterwards, may challenge the validity of the approval by action de novo in the court of common pleas in the county where the project is to be located."
Issuance of bonds, procedure
SECTION 2. Section 44-7-1590 of the 1976 Code is amended to read: "Section 44-7-1590. (A) No bonds may be issued pursuant to the provisions of this article until the proposal of the county board to issue the bonds receives the approval of the state board. Whenever a county board proposes to issue bonds pursuant to the provisions of this article, it shall file its petition with the state board setting forth:
(1) a brief description of the hospital facilities proposed to be undertaken and the refinancing or refunding proposed;
(2) a statement setting forth the action taken by the Department of Health and Environmental Control in connection with the hospital facilities;
(3) a reasonable estimate of the cost of hospital facilities;
(4) a general summary of the terms and conditions of the proposed loan agreement; and
(5) such other information as the state board requires.
(B) Upon the filing of the petition the state board, as soon as practicable, shall conduct the review as it considers advisable, and if it finds that the proposal of the governing board is intended to promote the purposes of this article, it is authorized to approve the proposal. At any time following the approval, the county board may proceed with the issuance of the bonds in accordance with the proposal as approved by the state board. Notice of the approval of the proposal by the state board must be published at least once by the state board in a newspaper having general circulation in the county where the hospital facilities are or are to be located. The notice must set forth the action taken by the county board pursuant to Section 44-7-1480 and the action taken by the Department of Health and Environmental Control pursuant to Section 44-7-1490.
(C) Any interested party, within twenty days after the date of the publication of the notice, but not afterwards, may challenge the action so taken by the state board, the county board, or the Department of Health and Environmental Control, by action de novo in the court of common pleas in any county where the hospital facilities are to be located."
Issuance of bonds, procedure
SECTION 3. Section 48-3-140 of the 1976 Code is amended to read:
"Section 48-3-140. (A) No bonds may be issued pursuant to the provisions of this chapter until the proposal of the governing board to issue the bonds receives the approval of the state board. Whenever a governing board proposes to issue bonds pursuant to the provisions of this chapter, it shall file its petition with the state board setting forth:
(1) a brief description of the pollution control facilities proposed to be undertaken;
(2) a statement setting forth the action taken by the Department of Health and Environmental Control in connection with the pollution control facilities;
(3) a reasonable estimate of the cost of the pollution control facilities; (4) a general summary of the terms and conditions of the loan agreement; and
(5) such other information as the state board requires.
(B) Upon the filing of the petition the state board, as soon as practicable, shall conduct the review as it considers advisable, and if it finds that the proposal of the governing board is intended to promote the purposes of this chapter, it is authorized to approve the proposal. Any time following the approval, the governing board may proceed with the issuance of bonds for the pollution control facilities in accordance with the proposal approved by the state board. Notice of the approval of the proposal by the state board must be published at least once by the state board in a newspaper having general circulation in the county where the pollution control facilities are to be located.
(C) Any interested party, within twenty days after the date of the publication of the notice, but not afterwards, may challenge the validity of the approval by action de novo in the court of common pleas in the county where the pollution control facilities are to be located."
Issuance of bonds, procedure
SECTION 4. Section 58-19-160 of the 1976 Code is amended to read:
"Section 58-19-160. (A) No bonds may be issued pursuant to the provisions of this chapter until the proposal of the commission to issue the bonds receives the approval of the State Budget and Control Board. Whenever the commission proposes to issue bonds pursuant to the provisions of this chapter, it shall file its petition with the State Budget and Control Board setting forth:
(1) a brief description of the railroad and necessary equipment proposed to be acquired and its anticipated effect upon the economy of the area in which the railroad is to be located and of the areas adjacent to it;
(2) a reasonable estimate of the cost of the acquisition of the railroad and necessary equipment;
(3) a general summary of the terms and conditions of the trust indenture; and
(4) such other information as the state board requires.
Upon the filing of the petition, the State Budget and Control Board, as soon as practicable, shall conduct the review as it considers advisable, and if it finds that the proposal of the commission is intended to promote the purposes of this chapter, it is authorized to approve the proposal. At any time following the approval, the commission may proceed with the acquisition and financing of the railroad and necessary equipment in accordance with the proposal approved by the state board. Notice of the approval of the proposal by the State Budget and Control Board must be published at least once a week for three consecutive weeks by the State Budget and Control Board in a newspaper having general circulation in the State and the county where the railroad is to be located.
(B) Any interested party, within twenty days after the date of the publication of the notice, but not afterwards, may challenge the validity of the approval by action de novo in the court of common pleas in any county where the railroad is to be located."
Time effective
SECTION 5. This act takes effect upon approval by the Governor.
Approved the 27th day of May, 1994.