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Printed Page 1480, Mar. 20
| Printed Page 1500, Mar. 20
| SECTION 5. Subsection P(10) of Section 9 of Act 518 of 1980, as last amended by Section 5, Act 545 of 1986, is further amended to read:
"(10) To operate and maintain all Athletic Facilities in good repair and to covenant that all varsity football games of the University which are `home' games, be played at Carolina Stadium."
SECTION 6. Subsections G, I, L, N(2), and O of Section 9, Act 518 of 1980 are amended to read:
"G. The Bonds shall must be issued as serial or term bonds at such prices, maturing in equal or unequal amounts at such times and on such occasions and shall must be in such denominations as the Trustees shall determine; provided always that the last maturing Bonds of any issue shall be expressed to mature not later than twenty-five years from their date, and the first maturing Bonds of any issue, shall fall due not later than three years from their date. They shall bear such rate or rates of interest, payable on such occasions as the trustees shall prescribe, and shall be are payable in such medium of payment, and at such place or places as such resolutions shall prescribe. Any Bonds may be issued with provisions permitting their redemption prior to before their stated maturity at such time and under such conditions as the Trustees shall prescribe. Bonds made subject to redemption prior to before their stated maturities may contain a provision requiring the payment of a premium for the privilege of exercising the right or redemption, in such amount as the Trustees shall prescribe. All Bonds that are subject to redemption shall contain a statement to that effect on the face of each Bond. Any resolution authorizing redeemable Bonds shall contain provisions, specifying the manner of call for redemption and the notice thereof that must be given.
I. The Bonds and all interest to become due thereon on them shall have the tax-exempt status prescribed by Section 12-1-60 of the Code of Laws of South Carolina, 1976 are exempt from all state, county, municipal, and school taxes, and franchise and license fees.
L. All Bonds shall must be disposed of in such manner as the Trustees shall determine, except that no sale privately negotiated without public advertisement, shall be made unless the approval of the State Board shall be obtained. If the Trustees shall elect to sell the Bonds at public sale, at least one advertisement thereof of the sale shall appear in a financial paper published in the City of New York, State of New York, or in a newspaper
N. (2) The Trustees shall immediately may establish the Bond Reserve Fund. At the time of the issuance of any Bonds pursuant to this section, the Trustees shall may prescribe by resolution the required sums which shall must be deposited and maintained in the Bond Reserve Fund.
O. The Trustees shall be are empowered to deposit, in either the Debt Service Fund, or in the Bond Reserve Fund, prior to before the issuance of any Bonds, moneys monies, derived from other sources, including funds raised by the Athletic Department of the University. The Trustees further are empowered to deposit in either the Debt Service Fund or Bond Reserve Fund, at any time proceeds from the sale of any athletic revenue bonds and any other athletic funds available to the University. They shall also be are empowered throughout the life of the Bonds to make payments from such other sources to the Debt Service Fund or into the Bond Reserve Fund. In calculating the amount or rate of the Admission Fee and Special Student Fee for any year, the Trustees may take into account moneys monies then actually paid into the Debt Service Fund from such other sources which are then available to meet the payment of the principal of and interest on the Bonds for such fiscal year."
SECTION 7. This act takes effect upon approval by the Governor./
Renumber sections to conform.
Amend totals and title to conform.
Rep. HARRELL explained the amendment.
The amendment was then adopted.
The Bill, as amended, was read the second time and ordered to third reading.
The following Bill was taken up.
H. 4550 -- Rep. Boan: A BILL TO AMEND CHAPTER 117, TITLE 59, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE UNIVERSITY OF SOUTH CAROLINA, BY ADDING ARTICLE 5 ENACTING THE UNIVERSITY OF SOUTH CAROLINA REVENUE BOND ACT AUTHORIZING THE UNIVERSITY TO ISSUE REVENUE BONDS TO FINANCE IMPROVEMENTS AND EQUIPMENT AND TO PROVIDE THE TERMS AND CONDITIONS UNDER WHICH THE BONDS MAY BE ISSUED.
Amend the bill, as and if amended, by striking all after the enacting words and inserting:
/SECTION 1. Title 59 of the 1976 Code is amended by adding:
Section 59-147-10. This chapter may be cited as the Higher Education Revenue Bond Act.
Section 59-147-20. As used in this chapter:
(1) `board' means the board of trustees of the university;
(2) `equipment' means items with a useful life of at least fifteen years;
(3) `facilities' means the real and personal property and equipment specified in Section 59-147-20(2) of this chapter whether or not the acquisition or construction thereof is financed from the proceeds of bonds issued pursuant to this chapter;
(4) `revenues' means the revenues derived or to be derived from the operation, sale, lease, or other disposition of the facilities; and
(5) `university' means all research and four-year public institutions of higher education.
Section 59-147-30. Subject to the approval of the State Budget and Control Board by resolution duly adopted, the university may issue revenue bonds of the university for the purpose of financing or refinancing in whole or in part the cost of acquisition, construction, reconstruction, renovation and improvement of land, buildings, and other improvements to real property and equipment for the purpose of providing facilities serving the needs of the university including, but not limited to, dormitories, apartment buildings, dwelling houses, bookstore and other university operated stores, laundry, dining halls, cafeterias, parking facilities, student recreational, entertainment and fitness related facilities, inns, conference and other nondegree educational facilities and similar auxiliary facilities of the university and any other facilities which are auxiliary to any of the foregoing excluding, however, athletic department projects which primarily serve varsity athletic teams of the university.
Section 59-147-40. Revenue bonds issued under this chapter must be authorized by a resolution or resolutions of the board of the university. The resolution of the university may, in the discretion of the board, contain provisions, which shall constitute a part of the contract between the university and the several holders of the bonds, as to any of the following:
(2) the acquisition, renovation, construction, reconstruction, or completion of the facilities for which the bonds are issued;
(3) the use, regulation, operation, maintenance, insurance, or disposition of the facilities the revenues from which are pledged to secure payments with respect to the bonds or restrictions on the exercise of the powers of the board to dispose of or to limit or regulate the use of such facilities;
(4) the payment of the principal of, redemption premium, if any, or interest on the bonds and the sources and the methods of the payment, the rank or priority of the bonds as to any lien or security or the acceleration of the maturity of the bonds;
(5) the use and disposition of the revenues including, without limitation, the pledging, setting aside, or depositing with a trustee all or part of the revenues to secure the payment of the principal of, redemption premium, if any, and interest on the bonds and the payment of expenses of operation and maintenance of the facilities;
(6) the setting aside out of bond proceeds, the revenues or other available funds of reserves or sinking funds and the source, custody, security, regulation, and disposition of them;
(7) the determination of the revenues, subject to the provisions of Section 59-147-110 or other available funds to be pledged as security for payments with respect to the bonds and for the expenses of operation and maintenance of the facilities;
(8) the fixing, establishment, collection, and enforcement of the rentals, fees, or other charges from students, faculty members, and others using or being served by, or having the right to use or be served by, the facilities the revenues from which are pledged to secure payments with respect to the bonds and the disposition and application of the revenues so charged and collected;
(9) limitations on the issuance of additional bonds or any other obligations or the incurrence of indebtedness payable from the same revenues from which the bonds are payable;
(11) the procedure, if any, by which the terms of any covenant or contract with, or duty to, the holders of the bonds may be amended or abrogated, the amount of bonds to which the holders of which must consent, and the manner in which the consent may be given or evidenced; and
(12) any other matter or course of conduct which, by recital in the resolution or resolutions authorizing or providing for the bonds, is declared to further secure the payment of the principal of or the interest on the bonds or to further the purposes for which the facilities are being acquired, constructed, reconstructed, renovated, or equipped and the bonds being issued.
Section 59-147-50. Revenue bonds may be issued in one or more series at such prices, may bear such date or dates, may mature at such time or times, not exceeding forty years from their respective date, may bear interest at such fixed or variable rate or rates, may be payable in such medium of payment and at such place or places, may be in such denomination or denominations, may be in such form, either coupon or registered and either certified or uncertificated, may carry such registration privileges, may be subject to such terms of redemption before maturity, with or without premium, and may contain such terms, covenants, and conditions as the resolution authorizing the issuance of the bonds may provide. Except as otherwise specified in the authorizing resolution, the bonds shall be fully negotiable within the meaning of and for all the purposes of the Uniform Commercial Code.
Section 59-147-60. The bonds shall be exempt from all state, county, municipal, and school taxes and franchise and license fees.
Section 59-147-70. The bonds must be signed in the corporate name of the university by the manual or facsimile signature of the acting chairman of the board of the university, under the corporate seal of the university attested by the manual or facsimile signature of the acting secretary of the board. Any interest coupons attached to the bonds must be signed by the facsimile signatures of these officers. The bonds may be issued notwithstanding that any of the officials signing them or whose facsimile signatures appear on the coupons have ceased to hold office at the time of the issue or at the time of the delivery of the bonds to the purchaser.
Section 59-147-80. The bonds must be sold at public or private sale upon such terms and conditions as the board of the university considers advisable.
Section 59-147-100. All provisions of a resolution authorizing or providing for the issuance of the bonds in accordance with Section 59-147-40 and of the covenants and agreements constitute valid and legally binding contracts between the university and the several holders of the bonds, regardless of the time of issuance of the bonds, and are enforceable by the holder or holders by mandamus or other appropriate action, suit, or proceeding at law or in equity in any court of competent jurisdiction.
Section 59-147-110. The bonds must be made payable solely from all or such portion of the revenues as the university in its discretion may designate pursuant to the authorizing resolution and also from any other available funds of the university designated by the university pursuant to the authorizing resolution except funds of the university derived from appropriations received from the General Assembly and any tuition funds pledged to the repayment of state institution bonds. The use of academic fees must be approved by the university's board. The bonds are not general obligations of the State. Neither the members of the board nor any person signing the bonds shall be personally liable for the bonds. No bonds may be issued pursuant to this chapter unless an identified source or sources of revenue are designated for the repayment of the bonds.
Section 59-147-120. This chapter may not be construed as allowing any research or four-year public institution of higher education to issue any revenue bonds of a type not otherwise allowed by law for the particular institution as of June 30, 1996."
SECTION 2. This section takes effect July 1, 1996./
Renumber sections to conform.
Amend totals and title to conform.
Rep. HARRELL explained the amendment.
The amendment was then adopted.
The Bill, as amended, was read the second time and ordered to third reading.
The following Bill was taken up.
H. 4553 -- Reps. Koon and McKay: A BILL TO AMEND SECTION 12-43-232, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO ADDITIONAL REQUIREMENTS FOR REAL PROPERTY TO RECEIVE THE AGRICULTURAL USE CLASSIFICATION FOR PROPERTY TAX VALUATION PURPOSES, SO AS TO EXTEND THE "GRANDFATHER" PROVISIONS ALLOWED CROPLAND TO TIMBERLAND.
The Ways and Means Committee proposed the following Amendment No. 1 (Doc Name P:\amend\JIC\5701HTC.96), which was adopted.
Amend the bill, as and if amended, by striking all after the enacting words and inserting:
/SECTION 1. Section 12-43-232(3)(e) of the 1976 Code, as added by Act 406 of 1994, is amended to read:
"(e) A nontimberland tract that does not meet the acreage or income requirements of this section to be classified as agricultural real property must nevertheless be classified as agricultural real property if the current owner or an immediate family member of the current owner has owned the property for at least the ten years ending January 1, 1994 1996, and the property is was classified as agricultural real property for property tax year 1994.
The property must continue to be classified as agricultural real property until the property is applied to some other use or until the property is transferred to other than an immediate family member, whichever occurs first. For purposes of this subitem, `immediate family' is a person related to the current owner within the third degree of consanguinity or affinity and a trust all of whose noncontingent beneficiaries are related to the grantor of the trust within the third degree of consanguinity or affinity."
SECTION 2. Upon approval by the Governor, this act is effective for property tax years beginning after 1995./
Amend title to conform.
Rep. SHEHEEN explained the amendment.
The amendment was then adopted.
Amend the bill, as and if amended, by adding a penultimate SECTION appropriately numbered to read:
/SECTION . A. The deadline for filing the application to obtain agricultural use valuation pursuant to Section 6 of Act 406 of 1994 and Section 12-43-220(d) of the 1976 Code for property tax year 1995 is extended through September 1, 1996.
B. Notwithstanding any other effective date provided for this act, this section takes effect upon approval of the Governor./
Renumber sections to conform.
Amend title to conform.
Rep. CAVE explained the amendment.
The amendment was then adopted.
The Bill, as amended, was read the second time and ordered to third reading.
The following Bill was taken up.
H. 4763 -- Reps. Haskins and Harrell: A BILL TO AMEND SECTION 47-5-50, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE PROHIBITION ON THE SALE OF WILD CARNIVORES AS PETS, SO AS TO DELETE THE REFERENCE TO FERRETS AND EXEMPT THEM FROM THE PROHIBITION.
Rep. HASKINS explained the Bill.
Rep. MOODY-LAWRENCE made the Point of Order that the Bill was improperly before the House for consideration since printed copies of the Bill have not been upon the desks of the members for one day.
The SPEAKER sustained the Point of Order.
The Senate amendments to the following Bill were taken up for consideration.
H. 3901 -- Reps. Harrell, Fleming, Cobb-Hunter, Seithel, A. Young, Limbaugh, Wilkins, Wofford, Hallman, H. Brown, Cain, Cotty, Martin,
Rep. SHEHEEN moved to recommit the Bill to the Committee on Ways and Means.
Rep. HARRISON moved to table the motion to recommit.
Rep. YOUNG-BRICKELL demanded the yeas and nays, which were taken resulting as follows:
Those who voted in the affirmative are:
Allison Brown, H. Cain Cato Chamblee Cooper Cotty Dantzler Easterday Fleming Fulmer Gamble Govan Hallman Harrell Harrison Herdklotz Hutson Jaskwhich Keegan Kelley Keyserling Klauber Knotts Koon Lanford Law Limbaugh Limehouse Littlejohn Loftis Marchbanks Martin Mason McKay Meacham Phillips Rice Richardson Robinson Sandifer Seithel Sharpe Shissias Simrill Smith, D. Smith, R. Spearman Thomas Tripp Trotter Vaughn Waldrop Walker Wells Whatley Wilkins
Wofford Worley Wright Young-Brickell
Those who voted in the negative are:
Anderson Askins Bailey Baxley Boan Breeland Brown, G. Brown, J. Byrd Carnell Cave Clyburn Cobb-Hunter Cromer Delleney Elliott Harris, J. Harris, P. Hines, J. Hines, M. Hodges Howard Inabinett Jennings Kennedy Kinon Kirsh Lloyd McAbee McCraw McMahand McTeer Moody-Lawrence Neal Neilson Rhoad Rogers Scott Sheheen Stille Stoddard Whipper, L. Whipper, S. White Wilder Wilkes Williams
So, the motion to recommit was tabled.
Rep. HARRISON moved to adjourn debate upon the Senate amendments until Wednesday, March 27, which was adopted.
The Senate amendments to the following Bill were taken up for consideration.
H. 4647 -- Reps. Vaughn, Rice, Easterday, Littlejohn, Allison, Anderson, Herdklotz, Loftis, Haskins, Cato, McMahand, Wilkins, Tripp, Wells, Jaskwhich and Lanford: A BILL TO AMEND SECTION 55-11-230, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE CREATION OF AN AIRPORT ENVIRONS AREA AND SUB-AREA WITHIN THE GREENVILLE-SPARTANBURG AIRPORT DISTRICT, SO AS TO FURTHER PROVIDE FOR THE
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