Bill 1190

                    Current Status

Bill Number:                    1190
Ratification Number:            314
Act Number:                     501
Type of Legislation:            Joint Resolution JR
Introducing Body:               Senate
Introduced Date:                19960228
Primary Sponsor:                Passailaigue 
All Sponsors:                   Passailaigue 
Drafted Document Number:        res9938.elp
Date Bill Passed both Bodies:   19960425
Date of Last Amendment:         19960402
Governor's Action:              S
Date of Governor's Action:      19960506
Subject:                        Patriot's Point Development
                                Authority, City of Charleston

Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

------  19960829  Act No. A501
------  19960506  Signed by Governor
------  19960430  Ratified R314
House   19960425  Read third time, enrolled for
                  ratification
House   19960424  Read second time
House   19960424  Objection by Representative                      Simrill
                                                                   Kirsh
House   19960418  Recalled from Committee                  30 HWM
House   19960409  Introduced, read first time,             30 HWM
                  referred to Committee
Senate  19960403  Read third time, sent to House
Senate  19960402  Amended, read second time, 
                  unanimous consent for third reading 
                  on Wednesday, 19960403
Senate  19960228  Introduced, read first time,
                  placed on Calendar without reference

(A501, R314, S1190)

A JOINT RESOLUTION TO EXTEND THE TIME FOR THE CITY OF CHARLESTON TO REPAY THE REMAINING BALANCE DUE THE STATE IN REGARD TO A LOAN OF SIX HUNDRED THOUSAND DOLLARS MADE PURSUANT TO THE PROVISIONS OF JOINT RESOLUTION 586 OF 1994, TO PROVIDE THAT ALL PAYMENTS MUST BE DEDUCTED DIRECTLY FROM THE AID TO SUBDIVISIONS ALLOCATION TO THE CITY, AND TO PROVIDE THAT ALL OTHER CONDITIONS OF THIS LOAN CONTINUE TO APPLY.

Whereas, the State Budget and Control Board has transferred to the City of Charleston and the City of Charleston borrowed an amount equal to six hundred thousand dollars from monies set aside pursuant to Section 51-13-860 for the Patriot's Point Development Authority; and

Whereas, the City of Charleston has repaid an amount equal to two hundred thousand dollars plus applicable interest for the first year; and

Whereas, approval has been issued by the State Treasurer for the executed loan agreement. Now, therefore,

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

Extension of time to repay loan

SECTION 1. Notwithstanding the provisions of Joint Resolution 586 of 1994, time for the City of Charleston to repay the remaining balance due the State pursuant to that joint resolution is extended. The balance due of $400,000 must be repaid over a period not less than three years in three equal annual installments with the first payment due no later than June 30, 1997. All payments must be deducted directly from the Aid to Subdivisions allocation due the city. All other conditions on the making and repayment of this loan provided in Joint Resolution 586 of 1994 apply with respect to this extended repayment period. It is the intent of the General Assembly that no part of the loan be further renegotiated, revisited, or forgiven.

Time effective

SECTION 2. This joint resolution takes effect upon approval by the Governor.

Approved the 6th day of May, 1996.