Corrected--Not Reprinted 5/30/97
Indicates Matter Stricken
Indicates New Matter
The Senate assembled at 11:00 A.M., the hour to which it stood adjourned and was called to order by the ACTING PRESIDENT, Senator MARTIN.
A quorum being present the proceedings were opened with a devotion by the Chaplain as follows:
Beloved, hear the first words of the Bible, Genesis, Chapter One:
"In the beginning when God began to create
the heavens and the earth, the earth was
a formless void and darkness covered the face
of the deep, while a wind from God swept over
the face of the waters! Then God said, 'Let
there be light;' and there was light. And
God saw... that it was good."
Let us pray.
O Lord, our Lord, hear the prayers of many across the earth as we praise You for the gift of our planet and all the natural resources that You have provided for the enrichment of our lives.
Help us to be good stewards of our land, our natural resources, and our environment, realizing our responsibility as individuals and as a function of government.
We know that we cannot leave to unborn generations a heritage of ample food and clothing, but we can protect, preserve, and commit to their keeping the natural resources which they, in their day, may use to supply their own needs.
We hear the Psalmist's call: "Let everything that hath breath praise the Lord. Praise ye the Lord."
Amen.
The PRESIDENT called for Petitions, Memorials, Presentments of Grand Juries and such like papers.
Columbia, S.C., May 28, 1997
Mr. President and Senators:
The House respectfully informs your Honorable Body that it has overridden the veto by the Governor on H. 3943, R. 109, by a vote of 10 to 0:
(R109) H. 3943 (Word version) -- Reps. Walker, Littlejohn, Lee, Vaughn, Lanford, Allison, Hawkins, Davenport and D. Smith: AN ACT TO PROHIBIT A COMMISSIONER OF A VOLUNTEER FIRE DEPARTMENT ESTABLISHED BY A SPECIAL PURPOSE DISTRICT IN SPARTANBURG COUNTY FROM SERVING OR ACTING AS A FIREFIGHTER FOR THAT VOLUNTEER FIRE DEPARTMENT.
Very respectfully,
Speaker
(R109) H. 3943 (Word version) -- Reps. Walker, Littlejohn, Lee, Vaughn, Lanford, Allison, Hawkins, Davenport and D. Smith: AN ACT TO PROHIBIT A COMMISSIONER OF A VOLUNTEER FIRE DEPARTMENT ESTABLISHED BY A SPECIAL PURPOSE DISTRICT IN SPARTANBURG COUNTY FROM SERVING OR ACTING AS A FIREFIGHTER FOR THAT VOLUNTEER FIRE DEPARTMENT.
The veto of the Governor was taken up for immediate consideration.
Senator COURTNEY moved that the veto of the Governor be overridden.
The question was put: Shall the Act become law, the veto of the Governor to the contrary notwithstanding?
The "ayes" and "nays" were demanded and taken, resulting as follows:
Alexander Anderson Bryan Cork Courson Courtney Drummond Elliott Fair Ford Giese Glover Gregory Hayes Holland Hutto Jackson Land Lander Leatherman Leventis Martin Matthews McConnell McGill Mescher Moore O'Dell Passailaigue Patterson Peeler Rankin Ravenel Reese Rose Russell Ryberg Saleeby Setzler Short Smith, J. Verne Thomas Waldrep Washington Williams Wilson
The necessary two-thirds vote having been received, the veto of the Governor was overridden, and a message was sent to the House accordingly.
Columbia, S.C., May 28, 1997
Mr. President and Senators:
The House respectfully informs your Honorable Body that it has overridden the veto by the Governor on H. 3957, R. 110, by a vote of 9 to 0:
(R110) H. 3957 (Word version) -- Reps. Cato, Vaughn, McMahand, Leach and F. Smith: AN ACT TO AFFIRM THE AUTHORITY OF THE STROUD MEMORIAL HOSPITAL DISTRICT COMMISSION IN GREENVILLE COUNTY TO SELL THE ASSETS OF THE DISTRICT TO THE STROUD FAMILY CARE CENTER, INC., AND TO AFFIRM THIS SALE; TO DISSOLVE THE DISTRICT, DISCHARGE THE COMMISSION MEMBERS FROM ALL DUTIES AND RESPONSIBILITIES, AND PROVIDE THAT THE ASSETS AND LIABILITIES OF THE DISTRICT ARE TRANSFERRED IN ACCORDANCE WITH THE AGREEMENT BETWEEN THE PARTIES; AND TO REPEAL ACT 1239 OF 1964 AND ACTS 613 AND 624 OF 1965, ALL RELATING TO THE STROUD MEMORIAL HOSPITAL DISTRICT.
Very respectfully,
Speaker
(R110) H. 3957 (Word version) -- Reps. Cato, Vaughn, McMahand, Leach and F. Smith: AN ACT TO AFFIRM THE AUTHORITY OF THE STROUD MEMORIAL HOSPITAL DISTRICT COMMISSION IN GREENVILLE COUNTY TO SELL THE ASSETS OF THE DISTRICT TO THE STROUD FAMILY CARE CENTER, INC., AND TO AFFIRM THIS SALE; TO DISSOLVE THE DISTRICT, DISCHARGE THE COMMISSION MEMBERS FROM ALL DUTIES AND RESPONSIBILITIES, AND PROVIDE THAT THE ASSETS AND LIABILITIES OF THE DISTRICT ARE TRANSFERRED IN ACCORDANCE WITH THE AGREEMENT BETWEEN THE PARTIES; AND TO REPEAL ACT 1239 OF 1964 AND ACTS 613 AND 624 OF 1965, ALL RELATING TO THE STROUD MEMORIAL HOSPITAL DISTRICT.
The veto of the Governor was taken up for immediate consideration.
Senator J. VERNE SMITH moved that the veto of the Governor be overridden.
The question was put: Shall the Act become law, the veto of the Governor to the contrary notwithstanding?
The "ayes" and "nays" were demanded and taken, resulting as follows:
Alexander Anderson Bryan Cork Courson Courtney Drummond Elliott Fair Ford Giese Glover Gregory Hayes Holland Hutto Jackson Land Lander Leatherman Leventis Martin Matthews McConnell McGill Mescher Moore O'Dell Passailaigue Patterson Peeler Rankin Ravenel Reese Rose Russell Ryberg Saleeby Setzler Short Smith, J. Verne Thomas Waldrep Washington Williams Wilson
The necessary two-thirds vote having been received, the veto of the Governor was overridden, and a message was sent to the House accordingly.
Senator RANKIN introduced Dr. Donald Johnson of Mt. Pleasant, S.C., Doctor of the Day.
On motion of Senator HUTTO, at 11:00 A.M., Senator MATTHEWS was granted a leave of absence for today.
On motion of Senator REESE, at 5:30 P.M., Senator SHORT was granted a leave of absence for the balance of the day.
Senator THOMAS asked unanimous consent to make a motion to recall the Bill from the Committee on Corrections and Penology.
There was no objection.
On motion of Senator THOMAS, with unanimous consent, the Bill was ordered placed on the Calendar.
Senator HOLLAND asked unanimous consent to make a motion to recall the Bill from the Committee on Judiciary.
There was no objection.
On motion of Senator HOLLAND, with unanimous consent, the Bill was ordered placed on the Calendar.
S. 705 (Word version) -- Senator Land: A CONCURRENT RESOLUTION TO REQUEST THE DEPARTMENT OF TRANSPORTATION TO NAME THE CAUSEWAY RUNNING THROUGH THE POCOTALIGO NATURAL PRESERVE IN CLARENDON COUNTY IN HONOR OF VIRGINIA RICHARDS SAULS.
Senator LAND asked unanimous consent to make a motion to recall the Resolution from the Committee on Transportation.
There was no objection.
On motion of Senator LAND, with unanimous consent, the Resolution was taken up for immediate consideration.
The Concurrent Resolution was adopted, ordered sent to the House.
H. 4111 (Word version) -- Reps. H. Brown, Limehouse, Seithel, Harrell, Woodrum, Limbaugh, Jennings, J. Hines, Wilkins, Felder, Young, M. Hines and Harvin: A CONCURRENT RESOLUTION TO REQUEST THE DEPARTMENT OF TRANSPORTATION TO NAME THE INTERCHANGE TO BE CONSTRUCTED AT THE INTERSECTION OF INTERSTATE HIGHWAY 95 AND STATE ROAD 83 IN FLORENCE COUNTY TO PROVIDE ACCESS TO HONDA CORPORATION'S SOUTH CAROLINA FACILITY IN HONOR OF WOODROW MAXIE "WOODY" MCKAY AND TO PLACE APPROPRIATE MARKERS OR SIGNS AT THIS INTERCHANGE REFLECTING THIS DESIGNATION.
Senator LAND asked unanimous consent to make a motion to recall the Resolution from the Committee on Transportation.
There was no objection.
On motion of Senator LAND, with unanimous consent, the Resolution was taken up for immediate consideration.
The Concurrent Resolution was adopted, ordered returned to the House.
The following were introduced:
S. 790 (Word version) -- Senators Wilson and Thomas: A BILL TO AMEND CHAPTER 6, TITLE 23, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO LAW ENFORCEMENT AND PUBLIC SAFETY, BY ADDING ARTICLE 12 SO AS TO PROVIDE FOR THE LAW ENFORCEMENT OFFICERS' BILL OF RIGHTS.
Read the first time and referred to the Committee on Judiciary.
S. 791 (Word version) -- Judiciary Committee: A JOINT RESOLUTION TO APPROVE REGULATIONS OF THE DEPARTMENT OF PUBLIC SAFETY, RELATING TO CRIMINAL JUSTICE ACADEMY, E-911 OPERATORS, DESIGNATED AS REGULATION DOCUMENT NUMBER 2181, PURSUANT TO THE PROVISIONS OF ARTICLE 1, CHAPTER 23, TITLE 1 OF THE 1976 CODE.
Read the first time and ordered placed on the Calendar without reference.
S. 792 (Word version) -- Judiciary Committee: A JOINT RESOLUTION TO APPROVE REGULATIONS OF THE DEPARTMENT OF PUBLIC SAFETY, RELATING TO CRIMINAL JUSITICE ACADEMY, LAW ENFORCEMENT TRAINING, DESIGNATED AS REGULATION DOCUMENT NUMBER 2186, PURSUANT TO THE PROVISIONS OF ARTICLE 1, CHAPTER 23, TITLE 1 OF THE 1976 CODE.
Read the first time and ordered placed on the Calendar without reference.
S. 793 (Word version) -- Senator Peeler: A SENATE RESOLUTION TO EXPRESS THE DEEPEST SYMPATHY OF THE MEMBERS OF THE SOUTH CAROLINA SENATE TO THE FAMILY AND FRIENDS OF T. NELSON BOHELER OF CHEROKEE COUNTY UPON HIS DEATH.
The Senate Resolution was adopted.
S. 794 (Word version) -- Senators Ryberg, Moore and Setzler: A SENATE RESOLUTION CONGRATULATING THE NORTH AUGUSTA YELLOW JACKETS ON THEIR FIRST BASEBALL STATE TITLE IN FORTY-EIGHT YEARS AS THEY CLAIMED THE AAAA CHAMPIONSHIP CROWN WITH A 25-9 RECORD.
The Senate Resolution was adopted.
H. 3730 (Word version) -- Reps. Mullen, Rodgers, Limehouse, Pinckney and Bowers: A BILL TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 50-21-136 SO AS TO ESTABLISH "NO WAKE ZONES" ON CERTAIN CREEKS AND COVES ON HILTON HEAD ISLAND IN BEAUFORT COUNTY.
Read the first time and referred to the Committee on Fish, Game and Forestry.
H. 4166 (Word version) -- Education and Public Works Committee: A JOINT RESOLUTION TO APPROVE REGULATIONS OF THE DEPARTMENT OF PUBLIC SAFETY, RELATING TO STATE TRANSPORT POLICE, DESIGNATED AS REGULATION DOCUMENT NUMBER 2185, PURSUANT TO THE PROVISIONS OF ARTICLE 1, CHAPTER 23, TITLE 1 OF THE 1976 CODE.
Read the first time and referred to the Committee on Judiciary.
H. 4192 (Word version) -- Education and Public Works Committee: A JOINT RESOLUTION TO APPROVE REGULATIONS OF THE DEPARTMENT OF EDUCATION, RELATING TO DEFINED PROGRAM 9-12, DESIGNATED AS REGULATION DOCUMENT NUMBER 2124, PURSUANT TO THE PROVISIONS OF ARTICLE 1, CHAPTER 23, TITLE 1 OF THE 1976 CODE.
On motion of Senator SETZLER, with unanimous consent, the Joint Resolution was ordered placed on the Calendar for consideration tomorrow.
H. 4199 (Word version) -- Education and Public Works Committee: A JOINT RESOLUTION TO APPROVE REGULATIONS OF THE DEPARTMENT OF PUBLIC SAFETY, RELATING TO DIVISION OF MOTOR VEHICLES, DRIVER TRAINING SCHOOLS, DESIGNATED AS REGULATION DOCUMENT NUMBER 2180, PURSUANT TO THE PROVISIONS OF ARTICLE 1, CHAPTER 23, TITLE 1 OF THE 1976 CODE.
Read the first time and referred to the Committee on Judiciary.
H. 4206 (Word version) -- Rep. G. Brown: A JOINT RESOLUTION TO PROVIDE THAT THE SCHOOL DAY MISSED ON SEPTEMBER 6, 1996, BY THE STUDENTS OF THE SCHOOL DISTRICT OF LEE COUNTY FOR SCHOOL YEAR 1996-97 WHEN THE SCHOOLS WERE CLOSED DUE TO HURRICANE CONDITIONS ARE EXEMPTED FROM THE MAKE-UP REQUIREMENT OF THE DEFINED MINIMUM PLAN THAT FULL SCHOOL DAYS MISSED DUE TO EXTREME WEATHER OR OTHER CIRCUMSTANCES BE MADE UP.
Read the first time and referred to the Committee on Education.
H. 4224 (Word version) -- Rep. Meacham: A CONCURRENT RESOLUTION TO EXTEND THE CONGRATULATIONS OF THE MEMBERS OF THE GENERAL ASSEMBLY OF THE STATE OF SOUTH CAROLINA TO THE FORT MILL HIGH SCHOOL "YELLOW JACKETS" BOYS' TENNIS TEAM ON CAPTURING THE 1996-97 STATE TENNIS CHAMPIONSHIP.
The Concurrent Resolution was adopted, ordered returned to the House.
H. 4226 (Word version) -- Rep. Beck: A CONCURRENT RESOLUTION CONGRATULATING THE NORTH AUGUSTA YELLOW JACKETS ON THEIR FIRST BASEBALL STATE TITLE IN FORTY-EIGHT YEARS AS THEY CLAIMED THE AAAA CHAMPIONSHIP CROWN WITH A 25-9 RECORD.
The Concurrent Resolution was adopted, ordered returned to the House.
H. 4227 (Word version) -- Reps. Govan, Cobb-Hunter, Stuart, Sharpe and Felder: A CONCURRENT RESOLUTION CONGRATULATING SAINT LUKE UNITED PRESBYTERIAN CHURCH (USA) OF ORANGEBURG UPON THE CELEBRATION OF ITS CENTENNIAL YEAR, 1997.
The Concurrent Resolution was adopted, ordered returned to the House.
H. 4230 (Word version) -- Rep. Young: A CONCURRENT RESOLUTION EXTENDING CONGRATULATIONS TO THE SUMTER HIGH SCHOOL MEN'S TRACK TEAM UPON WINNING THE 1996-97 CLASS AAAA STATE TRACK AND FIELD CHAMPIONSHIP AND EXTENDING CONGRATULATIONS TO THE SUMTER HIGH SCHOOL GIRLS' TRACK TEAM FOR AN OUTSTANDING SEASON AND FOR EARNING THE RUNNER-UP HONORS IN THE REGION IV CLASS AAAA CHAMPIONSHIP.
The Concurrent Resolution was adopted, ordered returned to the House.
H. 4231 (Word version) -- Reps. Delleney, Canty and D. Smith: A CONCURRENT RESOLUTION TO FIX 12:30 P.M. ON TUESDAY, JUNE 17, 1997, AS THE TIME FOR ELECTING A SUCCESSOR TO A CERTAIN JUDGE OF THE SIXTH JUDICIAL CIRCUIT, WHOSE UNEXPIRED TERM EXPIRES JUNE 30, 1998; TO ELECT A SUCCESSOR TO A CERTAIN JUDGE OF THE FAMILY COURT OF THE EIGHTH JUDICIAL CIRCUIT, SEAT 3, WHOSE TERM EXPIRES JUNE 30, 2001; AND TO ELECT A SUCCESSOR TO A CERTAIN JUDGE OF THE FAMILY COURT OF THE FOURTEENTH JUDICIAL CIRCUIT, SEAT 3, WHOSE TERM EXPIRES JUNE 30, 2001.
Be it resolved by the House of Representatives, the Senate concurring:
That the House of Representatives and the Senate shall meet in joint assembly in the Hall of the House of Representatives on Tuesday, June 17, 1997, at 12:30 p.m. to elect a successor to the Honorable Don S. Rushing, Judge of the Sixth Judicial Circuit, whose unexpired term expires June 30, 1998; to elect a successor to the Honorable William K. Charles, Jr., Judge of the Family Court for the Eighth Judicial Circuit, Seat 3, whose term expires June 30, 2001; and to elect a successor to the Honorable Donald A. Fanning, Judge of the Family Court for the Fourteenth Judicial Circuit, Seat 3, whose term expires June 30, 2001.
Be it further resolved that all nominations shall be made by the Chairman of the Judicial Merit Selection Commission and that no further nominating or seconding speeches shall be made by members of the General Assembly on behalf of any candidate.
Introduced and on motion of Senator MOORE, with unanimous consent, the Concurrent Resolution was ordered referred to the Committee on Judiciary.
Senator McCONNELL asked unanimous consent to make a motion to recall the Resolution from the Committee on Judiciary.
There was no objection.
On motion of Senator McCONNELL, with unanimous consent, the Concurrent Resolution was ordered placed on the Calendar.
H. 4233 (Word version) -- Reps. Limehouse, Altman, Campsen, Breeland, Whipper, Mack, J. Hines, F. Smith and Lloyd: A CONCURRENT RESOLUTION CONGRATULATING THE DIVISION OF MARINE RESOURCES OF THE SOUTH CAROLINA DEPARTMENT OF NATURAL RESOURCES FOR TWENTY-FIVE YEARS OF DEDICATED SERVICE AND COMMITMENT TO EXCELLENCE IN MARINE RESOURCES RESEARCH, MANAGEMENT, AND SUSTAINABLE DEVELOPMENT.
The Concurrent Resolution was adopted, ordered returned to the House.
H. 4234 (Word version) -- Reps. Boan and Hodges: A CONCURRENT RESOLUTION TO COMMEND DR. JAMES A. BOYKIN OF LANCASTER FOR HIS MANY YEARS OF DEDICATED SERVICE AS A TRUSTEE OF SOUTH CAROLINA STATE UNIVERSITY UPON HIS RETIREMENT FROM THIS OFFICE.
The Concurrent Resolution was adopted, ordered returned to the House.
Senator J. VERNE SMITH from the Committee on Labor, Commerce and Industry submitted a favorable with amendment report on:
S. 468 (Word version) -- Senators Lander and Giese: A BILL TO AMEND CHAPTER 5, TITLE 10, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE BOARD FOR BARRIER FREE DESIGN AND CONSTRUCTION OF PUBLIC BUILDINGS FOR ACCESS BY HANDICAPPED PERSONS, SO AS TO INCREASE THE BOARD MEMBERS FROM SIX TO NINE AND REVISE MEMBERSHIP, TO REVISE DEFINITIONS, TO CLARIFY DUTIES OF THE BOARD, TO ADOPT THE LATEST NATIONAL TECHNICAL STANDARDS, TO ESTABLISH CRITERIA FOR ADMINISTRATION OF THE CHAPTER, AND TO CLARIFY ENFORCEMENT RESPONSIBILITIES.
Ordered for consideration tomorrow.
Senator BRYAN from the Committee on Judiciary submitted a favorable with amendment report on:
H. 3780 (Word version) -- Reps. Young, Askins, Woodrum, Inabinett, Simrill, Bailey, Riser and Kirsh: A BILL TO AMEND SECTION 16-11-110, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO ARSON, SO AS TO REVISE THE ELEMENTS OF ARSON IN THE FIRST, SECOND, AND THIRD DEGREES, AND REVISE THE PENALTIES FOR ARSON IN THE FIRST AND SECOND DEGREES.
Ordered for consideration tomorrow.
Senator COURSON from the Committee on Invitations has polled out H. 4194 favorable:
H. 4194 (Word version) -- Reps. Govan, Allison, Altman, Askins, Bailey, Barfield, Barrett, Battle, Bauer, Baxley, Beck, Boan, Bowers, Breeland, G. Brown, H. Brown, J. Brown, T. Brown, Byrd, Campsen, Canty, Carnell, Cato, Cave, Chellis, Clyburn, Cobb-Hunter, Cooper, Cotty, Cromer, Dantzler, Davenport, Delleney, Easterday, Edge, Felder, Fleming, Gamble, Gourdine, Hamilton, Harrell, Harrison, Harvin, Haskins, Hawkins, J. Hines, M. Hines, Hinson, Hodges, Howard, Inabinett, Jennings, Jordan, Keegan, Kelley, Kennedy, Kinon, Kirsh, Klauber, Knotts, Koon, Lanford, Law, Leach, Lee, Limbaugh, Limehouse, Littlejohn, Lloyd, Loftis, Mack, Maddox, Martin, Mason, McCraw, McKay, McLeod, McMahand, McMaster, Meacham, Miller, Moody-Lawrence, Mullen, Neal, Neilson, Parks, Phillips, Pinckney, Quinn, Rhoad, Rice, Riser, Robinson, Rodgers, Sandifer, Scott, Seithel, Sharpe, Sheheen, Simrill, D. Smith, F. Smith, J. Smith, R. Smith, Spearman, Stille, Stoddard, Stuart, Townsend, Tripp, Trotter, Vaughn, Walker, Webb, Whatley, Whipper, Wilder, Wilkes, Wilkins, Witherspoon, Woodrum, Young and Young-Brickell: A CONCURRENT RESOLUTION TO DECLARE JUNE 1, 1997, AS "STAND FOR HEALTHY CHILDREN DAY" IN SOUTH CAROLINA AND TO URGE THE CITIZENS OF SOUTH CAROLINA TO MAKE A PERSONAL COMMITMENT TO ENSURE THAT ALL CHILDREN IN SOUTH CAROLINA GROW UP HEALTHY AND THRIVE IN SAFE NEIGHBORHOODS AND COMMUNITIES.
Courson Wilson Matthews Patterson O'Dell Passailaigue McGill
Russell Rose Washington
Senator COURSON asked unanimous consent to take the Concurrent Resolution up for immediate consideration.
There was no objection.
The Senate proceeded to a consideration of the Concurrent Resolution. The question being the adoption of the Resolution.
On motion of Senator COURSON, with unanimous consent, the Concurrent Resolution was adopted, ordered returned to the House.
H. 3462 (Word version) -- Rep. Davenport: A BILL TO AMEND SECTION 39-19-220, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE AUTHORIZED CHARGES AND COMMISSIONS FOR HANDLING AND SELLING LEAF TOBACCO, SO AS TO PROVIDE TWO OPTIONAL METHODS FOR DETERMINING THESE CHARGES AND COMMISSIONS.
The House returned the Bill with amendments.
On motion of Senator LEVENTIS, the Senate concurred in the House amendments and a message was sent to the House accordingly. Ordered that the title be changed to that of an Act and the Act enrolled for Ratification.
S. 625 (Word version) -- Senator Alexander: A CONCURRENT RESOLUTION TO REQUEST THAT THE DEPARTMENT OF TRANSPORTATION, IN CONSULTATION WITH THE OCONEE COUNTY LEGISLATIVE DELEGATION AND THE OCONEE COUNTY VETERANS AFFAIRS OFFICER, DEDICATE A PORTION OF UNITED STATES HIGHWAY 123 IN OCONEE COUNTY TO SOUTH CAROLINA'S VETERANS.
Returned with concurrence.
Received as information.
Columbia, S.C., May 28, 1997
Mr. President and Senators:
The House respectfully informs your Honorable Body that it concurs in the amendments proposed by the Senate to:
S. 712 (Word version) -- Senator Bryan: A BILL TO AMEND ACT 1182 OF 1968, AS AMENDED, RELATING TO THE DUNKLIN FIRE DISTRICT IN GREENVILLE COUNTY SO AS TO INCREASE THE MEMBERSHIP OF THE BOARD OF FIRE CONTROL FOR THE DISTRICT FROM THREE TO FIVE MEMBERS EFFECTIVE WITH THE 1998 GENERAL ELECTION, TO PROVIDE THAT THE MEMBERS SHALL BE PUBLICLY ELECTED AT-LARGE FROM THE DISTRICT AND TO PROVIDE FOR THE TERMS FOR THE INITIAL MEMBERS OF THE RECONSTITUTED BOARD.
and has ordered the Bill Enrolled for Ratification.
Very respectfully,
Speaker of the House
Received as information.
Columbia, S.C., May 21, 1997
Mr. President and Senators:
The House respectfully informs your Honorable Body that it refuses to concur in the amendments proposed by the Senate to:
H. 3317 (Word version) -- Reps. Bailey, Young-Brickell, Allison, Altman, Askins, Barfield, Barrett, Battle, Bauer, Boan, Bowers, Breeland, G. Brown, H. Brown, T. Brown, Carnell, Cato, Chellis, Cobb-Hunter, Dantzler, Davenport, Delleney, Easterday, Edge, Felder, Fleming, Gamble, Gourdine, Hamilton, Harrell, Harrison, Harvin, Haskins, Hawkins, Hinson, Inabinett, Jordan, Keegan, Kennedy, Kinon, Kirsh, Klauber, Knotts, Lanford, Law, Leach, Limehouse, Littlejohn, Lloyd, Maddox, Martin, Mason, McCraw, McLeod, Meacham, Miller, Moody-Lawrence, Mullen, Neal, Neilson, Parks, Phillips, Pinckney, Quinn, Rhoad, Rice, Riser, Robinson, Rodgers, Sandifer, Scott, Seithel, Sharpe, Sheheen, Simrill, D. Smith, J. Smith, R. Smith, Spearman, Stille, Stoddard, Stuart, Townsend, Tripp, Trotter, Webb, Whatley, Wilder, Wilkes, Wilkins, Witherspoon, Woodrum and Young: A BILL TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 23-6-405 SO AS TO PROVIDE REIMBURSEMENT TO A MUNICIPALITY OR OTHER GOVERNMENTAL ENTITY FOR COSTS EXPENDED ON A LAW ENFORCEMENT OFFICER ATTENDING THE MANDATORY TRAINING PROGRAM REQUIRED PURSUANT TO THE PROVISIONS OF CHAPTER 6, TITLE 23.
Very respectfully,
Speaker of the House
On motion of Senator MOORE, the Senate insisted upon its amendments to H. 3317 and asked for a Committee of Conference.
Whereupon, the PRESIDENT Pro Tempore appointed Senators BRYAN, GLOVER and MARTIN of the Committee of Conference on the part of the Senate and a message was sent to the House accordingly.
On motion of Senator HOLLAND, with unanimous consent, the Report of the Committee of Conference was taken up for immediate consideration.
Senator HOLLAND spoke on the report.
On motion of Senator HOLLAND, with unanimous consent, Free Conference Powers were granted.
Whereupon, the PRESIDENT Pro Tempore appointed Senators HOLLAND, SALEEBY and COURTNEY to the Committee of Free Conference on the part of the Senate and a message was sent to the House accordingly.
On motion of Senator HOLLAND, the Report of the Committee of Free Conference to S. 178 was adopted as follows:
The COMMITTEE OF FREE CONFERENCE, to whom was referred:
S. 178 (Word version) -- Senator Courtney: A JOINT RESOLUTION AUTHORIZING THE STATE BUDGET AND CONTROL BOARD TO TRANSFER OWNERSHIP OF A SURPLUS NATIONAL GUARD ARMORY TO THE TOWN OF PACOLET MILLS.
Beg leave to report that they have duly and carefully considered the same and recommend:
That the same do pass with the following amendments:
Amend the bill, as and if amended, by striking all after the enacting words and inserting therein the following:
/SECTION 1. Notwithstanding the provisions of Section 25-1-1660 of the 1976 Code, the State Budget and Control Board is authorized to transfer ownership to the Town of Pacolet Mills of the National Guard Armory located at 980 Sunny Acres Road in the Town of Pacolet Mills.
SECTION 2. Notwithstanding the provisions of Section 25-1-1660 of the 1976 Code, the State Budget and Control Board is authorized to transfer ownership to the Town of Chesterfield and the county of Chesterfield of the National Guard Armory located at 207 Watson Street in the Town of Chesterfield.
SECTION 3. This joint resolution takes effect upon approval by the Governor./
Amend title to conform.
Donald H. Holland /s/J. Michael Baxley /s/Edward E. Saleeby /s/Lanny F. Littlejohn /s/C. Tyrone Courtney Douglas Jennings, Jr. On Part of the Senate. On Part of the House.
, and a message was sent to the House accordingly.
Columbia, S.C., May 28, 1997
Mr. President and Senators:
The House respectfully informs your Honorable Body that it has requested and granted Free Conference Powers and appointed Reps. Jennings, Baxley and Littlejohn of the Committee of Free Conference on the part of the House on:
S. 178 (Word version) -- Senator Courtney: A JOINT RESOLUTION AUTHORIZING THE STATE BUDGET AND CONTROL BOARD TO TRANSFER OWNERSHIP OF A SURPLUS NATIONAL GUARD ARMORY TO THE TOWN OF PACOLET MILLS.
Very respectfully,
Speaker of the House
Received as information.
Columbia, S.C., May 28, 1997
Mr. President and Senators:
The House respectfully informs your Honorable Body that it has adopted the report of the Committee of Free Conference on the following Joint Resolution:
S. 178 (Word version) -- Senator Courtney: A JOINT RESOLUTION AUTHORIZING THE STATE BUDGET AND CONTROL BOARD TO TRANSFER OWNERSHIP OF A SURPLUS NATIONAL GUARD ARMORY TO THE TOWN OF PACOLET MILLS.
Very respectfully,
Speaker of the House
Received as information.
The Report of the Committee of Free Conference having been adopted by both Houses, ordered that the title be changed to that of an Act and the Act enrolled for Ratification.
A message was sent to the House accordingly.
Columbia, S.C., May 28, 1997
Mr. President and Senators:
The House respectfully informs your Honorable Body that it concurs in the amendments proposed by the Senate to:
H. 3240 (Word version) -- Reps. Spearman, Wilkins, Beck, Edge, Altman, Bauer, Barfield, Barrett, Knotts, Rice, Harrell, Young-Brickell, Meacham, Limehouse, Klauber, Young, Sandifer, Mullen, Stuart, McCraw, Harrison, Mason, Allison, Davenport, Townsend, Martin, Kelley, Riser, Witherspoon, Hawkins, Keegan, Campsen, Rodgers, Chellis and Seithel: A BILL TO ENACT "THE SOUTH CAROLINA SCHOOL SAFETY ACT OF 1997" INCLUDING PROVISIONS TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 16-3-612 SO AS TO PROVIDE THAT IF A STUDENT COMMITS AN ASSAULT AND BATTERY THAT IS NOT AGGRAVATED ON SCHOOL GROUNDS OR AT A SCHOOL-SPONSORED EVENT AGAINST ANY PERSON AFFILIATED WITH THE SCHOOL IN AN OFFICIAL CAPACITY, THE STUDENT IS GUILTY OF THE CRIME OF ASSAULT AND BATTERY ON SCHOOL PERSONNEL AND TO PROVIDE PENALTIES FOR VIOLATION; TO AMEND SECTION 20-7-7210, AS AMENDED, RELATING TO JUVENILE DETENTION PROCEDURES, SO AS TO AUTHORIZE A CHILD TO BE DETAINED IN A SECURE JUVENILE DETENTION FACILITY IF THE CHILD COMMITS AN ASSAULT AND BATTERY OF ANY KIND ON SCHOOL GROUNDS OR AT A SCHOOL-SPONSORED EVENT AGAINST ANYONE AFFILIATED WITH THE SCHOOL IN AN OFFICIAL CAPACITY; TO AMEND SECTION 22-3-560, RELATING TO A MAGISTRATE'S AUTHORITY TO PUNISH ASSAULTS AND BATTERIES AND OTHER BREACHES OF THE PEACE AND EXCEPTIONS THERETO, SO AS TO PROVIDE THAT AN ASSAULT AND BATTERY ON SCHOOL PERSONNEL SHALL BE PUNISHED AS PROVIDED IN SECTION 16-3-612; TO ADD SECTION 59-63-370 SO AS TO REQUIRE THE DEPARTMENT OF JUVENILE JUSTICE TO NOTIFY CERTAIN SCHOOL ADMINISTRATORS AND TEACHERS OF A STUDENT'S CONVICTION OF ASSAULT AND BATTERY ON SCHOOL PERSONNEL OR OF ANY VIOLENT CRIME; TO ADD SECTION 59-63-380 SO AS TO GRANT CIVIL AND CRIMINAL IMMUNITY TO PERSONS AFFILIATED WITH A SCHOOL IN AN OFFICIAL CAPACITY MAKING A REPORT OF A SCHOOL-RELATED CRIME IN GOOD FAITH; AND TO ADD SECTION 59-63-390 SO AS TO REQUIRE THE SENIOR ADMINISTRATOR OF EACH SCHOOL TO INCLUDE A SUMMARY OF THE SCHOOL CRIME REPORT ACT AND THE PROVISIONS OF SECTION 16-3-612 IN THE SCHOOL'S STUDENT HANDBOOK EACH YEAR.
and has ordered the Bill Enrolled for Ratification.
Very respectfully,
Speaker of the House
Received as information.
Columbia, S.C., May 28, 1997
Mr. President and Senators:
The House respectfully informs your Honorable Body that it concurs in the amendments proposed by the Senate to:
H. 3548 (Word version) -- Rep. Boan: A BILL TO AMEND SECTION 12-8-1520, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO FILING OF RETURNS AND PAYMENT BY A WITHHOLDING AGENT, SO AS TO DELETE REFERENCE TO "MAKE A RETURN"; TO AMEND SECTION 12-8-1530, RELATING TO FILING OF QUARTERLY RETURNS BY A WITHHOLDING AGENT, SO AS TO PROVIDE A DEADLINE FOR FILING THE FOURTH QUARTER RETURN; TO AMEND SECTION 12-8-1550, RELATING TO FILING OF STATEMENTS BY A WITHHOLDING AGENT, SO AS TO PROVIDE THAT INFORMATION MAY BE FILED ON MAGNETIC MEDIA.
and has ordered the Bill Enrolled for Ratification.
Very respectfully,
Speaker of the House
Received as information.
Columbia, S.C., May 28, 1997
Mr. President and Senators:
The House respectfully informs your Honorable Body that it has appointed Reps. Cooper, Haskins and Lee of the Committee of Conference on the part of the House on:
S. 692 (Word version) -- Senators Courtney, Elliot, Resse, and Hayes: A CONCURRENT RESOLUTION TO FIX WEDNESDAY, MAY 28, 1997, AT 12:00 NOON, AS THE TIME FOR ELECTING A SUCCESSOR TO THE MEMBERS OF THE SOUTH CAROLINA CONSUMER AFFAIRS COMMISSION FOR SEAT 1, SO AS TO FILL THE TERM WHICH EXPIRES AUGUST 31, 1997.
Very respectfully,
Speaker of the House
Received as information.
The following Bill was read the third time and having received three readings in both Houses, it was ordered that the title be changed to that of an Act and enrolled for Ratification:
H. 3064 (Word version) -- Reps. Wilkins, Haskins, Sharpe, Townsend, Meacham, Carnell, Quinn, Harrison, Cato, J. Brown, Vaughn, D. Smith, H. Brown, Stille, Kirsh, Cotty, Young-Brickell, Sandifer, Witherspoon, Baxley, Simrill, Seithel, Bailey, Robinson, Walker, Stuart, Altman, Harrell, Riser, Rodgers, Gamble, Harvin and Littlejohn: A BILL RATIFYING AN AMENDMENT TO SECTION 16, ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO PUBLIC-FUNDED RETIREMENT SYSTEMS, SO AS TO AUTHORIZE THE INVESTMENT AND REINVESTMENT OF ASSETS OF THE VARIOUS STATE-OPERATED RETIREMENT SYSTEMS IN EQUITY SECURITIES OF CORPORATIONS WITHIN THE UNITED STATES REGISTERED ON A NATIONAL SECURITIES EXCHANGE OR QUOTED THROUGH THE NATIONAL ASSOCIATION OF SECURITIES DEALERS AUTOMATIC QUOTATIONS SYSTEM, TO PROVIDE FOR THE ESTABLISHMENT OF THE STATE RETIREMENT SYSTEMS INVESTMENT PANEL AND PROVIDE FOR ITS MEMBERSHIP, AND TO PROVIDE THAT THE PANEL SHALL NOT EXIST UNTIL THE GENERAL ASSEMBLY ENACTS IMPLEMENTING LEGISLATION ESTABLISHING THE PANEL, PROVIDING THE TERMS, DUTIES, AND COMPENSATION OF ITS MEMBERS, AUTHORIZING THE INVESTMENTS ALLOWED PURSUANT TO THIS AMENDMENT AND WHICH ALSO MAY PROVIDE THOSE LIMITATIONS ON INVESTMENTS IN EQUITY SECURITIES CONSIDERED PRUDENT BY THE GENERAL ASSEMBLY.
(By prior motion of Senator DRUMMOND, with unanimous consent)
The following House Bill was read the third time and ordered returned to the House with amendments: H. 3551 (Word version) -- Rep. Boan: A BILL TO AMEND SECTION 12-37-251, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE STATE PROPERTY TAX RELIEF FUND, SO AS TO PROVIDE FOR CALCULATION OF THE PROPERTY TAX EXEMPTION USING THE LOWER OF THE SCHOOL OPERATING MILLAGE IMPOSED FOR TAX YEAR 1995 OR FOR THE CURRENT TAX YEAR; TO AMEND SECTION 12-37-750, RELATING TO THE ASSESSMENT AND COLLECTION OF PROPERTY NOT RETURNED, SO AS TO INCLUDE BUSINESS PERSONAL RETURNS FILED WITH THE DEPARTMENT OF REVENUE; TO AMEND SECTION 12-43-220, AS AMENDED, RELATING TO THE EQUALIZATION AND ASSESSMENT OF PROPERTY, SO AS TO PROVIDE A REVISED FORMULA FOR CALCULATION OF FAIR MARKET VALUE FOR AGRICULTURAL PURPOSES; TO AMEND SECTION 12-51-40, AS AMENDED, RELATING TO LEVY AND EXECUTION BY DISTRESS AND SALE OF PROPERTY TO SATISFY DELINQUENT COUNTY TAXES, SO AS TO PROVIDE COUNTIES THE ALTERNATIVE COLLECTION PROCEDURES PROVIDED FOR IN CHAPTER 56, TITLE 12; AND TO AMEND SECTION 12-60-2150, RELATING TO THE RIGHT OF A CONTESTED HEARING IN REFUND DETERMINATIONS, SO AS TO REPLACE "COUNTY ASSESSOR" WITH "LOCAL GOVERNING BODY".
Senator PASSAILAIGUE asked unanimous consent to take the Bill up for immediate consideration.
There was no objection.
The following Bill having been read the second time with notice of general amendments was ordered placed on the third reading Calendar: H. 3771 (Word version) -- Rep. Sharpe: A BILL TO AMEND SECTION 44-2-40, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE PURPOSES AND USES OF THE SUPERB ACCOUNT AND THE SUPERB FINANCIAL RESPONSIBILITY FUND SO AS TO CLARIFY THAT THE SUPERB FINANCIAL RESPONSIBILITY FUND CAN PAY CLAIMS DIRECTLY, TO REQUIRE THAT THE DEPARTMENT OF HEALTH AND ENVIRONMENTAL CONTROL'S INTERVENTION COSTS NOT AFFECT THE PER OCCURRENCE COVERAGE AMOUNTS, AND TO CLARIFY THAT, AS ACCOUNT AND FUND ADMINISTRATORS, THE STATE AND DEPARTMENT DO NOT ASSUME ADDITIONAL LIABILITY WHEN FUNDING IS INSUFFICIENT; TO AMEND SECTION 44-2-50, AS AMENDED, RELATING TO UNDERGROUND STORAGE TANK REQUIREMENTS SO AS TO CLARIFY THAT ANY LENDER LIABILITY EXEMPTION IS EXTENDED ONLY TO OWNERS OF PETROLEUM PRODUCT TANKS, TO AMEND SECTION 44-2-60, AS AMENDED, RELATING TO REGISTRATION OF UNDERGROUND STORAGE TANKS, SO AS TO REQUIRE AN ANNUAL REGISTRATION FEE FOR REGULATED TANKS, TO AUTHORIZE THE DEPARTMENT TO ASSESS PENALTIES FOR LATE FEES AND TO PROHIBIT THE DEPARTMENT FROM DISBURSING MONIES FROM THE SUPERB ACCOUNT OR SUPERB FINANCIAL RESPONSIBILITY FUND TO OWNERS OR OPERATORS WHO OWE FEES OR PENALTIES; TO AMEND SECTION 44-2-80, AS AMENDED, RELATING TO RELEASE OF REGULATED SUBSTANCES, SO AS TO CLARIFY THAT ANY LENDER LIABILITY EXEMPTION IS EXTENDED ONLY TO OWNERS OF PETROLEUM PRODUCT TANKS; AND TO AMEND SECTION 44-2-140, RELATING TO ENFORCEMENT OF THE STATE UNDERGROUND PETROLEUM ENVIRONMENTAL RESPONSE BANK ACT, SO AS TO CLARIFY THE DEPARTMENT'S AUTHORITY TO ENFORCE THE ACT AND TO AUTHORIZE THE DEPARTMENT TO SUSPEND THE DISPENSING OF A PETROLEUM PRODUCT FROM TANKS THAT POSE AN IMMINENT HAZARD.
Senator COURSON asked unanimous consent to take the Bill up for immediate consideration.
There was no objection.
The Senate proceeded to a consideration of the Bill. The question being the adoption of the amendment (DKA\4556CM.97) proposed by the Committee on Transportation:
Amend the bill, as and if amended, striking all after the enacting words and inserting:
/SECTION 1. The General Assembly finds that:
(1) Adequate transportation facilities are an important element in the ability of a community to provide for the health and welfare of its citizens and the continuing economic growth and development that will provide jobs for the citizens of South Carolina.
(2) Traditional transportation financing methods in South Carolina cannot generate the resources necessary to fund the cost of transportation facilities which are required for continued economic viability and future economic expansion.
(3) The State of South Carolina has the ability to provide for alternative methods of financing highway and transportation projects which, when combined with existing financing sources and methods, will allow the State to address its transportation needs in a more timely and responsive manner.
(4) Loans and other financial assistance to government units and private entities can play an important part in meeting transportation needs. This assistance is in the public interest for the public benefit and good as a matter of legislative intent.
(5) The chapter provides an instrumentality to assist government units and private entities in constructing and improving highway and transportation facilities by providing loans and other financial assistance.
(6) It is the General Assembly's intent for the instrumentality created by this act to focus greater attention on larger transportation projects, and thereby allow the South Carolina Department of Transportation's resources to be devoted sooner to smaller, but yet important, rural transportation projects.
SECTION 2. Title 11 of the 1976 Code is amended by adding:
Section 11-42-110. This chapter may be referred to as the 'South Carolina Transportation Infrastructure Bank Act'.
Section 11-42-120. (A) There is created a body corporate and politic and an instrumentality of the State to be known as the South Carolina Transportation Infrastructure Bank.
(B) The bank is governed by a board of directors as provided in this chapter.
(C) The corporate purpose of the bank is to select and assist in financing major qualified projects by providing loans and other financial assistance to government units and private entities for constructing and improving highway and transportation facilities necessary for public purposes including economic development. The exercise by the bank of a power conferred in this chapter is an essential public function.
(D) The bank shall establish and maintain at least the four following accounts: state highway account, state transit account, federal highway account, and federal transit account.
Section 11-42-130. As used in this chapter unless the context clearly indicates otherwise:
(1) 'Bank' means the South Carolina Transportation Infrastructure Bank.
(2) 'Board' means the board of directors of the bank.
(3) 'Bonds' means bonds, notes, or other evidence of indebtedness except as otherwise provided in Article 3 of this chapter.
(4) 'Department of Transportation' means the South Carolina Department of Transportation and its successors.
(5) 'Eligible cost' means as applied to a qualified project to be financed from the federal accounts, the costs that are permitted under applicable federal laws, requirements, procedures, and guidelines in regard to establishing, operating, and providing assistance from the bank. As applied to a qualified project to be financed from the state highway account, these costs include the costs of preliminary engineering, traffic and revenue studies, environmental studies, right-of-way acquisition, legal and financial services associated with the development of the qualified project, construction, construction management, facilities, and other costs necessary for the qualified project. As applied to any qualified project to be financed from the state transit account, eligible project costs are limited to capital expenditures for transit equipment and facilities.
(6) 'Eligible project' means a highway, including bridges, or transit project which provides public benefits by either enhancing mobility and
safety, promoting economic development, or increasing the quality of life and general welfare of the public.
(7) 'Federal accounts' means, collectively, the separate account for federal highway funds and federal transit funds.
(8) 'Financing agreement' means any agreement entered into between the bank and a qualified borrower pertaining to a loan or other financial assistance. This agreement may contain, in addition to financial terms, provisions relating to the regulation and supervision of a qualified project, or other provisions as the board may determine. The term 'financing agreement' includes, without limitation, a loan agreement, trust indenture, security agreement, reimbursement agreement, guarantee agreement, bond or note, ordinance or resolution, or similar instrument.
(9) 'Government unit' means a municipal corporation, county, special purpose district, special service district, commissioners of public works, or another public body, instrumentality or agency of the State including combinations of two or more of these entities acting jointly to construct, own, or operate a qualified project, and any other state or local authority, board, commission, agency, department, or other political subdivision created by the General Assembly or pursuant to the Constitution and laws of this State which may construct, own, or operate a qualified project.
(10) 'Loan' means an obligation subject to repayment which is provided by the bank to a qualified borrower for all or a part of the eligible cost of a qualified project. A loan may be disbursed in anticipation of reimbursement for or direct payment of eligible costs of a qualified project.
(11) 'Loan obligation' means a bond, note, or other evidence of an obligation issued by a qualified borrower.
(12) 'Other financial assistance' means, but is not limited to, grants, contributions, credit enhancement, capital or debt reserves for bonds or debt instrument financing, interest rate subsidies, provision of letters of credit and credit instruments, provision of bond or other debt financing instrument security, and other lawful forms of financing and methods of leveraging funds that are approved by the board, and in the case of federal funds, as allowed by federal law.
(13) 'Private entity' means a private person or entity that has entered into a contract with a government unit to design, finance, construct, and operate a highway, bridge, tunnel, or approach that is within the jurisdiction of the government unit that is responsible for complying with applicable federal requirements.
(14) 'Project revenues' means all rates, rents, fees, assessments, charges, and other receipts derived or to be derived by a qualified borrower from a qualified project or made available from a special source, and, as provided in the applicable financing agreement, derived from any system of which the qualified project is a part of, from any other revenue producing facility under the ownership or control of the qualified borrower including, without limitation, proceeds of grants, gifts, appropriations and loans, including the proceeds of loans made by the bank, investment earnings, reserves for capital and current expenses, proceeds of insurance or condemnation and proceeds from the sale or other disposition of property and from any other special source as may be provided by the qualified borrower.
(15) 'Qualified borrower' means any government unit or private entity which is authorized to construct, operate, or own a qualified project.
(16) 'Qualified project' means an eligible project which has been selected by the bank to receive a loan or other financial assistance from the bank to defray an eligible cost.
(17) 'Revenues' means, when used with respect to the bank, any receipts, fees, income, or other payments received or to be received by the bank including, without limitation, receipts and other payments deposited in the bank and investment earnings on its funds and accounts.
(18) 'State accounts' means, collectively, the separate account for state highway funds and state transit funds.
Section 11-42-140. The board of directors is the governing board of the bank. The board consists of seven voting directors as follows: the Deputy Director of Finance and Administration of the Department of Transportation, ex officio; the Deputy Director of the Division of Construction, Engineering, and Planning of the Department of Transportation, ex officio; two members of the Senate appointed by the President Pro Tempore of the Senate, ex-officio; two members of the House of Representatives appointed by the Speaker of the House of Representatives, ex-officio; and one director appointed by the Governor, and confirmed by the Senate, who shall serve as chairman. The vice chairman shall be elected by the members of the board. The terms for the legislative members are coterminus with their terms of office. The term for the director appointed by the Governor is coterminus with the Governor's term.
Section 11-42-150. (A) In addition to the powers contained elsewhere in this chapter, the bank has all power necessary, useful, or appropriate to fund, operate, and administer the bank, and to perform its other functions including, but not limited to, the power to:
(1) have perpetual succession;
(2) adopt, promulgate, amend, and repeal bylaws, subject to the approval of the Department of Transportation, and this approval must not be inconsistent with provisions in this chapter for the administration of the bank's affairs and the implementation of its functions including the right of the board to select qualifying projects and to provide loans and other financial assistance;
(3) sue and be sued in its own name;
(4) have a seal and alter it at its pleasure, although the failure to affix the seal does not affect the validity of an instrument executed on behalf of the bank;
(5) make loans to qualified borrowers to finance the eligible costs of qualified projects and to acquire, hold, and sell loan obligations at prices and in a manner as the board determines advisable;
(6) provide qualified borrowers with other financial assistance necessary to defray eligible costs of a qualified project;
(7) enter into contracts, arrangements, and agreements with qualified borrowers and other persons and execute and deliver all financing agreements and other instruments necessary or convenient to the exercise of the powers granted in this chapter;
(8) enter into agreements with a department, agency, or instrumentality of the United States or of this State or another state for the purpose of planning and providing for the financing of qualified projects;
(9) establish:
(a) policies and procedures for the making and administering of loans and other financial assistance; and
(b) fiscal controls and accounting procedures to ensure proper accounting and reporting by the bank, government units, and private entities;
(10) acquire by purchase, lease, donation, or other lawful means and sell, convey, pledge, lease, exchange, transfer, and dispose of all or any part of its properties and assets of every kind and character or any interest in it to further the public purpose of the bank;
(11) procure insurance, guarantees, letters of credit, and other forms of collateral or security or credit support from any public or private entity, including any department, agency, or instrumentality of the United States or this State, for the payment of any bonds issued by it, including the power to pay premiums or fees on any insurance, guarantees, letters of credit, and other forms of collateral or security or credit support;
(12) collect or authorize the trustee under any trust indenture securing any bonds to collect amounts due under any loan obligations owned by it, including taking the action required to obtain payment of any sums in default;
(13) unless restricted under any agreement with holders of bonds, consent to any modification with respect to the rate of interest, time, and payment of any installment of principal or interest, or any other term of any loan obligations owned by it;
(14) borrow money through the issuance of bonds and other forms of indebtedness as provided in this chapter;
(15) expend funds to obtain accounting, management, legal, financial consulting, and other professional services necessary to the operations of the bank;
(16) expend funds credited to the bank as the board determines necessary for the costs of administering the operations of the bank, if the costs of administering the operations are approved by the Department of Transportation and this approval is not unreasonably withheld;
(17) establish advisory committees as the board determines appropriate, which may include individuals from the private sector with banking and financial expertise;
(18) procure insurance against losses in connection with its property, assets, or activities including insurance against liability for its acts or the acts of its employees or agents or the employees or agents of the Department of Transportation, or to establish cash reserves to enable it to act as a self-insurer against any and all such losses;
(19) collect fees and charges in connection with its loans or other financial assistance;
(20) apply for, receive, and accept from any source, aid, grants, and contributions of money, property, labor, or other things of value to be used to carry out the purposes of this chapter subject to the conditions upon which the aid, grants, or contributions are made;
(21) enter into contracts or agreements for the servicing and processing of financial agreements; and
(22) do all other things necessary or convenient to exercise powers granted or reasonably implied by this chapter.
(B) The bank is not authorized or empowered to be or to constitute a bank or trust company within the jurisdiction or under the control of the State or an agency of it or the Comptroller of the Currency or the Treasury Department of the United States, or a bank, banker, or dealer in securities within the meaning of, or subject to the provisions of, any securities, securities exchange, or securities dealers' law of the United States or this State.
Section 11-42-160. (A) The following sources may be used to capitalize the bank and for the bank to carry out its purposes:
(1) an annual contribution from the Department of Transportation of up to five percent of the funds appropriated for the construction and maintenance of state highways; however, the contribution must be used to match federal capitalization grants to the bank and to provide capital for the state accounts of the bank;
(2) federal funds made available to the State for the bank;
(3) contributions and donations from government units, private entities, and any other source as may become available to the bank including, but not limited to, appropriations from the General Assembly;
(4) all monies paid or credit to the bank, by contract or otherwise, payments of principal and interest on loans or other financial assistance made from the bank, and interest earnings which may accrue from the investment or reinvestment of the bank's monies;
(5) proceeds from the issuance of bonds as provided in this chapter;
(6) other lawful sources as determined appropriate by the board; and
(7) loans from the Department of Transportation to the bank to be repaid from revenues committed to the bank for the following year.
(B) Beginning in fiscal year 1998-99, the revenues collected pursuant to Sections 56-3-660 and 56-3-670 and placed in the state highway account, as created by this chapter, must be used to provide capital for the bank.
Section 11-42-170. (A) Earnings on balances in the federal accounts must be credited and invested according to federal law. Earnings on state accounts must be credited to the state highway account or state transit account that generates the earnings. The bank may establish accounts and subaccounts within the state accounts and federal accounts as considered desirable to effectuate the purposes of this chapter, or to meet the requirements of any state or federal programs. All accounts must be held in trust by the State Treasurer.
(B) For necessary and convenient administration of the bank, the board shall direct the State Treasurer to establish federal and state accounts and subaccounts within the bank necessary to meet any applicable federal law requirements or as the bank shall determine necessary or desirable in order to implement the provisions of this chapter.
(C) The bank shall comply with all applicable federal laws and regulations prohibiting the commingling of certain federal funds deposited in the bank.
Section 11-42-180. (A) The bank may provide loans and other financial assistance to a government unit or private entity to pay for all or part of the eligible cost of a qualified project. Prior to providing a loan or other financial assistance to a qualified borrower, the board must obtain the review and approval of the Joint Bond Review Committee. The term of the loan or other financial assistance must not exceed forty years. The bank may require the government unit or private entity to enter into a financing agreement in connection with its loan obligation or other financial assistance. The board shall determine the form and content of loan applications, financing agreements, and loan obligations including the term and rate or rates of interest on a financing agreement. The terms and conditions of a loan or other financial assistance from federal accounts shall comply with applicable federal requirements.
(B) The board shall determine which projects are eligible projects and then select from among the eligible projects those qualified to receive from the bank a loan or other financial assistance. Preference must be given to eligible projects which have local and other financial support. In selecting qualified projects, the board shall consider the projected feasibility of the project and the amount and degree of risk to be assumed by the bank. The board also may consider, but must not be limited to, the following criteria in making its determination that an eligible project is a qualified project:
(1) the local support of the project, expressed by resolutions by the governing bodies in the areas in which the project will be located, and the financial or in kind contributions to the project;
(2) whether the project is consistent with the:
(a) adopted transportation plan of the appropriate metropolitan planning organization, if applicable; and
(b) transportation plan for the Department of Transportation.
(3) whether the existing highway system of the area served by the project is adversely affected by the project; and
(4) whether the governing bodies of the county or the incorporated municipality in which the project is to be located provides to the bank a resolution which makes a finding that the project is essential to economic development in the political subdivisions, or the bank receives a resolution or certificate from the Advisory Coordinating Council for Economic Development of the Department of Commerce that the project is essential to economic development in the State, or both, at the option of the board.
Section 11-42-190. (A) Qualified borrowers are authorized to obtain loans or other financial assistance from the bank through financing agreements. Qualified borrowers entering into financing agreements and issuing loan obligations to the bank may perform any acts, take any action, adopt any proceedings, and make and carry out any contracts or agreements with the bank as may be agreed to by the bank and any qualified borrower for the carrying out of the purposes contemplated by this chapter.
(B) In addition to the authorizations contained in this chapter, all other statutes or provisions permitting government units to borrow money and issue obligations including, but not limited to, the Revenue Bond Act for Utilities and the Revenue Bond Refinancing Act of 1937, may be utilized by any government unit in obtaining a loan or other financial assistance from the bank to the extent determined necessary or useful by the government unit in connection with any financing agreement and the issuance, securing, or sale of loan obligations to the bank. Notwithstanding the foregoing, obligations secured by ad valorem taxes may be issued by a government unit and purchased by the bank without regard to any public bidding requirement.
(C) A qualified borrower may receive, apply, pledge, assign, and grant security interest in project revenues, and, in the case of a government unit, its project revenues, revenues derived from a special source or ad valorem taxes, to secure its obligations as provided in this chapter, and may fix, revise, charge, and collect fees, rates, rents, assessments, and other charges of general or special application for the operation or services of a qualified project, the system of which it is a part, and any other revenue producing facilities from which the qualified borrower derives project revenues, to meet its obligations under a financing agreement or to provide for the construction and improving of a qualified project.
Section 11-42-200. The bank is performing an essential governmental function in the exercise of the powers conferred upon it and is not required to pay taxes or assessments upon property or upon its operations or the income from them, or taxes or assessments upon property or loan obligations acquired or used by the bank or upon the income from them.
Section 11-42-210. (A) If a government unit fails to collect and remit in full all amounts due to the bank on the date these amounts are due under the terms of any note or other obligation of the government unit, the bank shall notify the State Treasurer who, subject to the withholding of amounts under Article X, Section 14 of the Constitution, shall withhold all or a portion of the funds of the State and all funds administered by the State, its agencies, boards, and instrumentalities allotted or appropriated to the government unit and apply an amount necessary to the payment of the amount due.
(B) Nothing contained in this section mandates the withholding of funds allocated to a government unit or private entity which would violate contracts to which the State is a party, the requirements of federal law imposed on the State, or judgments of a court binding on the State.
Section 11-42-220. Neither the board nor any officer, employee, or committee of the bank acting on behalf of it, nor an officer or employee of the Department of Transportation, while acting within the scope of this authority, is subject to any liability resulting from carrying out any of the powers given in this chapter.
Section 11-42-230. Notice, proceeding, or publication, except those required in this chapter, are not necessary to the performance of any act authorized in this chapter.
Section 11-42-240. All money of the bank, except as authorized by law or provided in this chapter, must be deposited with and invested by the State Treasurer. Funds of the bank not needed for immediate use or disbursement may be invested by the State Treasurer in obligations or securities which are declared to be legal obligations by the provisions of Section 11-9-660. All federal funds must be invested as required by applicable federal law.
Section 11-42-250. Following the close of each state fiscal year, the bank shall submit an annual report of its activities for the preceding year to the Governor and to the General Assembly. The bank also shall submit an annual report to the appropriate federal agency in accordance with requirements of any federal program. An independent certified public accountant shall perform an audit of the books and accounts of the bank at least once in each state fiscal year.
Section 11-42-260. The Department of Transportation shall provide staff and assist the bank in the administration of the program and the performance of the bank under this chapter. The provision of staff and assistance by the Department of Transportation shall in no way limit the right of the board to select qualifying projects and provide loans and other financial assistance. In providing that assistance, the Department of Transportation may:
(1) assist in the formulation, establishment, and structuring of programs undertaken by the bank pursuant to this chapter;
(2) provide government units or private entities information as to the bank and the procedures for obtaining the assistance intended by this chapter;
(3) assist government units and private entities in making application to state and federal agencies including the bank as may be necessary or helpful in order to avail themselves of these programs;
(4) assist the bank in analyzing and evaluating government unit or private entity requests for assistance pursuant to this chapter;
(5) assist in the structuring and negotiation of financing agreements;
(6) administer the bank's accounts, loans, and other financial assistance, including monitoring compliance by government units or private entities with any rules, regulations, or other requirements of the bank with respect to the programs and compliance with covenants and agreements made by government units or private entities with respect to a financing agreement; and
(7) provide other assistance and perform other duties as may be requested or directed by the bank.
Section 11-42-270. This chapter, being for the welfare of this State and its inhabitants, must be liberally construed to effect the purposes specified in this chapter. However, nothing in this chapter must be construed as affecting any proceeding, notice, or approval required by law for the issuance by a government unit or private entity of the loan obligations, instruments, or security for loan obligations.
Section 11-42-280. If any provision of this chapter is held or determined to be unconstitutional, invalid, or otherwise unenforceable by a court of competent jurisdiction, it is the intention of the General Assembly that the provision is severable from the remaining provisions of the chapter and that the holding does not invalidate or render unenforceable another provision of the chapter.
Section 11-42-310. As used in this article, unless a different meaning clearly appears from the context:
(1) 'Bank' means the South Carolina Transportation Infrastructure Bank.
(2) 'Bonds' means any bonds, notes, debentures, interim certificates, grant or revenue anticipation notes, or any other evidence of indebtedness of the bank incurred pursuant to this article.
Section 11-42-315. Whenever it shall become necessary that monies be raised for qualified projects, including monies to be used to refund any bonds then outstanding, the bank may issue bonds as provided in this article. The review and approval of the Joint Bond Review Committee must be obtained prior to the issuance of the bonds.
Section 11-42-320. The bank may pledge any of its revenue or funds to the payment of its bonds, subject only to any prior agreements with the holders of particular bonds which may have pledged specific money or revenue. Bonds may be secured by a pledge of any loan obligation owned by the bank, any grant, contribution, or guaranty from the United States, the State, or any corporation, association, institution, or person, any other property or assets of the bank, or a pledge of any money, income, or revenue of the bank from any source.
Section 11-42-330. Bonds issued by the bank do not constitute a debt or a pledge of the full faith and credit of this State, or any of its political subdivisions other than the bank, but are payable solely from the revenue, money, or property of the bank as provided in this chapter. The bonds issued do not constitute an indebtedness of the State within the meaning of any constitutional or statutory limitation. No member of the bank or any person executing bonds of the bank is liable personally on the bonds by reason of their issuance or execution. Each bond issued under this article must contain on its face a statement to the effect that:
(1) neither the State, nor any of its political subdivisions, nor the bank is obligated to pay the principal of or interest on the bond or other costs incident to the bond except from the revenue, money, or property of the bank pledged;
(2) neither the full faith and credit nor the taxing power of the State, or any of its political subdivisions, is pledged to the payment of the principal of or interest on the bond;
(3) the bank does not have taxing power.
Section 11-42-340. The bonds of the bank must be authorized by a resolution of the bank. The bonds must bear the date and mature at the time which the resolution provides, except that no bond may mature more than forty years from its date of issue. The bonds may be in the denominations, be executed in the manner, be payable in the medium of payment, be payable at the place and at the time, and be subject to redemption or repurchase and contain other provisions determined by the bank prior to their issuance. The bonds may bear interest payable at a time and at a rate as determined by the bank, including the determination by agents designated by the bank under guidelines established by it. Bonds may be sold by the bank at public or private sale at the price it determines and approves. The State Treasurer shall issue the bonds of the bank not later than sixty days upon the resolution of the bank authorizing the issuance of the bonds.
Section 11-42-350. (A) Bonds may be secured by a trust indenture between the bank and a corporate trustee, which may be the State Treasurer or any bank having trust powers or any trust company, designated by the State Treasurer doing business in South Carolina. A trust indenture may contain provisions for protecting and enforcing the rights and remedies of the bondholders which are reasonable and proper, including covenants setting forth the duties of the bank in relation to the exercise of its powers and the custody, safekeeping, and application of its money. The bank may provide by the trust indenture for the payment of the proceeds of the bonds and all or any part of the revenues of the bank to the trustee under the trust indenture or to some other depository, and for the method of its disbursement with safeguards and restrictions prescribed by it. All expenses incurred in performing the obligations of the bank under the trust indenture may be treated as part of its operating expenses.
(B) Any resolution or trust indenture pursuant to which bonds are issued may contain provisions which are part of the contract with the holders of the bonds as to:
(1) pledging all or any part of the revenue of the bank to secure the payment of the bonds;
(2) pledging all or any part of the assets of the bank including loan obligations owned by it to secure the payment of the bonds;
(3) the use and disposition of the gross income from, and payment of the principal of, and interest on loan obligations owned by the bank;
(4) the establishment of reserves, sinking funds, and other funds and accounts, and their regulation and disposition;
(5) limitations on the purposes to which the proceeds from the sale of the bonds may be applied, and limitations on pledging the proceeds to secure the payment of the bonds;
(6) limitations on the issuance of additional bonds, the terms upon which additional bonds may be issued and secured, and the refunding of outstanding or other bonds;
(7) the procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of bonds, if any, the holders of which must consent to, and the manner in which any consent may be given;
(8) limitations on the amount of money to be expended by the bank for its operating expenses;
(9) vesting in a trustee property, rights, powers, and duties as the bank may determine, limiting or abrogating the right of bondholders to appoint a trustee, and limiting the rights, powers, and duties of the trustee;
(10) defining the acts or omissions which constitute a default, the obligations or duties of the bank to the holders of the bonds, and the rights and remedies of the holders of the bonds in the event of default, including as a matter of right the appointment of a receiver, and all other rights generally available to creditors;
(11) requiring the bank or the trustee under the trust indenture to take any and all other action to obtain payment of all sums required to eliminate any default as to any principal of and interest on loan obligations owned by the bank or held by a trustee, which may be authorized by the laws of this State; and
(12) any other matter relating to the terms of the bonds or the security or protection of the holders of the bonds which may be considered appropriate.
Section 11-42-360. Any pledge made by the bank is valid and binding from the time the pledge is made. The revenue, money, or property pledged and thereafter received by the bank is immediately subject to the lien of the pledge without any physical delivery or further act. The lien of any pledge is valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the bank, irrespective of whether the parties have notice of the pledge. No recording or filing of the resolution authorizing the issuance of bonds, the trust indenture securing the bonds, or any other instrument including filings under the Uniform Commercial Code is necessary to create or perfect any pledge or security interest granted by the bank to secure any bonds, but the record of the proceedings relative to the issuance of any bonds must be filed as prescribed by Section 11-15-20.
Section 11-42-370. The bank, subject to agreements with bondholders as may then exist, may purchase outstanding bonds of the bank with any available funds, at any reasonable price. If the bonds are then redeemable, the price must not exceed the redemption price then applicable plus accrued interest to the next interest payment date.
Section 11-42-380. Bonds of the bank must be in a form and must be executed in a manner prescribed by the bank.
Section 11-42-390. If any of the members or officers of the bank cease to be members before the delivery of any bonds signed by them, their signatures or authorized facsimile signatures are nevertheless valid and sufficient for all purposes as if they had remained in office until the delivery of the bonds.
Section 11-42-400. Subsequent amendments to this article may not limit the rights vested in the bank with respect to any agreements made with, or remedies available to, the holders of bonds issued under this article before the enactment of the amendments until the bonds, with all premiums and interest on them, and all costs and expenses in connection with any proceeding by or on behalf of the holders, are fully met and discharged.
Section 11-42-410. Any bonds issued by the bank, the transfer of bonds, and the income from them, are free from taxation and assessment of every kind by the State and by the local governments and other political subdivisions of the State.
Section 11-42-420. The bonds issued by the bank are legal investments in which all public officers or public bodies of the State, its political subdivisions, all municipalities and political subdivisions, all insurance companies and associations and other persons carrying on insurance business, all banks, bankers, banking associations, trust companies, savings banks, savings associations, including savings and loan association investment companies, and other persons carrying on a banking business, all administrators, guardians, executors, trustees, and other fiduciaries, and all other persons who are now or may be authorized in the future to invest in bonds or other obligations of the State, may invest funds in their control or belonging to them. The bonds of the bank are also securities which may be deposited with and received by all public officers and bodies of the State or any agency or political subdivision of the State and all municipalities and public corporations for any purpose for which the deposit of bonds or other obligations of the State is now or may later be required by law.
Section 11-42-510. As used in this article:
(1) 'Board' means the Board of Directors of the South Carolina Transportation Infrastructure Bank.
(2) 'State board' means the State Budget and Control Board.
(3) 'Transportation infrastructure bonds' means all general obligation bonds of this State designated as transportation infrastructure bonds, which are now outstanding and which may hereafter be issued pursuant to the authorizations of this article.
Section 11-42-520. Whenever it shall become necessary that monies be raised for qualified projects, including monies to be used to refund any transportation infrastructure bonds then outstanding, the board may make a request to the state board for the issuance of transportation infrastructure bonds pursuant to this article. This request may be in the form of a resolution adopted at any regular or special meeting of the board. The request shall set forth on the face thereof or by schedules attached thereto:
(1) the amount then required for qualified projects;
(2) a tentative time schedule setting forth the period of time during which the sum requested will be expended; and
(3) a debt service table showing the annual principal and interest requirements for all the transportation infrastructure bonds then outstanding.
Section 11-42-530. Following the receipt of any request pursuant to Section 11-42-510, the state board shall review the same and it shall approve such request, by resolution duly adopted, to effect the issuance of transportation infrastructure bonds, or pending the issuance thereof, effect the issuance of bond anticipation notes pursuant to Chapter 17 of Title 11.
Section 11-42-540. The issuance of transportation infrastructure bonds is subject to the limitations contained in Article X, Section 13(6)(c) of the Constitution of this State. Within such limitations, transportation infrastructure bonds may be issued for qualified projects or to refund transportation infrastructure bonds from time to time under the conditions prescribed by this article. The review and approval of the Joint Bond Review Committee must be obtained prior to the issuance of any transportation infrastructure bonds. No transportation infrastructure bonds may be issued unless the board has a source of revenues to reimburse the general fund for the principal and interest on the bonds.
Section 11-42-550. For the payment of the principal of and interest on all transportation infrastructure bonds, whether or not outstanding or hereafter issued, as they come due, there is pledged the full faith, credit, and taxing power of this State. In addition to the full faith, credit, and taxing power, there also may be pledged such revenue as may be available to the board and the State Treasurer is authorized to use such revenue when pledged, without further action of the board, for the payment of the principal and interest on transportation infrastructure bonds as the same respectively mature.
Section 11-42-560. The board is authorized to request the state board to issue transportation infrastructure bonds. In order to effect the issuance of bonds pursuant to this article, the state board may adopt a resolution providing for the issuance of transportation infrastructure bonds, upon written request by the board, and may transmit a certified copy thereof to the Governor and to the State Treasurer, with the request that they issue and deliver transportation infrastructure bonds in accordance with the terms and conditions of such resolution. This resolution must set forth:
(1) the amount, denomination, and numbering of transportation infrastructure bonds to be issued;
(2) the date as of which the same shall be issued;
(3) the maturity schedule for the retirement of the transportation infrastructure bonds;
(4) the redemption provisions, if any, applicable to the bonds;
(5) the maximum rate or rates of interest the bonds shall bear;
(6) the purposes for which the bonds are to be issued;
(7) the occasion on which bids shall be received for the sale of the bonds;
(8) the form of advertisement of sale;
(9) the form of the bonds of the particular issue; and
(10) such other matters as may be considered necessary in order to effect the sale, issuance, and delivery thereof.
Section 11-42-570. Following receipt of a certified copy of the resolution of the state board the Governor and State Treasurer shall issue transportation infrastructure bonds in accordance with the provisions of the resolution of the state board.
Section 11-42-580. Transportation infrastructure bonds shall be issued in such form, in such denominations, and with such provisions as to time, place, or places and medium of payment as may be determined by the state board, subject to the provisions of this article.
Section 11-42-590. Transportation infrastructure bonds must be issued as fully registered bonds with both principal and interest thereof made payable only to the registered holder. Such fully registered bonds are subject to transfer under such conditions as the state board prescribes.
Section 11-42-600. Transportation infrastructure bonds shall bear interest, payable on such occasions as shall be prescribed not more than thirty years after such date. Such installments or series may be equal or unequal in amount. Transportation infrastructure bonds, in the discretion of the state board, may be made subject to redemption at par and accrued interest, plus such redemption premium as it shall approve and on such occasions as it may prescribe. Transportation infrastructure bonds are not redeemable before maturity unless they contain a statement to that effect.
Section 11-42-610. All transportation infrastructure bonds issued under this article, and the interest thereon, are exempt from all state, county, municipal, school district, and other taxes or assessments, direct or indirect, general or special, imposed by this State, whether imposed for the purpose of general revenue or otherwise, except inheritance, estate, or transfer taxes.
Section 11-42-620. Transportation infrastructure bonds must be sold by the Governor and the State Treasurer upon sealed proposals, after publication of notice of such sale one or more times at least seven days before such sale, in a newspaper of general circulation in the State and also in a financial paper published in New York City which regularly publishes notices of sale of state or municipal bonds. The bonds must be awarded to the bidder offering to purchase the transportation infrastructure bonds at the lowest net interest cost to the State at a price of not less than ninety-nine percent of par and accrued interest to the date of delivery, but the right is reserved to reject all bids and to readvertise the bonds for sale and to waive technicalities in the bidding.
Section 11-42-630. The proceeds derived from the sale of transportation infrastructure bonds must be applied only to the purposes set forth in the resolution of the state board pursuant to which the bonds are issued."
SECTION 3. Section 57-3-615 of the 1976 Code, as last amended by Act 52 of 1995, is further amended to read:
"Section 57-3-615. If a toll is administered on a project by the Department of Transportation, the toll must be used to pay for the construction, maintenance costs, and other expenses for only that project. A toll project that is in excess of one hundred fifty million dollars may only be initiated as provided in Chapter 37 of Title 4. Except as may be provided by federal law and upon approval of the Commission for the Department of Transportation and the affirmative approval of the General Assembly in separate legislation enacted solely for that purpose, the Department of Transportation may toll interstate highways and use the revenues for projects other than the interstate which generated the toll. On any interstate highway which is tolled by the Department of Transportation, the department must provide local residents an annual use system."
SECTION 4. Section 56-3-910 of the 1976 Code, as last amended by Act 181 of 1993, is further amended to read:
"Section 56-3-910. All fees and penalties collected by the department under the provisions of this chapter shall be placed in the state general fund except for fees and penalties collected pursuant to Sections 56-3-660 and 56-3-670 which must be placed in the state highway account of the South Carolina Transportation Infrastructure Bank."
SECTION 5. This act takes effect upon approval by the Governor except that the provisions of Section 4 are effective July 1, 1998. /
Amend title to read:
/TO AMEND TITLE 11, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PUBLIC FINANCE BY ADDING CHAPTER 42 SO AS TO ESTABLISH THE SOUTH CAROLINA TRANSPORTATION INFRASTRUCTURE BANK ACT AND TO PROVIDE FOR ITS POWERS AND DUTIES; TO AUTHORIZE THE BANK TO PROVIDE LOANS AND OTHER FINANCIAL ASSISTANCE TO GOVERNMENT UNITS AND PRIVATE ENTITIES TO FINANCE PUBLIC HIGHWAY AND TRANSIT PROJECTS; TO AUTHORIZE THE DEPARTMENT OF TRANSPORTATION TO FUND THE BANK WITH UP TO FIVE PERCENT OF FUNDS APPROPRIATED FOR THE CONSTRUCTION AND MAINTENANCE OF STATE HIGHWAYS; TO ALLOW FEDERAL GRANTS, LOAN REPAYMENTS, AND OTHER AVAILABLE AMOUNTS TO BE CREDITED TO THE BANK; TO AUTHORIZE LENDING TO AND BORROWING BY GOVERNMENT UNITS AND PRIVATE ENTITLES THROUGH THE BANK; TO AUTHORIZE THE ISSUANCE OF TRANSPORTATION INFRASTRUCTURE BANK REVENUE BONDS; TO AUTHORIZE THE ISSUANCE OF TRANSPORTATION INFRASTRUCTURE BANK GENERAL OBLIGATION BONDS; TO AMEND SECTION 57-3-615, AS AMENDED, RELATING TO TOLL PROJECTS SO AS TO DELETE THE REQUIREMENT THAT CERTAIN TOLL PROJECTS BE INITIATED AS PROVIDED IN CHAPTER 37 OF TITLE 4 AND TO AUTHORIZE THE DEPARTMENT OF TRANSPORTATION TO TOLL INTERSTATE HIGHWAYS AND TO USE THE TOLL FOR PROJECTS OTHER THAN THE TOLLED INTERSTATE HIGHWAY; AND TO AMEND SECTION 56-3-910, AS AMENDED, RELATING TO DISPOSITION OF CERTAIN FEES AND PENALTIES SO AS TO PROVIDE FOR THE PLACEMENT OF THE FEES AND PENALTIES IN THE SOUTH CAROLINA TRANSPORTATION INFRASTRUCTURE BANK./
Renumber sections to conform.
Amend title to conform.
Senator LAND spoke on the Bill.
Senator LAND asked unanimous consent to take up Amendment No. 4 for immediate consideration.
There was no objection.
Senator LAND proposed the following Amendment No. 4 (GJK\20764AC.97), which was adopted:
Amend the report of the committee onTransportation, as and if amended, in Section 57-3-615, as contained in SECTION 3, page 3665-19, by deleting lines 8-15 and inserting:
/"No toll may be imposed on passage of any vehicle on federal interstate highways in this State which were in existence as of January 1, 1997, unless the imposition is otherwise affirmatively approved by the General Assembly in separate legislation enacted solely for that purpose."/
Renumber sections to conform.
Amend title to conform.
Senator LAND explained the amendment.
Senator LAND moved that the amendment be adopted.
The amendment was adopted.
Senator LAND continued speaking on the Bill.
Senator THOMAS spoke on the Bill.
Senator LAND asked unanimous consent to take up Amendment No. 8 for immediate consideration.
There was no objection.
Senators THOMAS and RANKIN proposed the following Amendment No. 8 (3665R020.LAR):
Amend the committee report, as and if amended, SECTION 2, page 3665-9, after line 22, by inserting the following:
/(C)(1) Local government units must provide a match equal to at least twenty percent of the total assistance provided by the bank except that no match is required if the form of the assistance is either a loan or credit enhancement, or both.
(2) For local government units, the match must be derived from locally obtained funds such as general funds of the local government, monies derived from taxes and fees imposed by the local government, or other locally generated funds including tolls and private sources with no government relationship. The local government unit's match may be provided through in-kind contributions. The board must determine whether a contribution qualifies as an in-kind contribution for purposes of this subsection.
(3) As used in this subsection, 'total assistance' means the value in dollars of the loans and other financial assistance provided by the bank to the local government unit and includes any and all interest or other financing costs incurred by the bank for the project in the course of the development of the qualified project, carrying charges incurred before placing the project in service, and interest incurred over the life of any indebtedness incurred for the project./
Amend title to conform.
Senator THOMAS explained the amendment.
Senator WASHINGTON argued contra to the adoption of the amendment.
Senator DRUMMOND spoke on the Bill.
Senator PASSAILAIGUE argued contra to the adoption of the amendment.
On motion of Senator DRUMMOND, with unanimous consent, debate was interrupted by recess.
At 1:15 P.M., on motion of Senator DRUMMOND, the Senate receded from business until 2:30 P.M.
The Senate reassembled at 2:30 P.M. and was called to order by the PRESIDENT.
H. 3665 (Word version) -- Ways and Means Committee: A BILL TO AMEND TITLE 11, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PUBLIC FINANCE, BY ADDING CHAPTER 42 SO AS TO ENACT THE "SOUTH CAROLINA COMPREHENSIVE INFRASTRUCTURE DEVELOPMENT AND FINANCING ACT" SO AS TO ESTABLISH A STATE PROGRAM TO COORDINATE INFRASTRUCTURE PLANNING AMONG STATE, REGIONAL, AND LOCAL UNITS OF GOVERNMENT, ASSIST IN DEVELOPMENT OF COMPREHENSIVE REGIONAL INFRASTRUCTURE DEVELOPMENT PLANS, AND IDENTIFY AND PROVIDE FUNDING AND FINANCIAL ASSISTANCE FOR CONSTRUCTING AND IMPROVING INFRASTRUCTURE; TO AMEND SECTION 12-28-2720, AS AMENDED, RELATING TO THE DISTRIBUTION OF THE GASOLINE TAX, SO AS TO REVISE THE MANNER IN WHICH IT IS DISTRIBUTED; TO AMEND SECTION 12-28-2910, AS AMENDED, RELATING TO THE COORDINATING COUNCIL FOR ECONOMIC DEVELOPMENT, SO AS TO REVISE THE ACCOUNT TO WHICH INTEREST EARNINGS ON THE ECONOMIC DEVELOPMENT ACCOUNT MUST BE CREDITED; TO AMEND SECTION 56-3-660, AS AMENDED, RELATING TO TRUCK REGISTRATION FEES, SO AS TO REQUIRE CERTAIN AMOUNTS OF FEE REVENUES TO BE CREDITED TO THE STATE HIGHWAY ACCOUNT OF THE SOUTH CAROLINA TRANSPORTATION INFRASTRUCTURE BANK; AND TO AMEND SECTION 57-11-20, AS AMENDED, RELATING TO THE STATE HIGHWAY FUND, SO AS TO REVISE THE ACCOUNT TO WHICH INTEREST INCOME FROM THE STATE HIGHWAY FUND MUST BE CREDITED.
The Senate resumed consideration of the Bill. The question being the adoption of Amendment No. 8 (3665R020.LAR) previously proposed by Senator THOMAS.
On motion of Senator PEELER, with unanimous consent, Amendment No. 8 was carried over.
Senator FAIR proposed the following Amendment No. 3 (3665R003.MLF), which was adopted:
Amend the committee report, as and if amended, page 3665-5, line 8, by adding after / chairman. / the following:
/The chairman of the board of directors and the chairman of the South Carolina Department of Transportation Commission may not reside in the same regional planning district./
Amend title to conform.
Senator FAIR explained the amendment.
Senator LAND moved to lay the amendment on the table.
The "ayes" and "nays" were demanded and taken, resulting as follows:
Cork Elliott Glover Hutto Land McConnell McGill Mescher Moore O'Dell Passailaigue Patterson Rankin Ravenel Washington Williams
Alexander Anderson Bryan Courson Fair Giese Gregory Hayes Lander Leventis Martin Peeler Ryberg Setzler Short Smith, J. Verne Thomas Waldrep Wilson
The Senate refused to table the amendment. The question then was the adoption of the amendment.
The amendment was adopted.
Senator LAND proposed the following Amendment No. 5 (GJK\20806CM.97), which was adopted:
Amend the report of the committee, as and if amended, in SECTION 2, page 3665-7, by striking line 22 and inserting:
/(1) an annual contribution authorized by the commission of the Department of/
Renumber sections to conform.
Amend title to conform.
Senator LAND explained the amendment.
Senator LAND moved that the amendment be adopted.
The amendment was adopted.
Senator ELLIOTT proposed the following Amendment No. 6 (3665R019.DE), which was tabled:
Amend the committee report, as and if amended, page [3665-5], by striking lines 8 through 12 as contained in Section 11-42-140, and inserting in lieu thereof the following:
/Governor, and confirmed by the Senate. The chairman and the vice chairman shall be elected by the members of the board. The terms for the legislative members are coterminus with their terms of office. The term for the director appointed by the Governor is coterminus with the Governor's term./
Amend title to conform.
Senator ELLIOTT explained the amendment.
Senator RYBERG moved to lay the amendment on the table.
The "ayes" and "nays" were demanded and taken, resulting as follows:
Alexander Courson Courtney Fair Giese Hayes Land Leatherman Martin McGill Mescher Moore O'Dell Passailaigue Patterson Peeler Rankin Ryberg Setzler Smith, J. Verne Thomas Waldrep Washington Williams Wilson
Anderson Bryan Cork Elliott Glover Hutto Lander Leventis McConnell Ravenel Saleeby
The amendment was laid on the table.
Senator COURTNEY asked unanimous consent to make a motion that Senators COURTNEY, PASSAILAIGUE and McCONNELL be granted leave to attend a meeting of a conference committee, and to be counted in any quorum calls, and be notified of any votes.
There was no objection.
Senator PATTERSON proposed the following Amendment No. 7A (3665R017.KP), which was adopted:
Amend the committee report, as and if amended, page 3665-10, after line 11, by adding an appropriately numbered new item to read:
/( ) qualified borrower must comply with the provisions of Section 12-27-1320 and Section 12-28-2930 in the expenditure of the proceeds of a loan or other financial assistance provided by the bank for a qualified project./
Senator PATTERSON explained the amendment.
Senator THOMAS spoke on the amendment.
Senator PATTERSON moved that the amendment be adopted.
The "ayes" and "nays" were demanded and taken, resulting as follows:
Alexander Anderson Bryan Cork Drummond Elliott Ford Glover Hutto Jackson Land Lander Leatherman Leventis Matthews* McConnell McGill Moore O'Dell Passailaigue Patterson Rankin Ravenel Saleeby Short Smith, J. Verne Waldrep Washington Williams
Courson Courtney Fair Giese Gregory Hayes Martin Mescher Peeler Russell Ryberg Setzler Thomas Wilson
*This Senator was not present in the Chamber at the time the vote was taken and the vote was recorded by leave of the Senate, with unanimous consent.
The amendment was adopted.
Senator LEATHERMAN proposed the following Amendment No. 15 (3665R032.HKL), which was tabled:
Amend the committee report, as and if amended, in Section 57-3-15, as contained in SECTION 3, page 3665-19, line 15, by adding before the /"/ the following:
/Revenues derived from tolls in excess of those needed to fund improvements on the interstate generating the revenue may be used for projects consistent with federal laws which allow the tolling of interstate bridges./
Amend title to conform.
Senator LEATHERMAN explained the amendment.
Senator PEELER moved to lay the amendment on the table.
The "ayes" and "nays" were demanded and taken, resulting as follows:
Alexander Anderson Cork Courson Courtney Fair Ford Giese* Glover Gregory Hayes Holland Jackson Land Lander Martin McConnell McGill Mescher Moore Passailaigue Patterson Peeler Ravenel Reese Russell Ryberg Saleeby Setzler Short Smith, J. Verne Thomas Waldrep Wilson
Bryan Drummond Elliott Hutto Leatherman Leventis Rankin
*This Senator was not present in the Chamber at the time the vote was taken and the vote was recorded by leave of the Senate, with unanimous consent.
The amendment was laid on the table.
Senator HAYES asked unanimous consent to make a motion to take up Amendment No. P1-8.
Senator SETZLER objected.
Senator PEELER proposed the following Amendment No. 18 (3665R033.HSP), which was tabled:
Amend the committee amendment, as and if amended, page 3665-8, after line 22, by adding an appropriately numbered new subsection to read:
/( )The local match is not required if the local government unit is in a county that has 1,000 or less miles in total highway system mileage, according to the statistics published by the State Budget and Control Board in the South Carolina Statistical Abstract for 1996./
Amend title to conform.
Senator PEELER explained the amendment.
Senator LAND moved that the amendment be adopted.
Senator BRYAN moved to lay the amendment on the table.
The "ayes" and "nays" were demanded and taken, resulting as follows:
Anderson Bryan Courson Courtney Fair Ford Giese Holland Jackson Leventis McConnell Mescher Passailaigue Patterson Ravenel Russell Ryberg Setzler Smith, J. Verne Waldrep Williams Wilson
Alexander Cork Drummond Elliott Glover Gregory Hayes Hutto Land Lander Leatherman Martin McGill Moore Peeler Rankin Reese Saleeby Short Thomas Washington
The amendment was laid on the table.
Senator LEATHERMAN proposed the following Amendment No. 14A (3665R027.HKL), which was adopted and later reconsidered and not adopted:
Amend the committee report, as and if amended, in Section 57-3-15, as contained in SECTION 3, page 3665-19, line 15, by adding before the /"/ the following:
/The Department of Transportation is hereby directed to enter into agreements consistent with federal laws which allow the tolling of interstate bridges./
Amend title to conform.
Senator LEATHERMAN explained the amendment.
Senator LEATHERMAN moved that the amendment be adopted.
The amendment was adopted.
Senator HAYES asked unanimous consent to take up Amendment No. 8 for immediate consideration.
There was no objection.
Senator THOMAS proposed the following Amendment No. 8 (3665R020.LAR), previously carried over, which was not adopted:
Amend the committee report, as and if amended, SECTION 2, page 3665-9, after line 22, by inserting the following:
/(C)(1) Local government units must provide a match equal to at least twenty percent of the total assistance provided by the bank except that no match is required if the form of the assistance is either a loan or credit enhancement, or both.
(2) For local government units, the match must be derived from locally obtained funds such as general funds of the local government, monies derived from taxes and fees imposed by the local government, or other locally generated funds including tolls and private sources with no government relationship. The local government unit's match may be provided through in-kind contributions. The board must determine whether a contribution qualifies as an in-kind contribution for purposes of this subsection.
(3) As used in this subsection, 'total assistance' means the value in dollars of the loans and other financial assistance provided by the bank to the local government unit and includes any and all interest or other financing costs incurred by the bank for the project in the course of the development of the qualified project, carrying charges incurred before placing the project in service, and interest incurred over the life of any indebtedness incurred for the project./
Amend title to conform.
Senator THOMAS explained the amendment.
Senators LAND and RAVENEL spoke on the amendment.
The PRESIDENT assumed the Chair at 4:30 P.M.
Senator RAVENEL continued speaking on the amendment.
At 4:40 P.M., Senator DRUMMOND asked unanimous consent to make a motion under Rule 15A to set a time certain to vote on the entire matter of H. 3665 at 5:00 P.M.
Senator LEVENTIS objected.
Senator RAVENEL continued arguing contra to the adoption of the amendment.
Senator RANKIN argued in favor of the adoption of the amendment.
Senator RAVENEL moved to lay the amendment on the table.
The "ayes" and "nays" were demanded and taken, resulting as follows:
Cork Drummond Ford Glover Hutto Jackson Land Lander Leventis McConnell McGill Mescher Moore O'Dell Passailaigue Patterson Ravenel Saleeby Washington Williams
Alexander Anderson Bryan Courson Courtney Elliott Fair Giese Gregory Hayes Holland Leatherman Martin Peeler Rankin Reese Russell Ryberg Setzler Short Smith, J. Verne Thomas Waldrep Wilson
The Senate refused to table the amendment. The question then was the adoption of the amendment.
Senator LEVENTIS argued contra to the adoption of the amendment.
Senator LEVENTIS moved to lay the amendment on the table.
On motion of Senator LEVENTIS, with unanimous consent, the motion to table was withdrawn.
The "ayes" and "nays" were demanded and taken, resulting as follows:
Alexander Anderson Bryan Courson Fair Giese Gregory Hayes Leatherman Martin Peeler Ryberg Setzler Smith, J. Verne Thomas Waldrep
Cork Courtney Drummond Elliott Ford Glover Holland Hutto Jackson Land Lander Leventis McConnell McGill Mescher Moore O'Dell Passailaigue Patterson Rankin Ravenel Reese Russell Saleeby Short Washington Williams Wilson
The amendment was adopted.
Senator DRUMMOND asked unanimous consent to make a motion that the conferees be granted leave to vote by telephone.
There was no objection.
Having voted on the prevailing side, Senator RYBERG asked unanimous consent to make a motion to reconsider the vote whereby Amendment No. 14A (3665R027.HKL) was adopted.
Senator PEELER spoke on the motion.
Senator LEATHERMAN spoke on the motion.
The "ayes" and "nays" were demanded and taken, resulting as follows:
Alexander Anderson Cork Courson Courtney Drummond Fair Giese Hayes Holland Hutto Jackson Land Lander Martin McConnell McGill Mescher Moore O'Dell Passailaigue Patterson Peeler Rankin Ravenel Reese Russell Ryberg Setzler Smith, J. Verne Thomas Waldrep Washington Williams Wilson
Bryan Elliott Ford Gregory Leatherman Leventis Saleeby
The adoption of Amendment No. 14A was reconsidered. The question then was the adoption of Amendment No. 14A.
Senator RYBERG moved to lay the amendment on the table.
Amendment No. 14A was laid on the table.
At 5:07 P.M., Senator DRUMMOND asked unanimous consent to make a motion under Rule 15A to set a time certain of 5:20 P.M. to vote on the entire matter of H. 3665.
There was no objection.
Senator HAYES proposed the following Amendment No. 26 (3665R039.RWH), which was tabled:
Amend the committee report, as and if amended, in Section 11-42-180, as contained in SECTION 2, page 3665-9, by adding an appropriately lettered subsection at the end to read:
/( )No project involving the replacement of the Grace Memorial Bridge over the Cooper River in Charleston is a qualified project for purposes of bank financing unless twenty percent of the project, excluding federal funds, is funded from local sources./
Amend title to conform.
Senator HAYES explained the amendment.
Senator RAVENEL argued contra to the adoption of the amendment.
Senator WASHINGTON argued contra to the adoption of the amendment.
By previous action of the Senate, the time certain of 5:20 P.M. had arrived to vote on the entire matter of H. 3665.
Senator WASHINGTON moved to lay the amendment on the table.
The "ayes" and "nays" were demanded and taken, resulting as follows:
Anderson Cork Ford Glover Holland Hutto Jackson Land Lander McConnell Mescher Moore O'Dell Passailaigue Patterson Peeler Rankin Ravenel Washington Williams
Alexander Bryan Courson Fair Giese Gregory Hayes Leventis Martin Reese Russell Ryberg Setzler Short Smith, J. Verne Thomas Waldrep Wilson
The amendment was laid on the table.
Senator BRYAN proposed the following Amendment No. 25 (3665R038.JEB), which was adopted:
Amend the committee report, as and if amended, by adding an appropriately numbered new SECTION to read:
/SECTION . Article 1, Chapter 3, Title 57 of the 1976 Code is amended by adding:
"Section 57-3-205. No noncompetition agreement entered into between the department and any private entity with respect to a toll road project is valid unless the agreement is first approved by the General Assembly by joint resolution."/
Renumber sections to conform.
Amend title to conform.
Senator BRYAN explained the amendment.
Senator BRYAN moved that the amendment be adopted.
The amendment was adopted.
Senator FAIR proposed the following Amendment No. 27 (3665R002.MLF), which was tabled:
Amend the committee report, as and if amended, page 3665-9, line 1, by adding after / support. / the following:
/The local or other financial support does not include federal funds./
Amend title to conform.
Senator FAIR explained the amendment.
Senator LAND spoke on the amendment.
Senator LAND moved to lay the amendment on the table.
The "ayes" and "nays" were demanded and taken, resulting as follows:
Anderson Cork Drummond Elliott Ford Glover Holland Hutto Jackson Land Lander McConnell McGill* Mescher Moore O'Dell Passailaigue Patterson Rankin Ravenel Setzler Smith, J. Verne Washington Williams
Alexander Bryan Courson Courtney Fair Giese Gregory Hayes Leventis Martin Peeler Reese Russell Ryberg Thomas Waldrep Wilson
*This Senator was not present in the Chamber at the time the vote was taken and the vote was recorded by leave of the Senate, with unanimous consent.
The amendment was laid on the table.
Senator THOMAS proposed the following Amendment No. 28 (3665R040.DLT), which was adopted:
Amend the committee report, as and if amended, in Section 11-42-180, as contained in SECTION 2, page 3665-9, by adding an appropriately lettered subsection at the end to read:
/( )No loan or other financial assistance shall be provided by the bank for the Southern Connector between Interstate 85 and Interstate 385 in Greenville County. /
Amend title to conform.
Senator THOMAS explained the amendment.
The amendment was adopted.
The question then was the adoption of the amendment proposed by the Committee on Transportation.
The amendment of the Committee on Transportation, as amended, was adopted as follows (S-RES\3665.PA):
Amend the bill, as and if amended, by striking all after the enacting words and inserting in lieu thereof the following:
/SECTION 1. The General Assembly finds that:
(1) Adequate transportation facilities are an important element in the ability of a community to provide for the health and welfare of its citizens and the continuing economic growth and development that will provide jobs for the citizens of South Carolina.
(2) Traditional transportation financing methods in South Carolina cannot generate the resources necessary to fund the cost of transportation facilities which are required for continued economic viability and future economic expansion.
(3) The State of South Carolina has the ability to provide for alternative methods of financing highway and transportation projects which, when combined with existing financing sources and methods, will allow the State to address its transportation needs in a more timely and responsive manner.
(4) Loans and other financial assistance to government units and private entities can play an important part in meeting transportation needs. This assistance is in the public interest for the public benefit and good as a matter of legislative intent.
(5) The chapter provides an instrumentality to assist government units and private entities in constructing and improving highway and transportation facilities by providing loans and other financial assistance.
(6) It is the General Assembly's intent for the instrumentality created by this act to focus greater attention on larger transportation projects, and thereby allow the South Carolina Department of Transportation's resources to be devoted sooner to smaller, but yet important, rural transportation projects.
SECTION 2. Title 11 of the 1976 Code is amended by adding:
Section 11-42-110. This chapter may be referred to as the 'South Carolina Transportation Infrastructure Bank Act.'
Section 11-42-120. (A) There is created a body corporate and politic and an instrumentality of the State to be known as the South Carolina Transportation Infrastructure Bank.
(B) The bank is governed by a board of directors as provided in this chapter.
(C) The corporate purpose of the bank is to select and assist in financing major qualified projects by providing loans and other financial assistance to government units and private entities for constructing and improving highway and transportation facilities necessary for public purposes including economic development. The exercise by the bank of a power conferred in this chapter is an essential public function.
(D) The bank shall establish and maintain at least the four following accounts: state highway account, state transit account, federal highway account, and federal transit account.
Section 11-42-130. As used in this chapter unless the context clearly indicates otherwise:
(1) 'Bank' means the South Carolina Transportation Infrastructure Bank.
(2) 'Board' means the board of directors of the bank.
(3) 'Bonds' means bonds, notes, or other evidence of indebtedness except as otherwise provided in Article 3 of this chapter.
(4) 'Department of Transportation' means the South Carolina Department of Transportation and its successors.
(5) 'Eligible cost' means as applied to a qualified project to be financed from the federal accounts, the costs that are permitted under applicable federal laws, requirements, procedures, and guidelines in regard to establishing, operating, and providing assistance from the bank. As applied to a qualified project to be financed from the state highway account, these costs include the costs of preliminary engineering, traffic and revenue studies, environmental studies, right-of-way acquisition, legal and financial services associated with the development of the qualified project, construction, construction management, facilities, and other costs necessary for the qualified project. As applied to any qualified project to be financed from the state transit account, eligible project costs are limited to capital expenditures for transit equipment and facilities.
(6) 'Eligible project' means a highway, including bridges, or transit project which provides public benefits by either enhancing mobility and safety, promoting economic development, or increasing the quality of life and general welfare of the public.
(7) 'Federal accounts' means collectively, the separate account for federal highway funds and federal transit funds.
(8) 'Financing agreement' means any agreement entered into between the bank and a qualified borrower pertaining to a loan or other financial assistance. This agreement may contain, in addition to financial terms, provisions relating to the regulation and supervision of a qualified project, or other provisions as the board may determine. The term 'financing agreement' includes, without limitation, a loan agreement, trust indenture, security agreement, reimbursement agreement, guarantee agreement, bond or note, ordinance or resolution, or similar instrument.
(9) 'Government unit' means a municipal corporation, county, special purpose district, special service district, commissioners of public works, or another public body, instrumentality or agency of the State including combinations of two or more of these entities acting jointly to construct, own, or operate a qualified project, and any other state or local authority, board, commission, agency, department, or other political subdivision created by the General Assembly or pursuant to the Constitution and laws of this State which may construct, own, or operate a qualified project.
(10) 'Loan' means an obligation subject to repayment which is provided by the bank to a qualified borrower for all or a part of the eligible cost of a qualified project. A loan may be disbursed in anticipation of reimbursement for or direct payment of eligible costs of a qualified project.
(11) 'Loan obligation' means a bond, note, or other evidence of an obligation issued by a qualified borrower.
(12) 'Other financial assistance' means, but is not limited to, grants, contributions, credit enhancement, capital or debt reserves for bonds or debt instrument financing, interest rate subsidies, provision of letters of credit and credit instruments, provision of bond or other debt financing instrument security, and other lawful forms of financing and methods of leveraging funds that are approved by the board, and in the case of federal funds, as allowed by federal law.
(13) 'Private entity' means a private person or entity that has entered into a contract with a government unit to design, finance, construct, and operate a highway, bridge, tunnel, or approach that is within the jurisdiction of the government unit that is responsible for complying with applicable federal requirements.
(14) 'Project revenues' means all rates, rents, fees, assessments, charges, and other receipts derived or to be derived by a qualified borrower from a qualified project or made available from a special source, and, as provided in the applicable financing agreement, derived from any system of which the qualified project is a part of, from any other revenue producing facility under the ownership or control of the qualified borrower including, without limitation, proceeds of grants, gifts, appropriations and loans, including the proceeds of loans made by the bank, investment earnings, reserves for capital and current expenses, proceeds of insurance or condemnation and proceeds from the sale or other disposition of property and from any other special source as may be provided by the qualified borrower.
(15) 'Qualified borrower' means any government unit or private entity which is authorized to construct, operate, or own a qualified project.
(16) 'Qualified project' means an eligible project which has been selected by the bank to receive a loan or other financial assistance from the bank to defray an eligible cost.
(17) 'Revenues' means, when used with respect to the bank, any receipts, fees, income, or other payments received or to be received by the bank including, without limitation, receipts and other payments deposited in the bank and investment earnings on its funds and accounts.
(18) 'State accounts' means, collectively, the separate account for state highway funds and state transit funds.
Section 11-42-140. The board of directors is the governing board of the bank. The board consists of seven voting directors as follows: the Deputy Director of Finance and Administration of the Department of Transportation, ex officio; the Deputy Director of the Division of Construction, Engineering, and Planning of the Department of Transportation, ex officio; two members of the Senate appointed by the President Pro Tempore of the Senate, ex-officio; two members of the House of Representatives appointed by the Speaker of the House of Representatives, ex-officio; and one director appointed by the Governor, and confirmed by the Senate, who shall serve as chairman. The chairman of the board of directors and the chairman of the South Carolina Department of Transportation Commission may not reside in the same regional planning district. The vice chairman shall be elected by the members of the board. The terms for the legislative members are co-terminus with their term of office. The term for the director appointed by the Governor is co-terminus with the Governor's term.
Section 11-42-150. (A) In addition to the powers contained elsewhere in this chapter, the bank has all power necessary, useful, or appropriate to fund, operate, and administer the bank, and to perform its other functions including, but not limited to, the power to:
(1) have perpetual succession;
(2) adopt, promulgate, amend, and repeal bylaws, subject to the approval of the Department of Transportation, and this approval must not be inconsistent with provisions in this chapter for the administration of the bank's affairs and the implementation of its functions including the right of the board to select qualifying projects and to provide loans and other financial assistance;
(3) sue and be sued in its own name;
(4) have a seal and alter it at its pleasure, although the failure to affix the seal does not affect the validity of an instrument executed on behalf of the bank;
(5) make loans to qualified borrowers to finance the eligible costs of qualified projects and to acquire, hold, and sell loan obligations at prices and in a manner as the board determines advisable;
(6) provide qualified borrowers with other financial assistance necessary to defray eligible costs of a qualified project;
(7) enter into contracts, arrangements, and agreements with qualified borrowers and other persons and execute and deliver all financing agreements and other instruments necessary or convenient to the exercise of the powers granted in this chapter;
(8) enter into agreements with a department, agency, or instrumentality of the United States or of this State or another state for the purpose of planning and providing for the financing of qualified projects;
(9) establish:
(a) policies and procedures for the making and administering of loans and other financial assistance; and
(b) fiscal controls and accounting procedures to ensure proper accounting and reporting by the bank, government units, and private entities;
(10) acquire by purchase, lease, donation, or other lawful means and sell, convey, pledge, lease, exchange, transfer, and dispose of all or any part of its properties and assets of every kind and character or any interest in it to further the public purpose of the bank;
(11) procure insurance, guarantees, letters of credit, and other forms of collateral or security or credit support from any public or private entity, including any department, agency, or instrumentality of the United States or this State, for the payment of any bonds issued by it, including the power to pay premiums or fees on any insurance, guarantees, letters of credit, and other forms of collateral or security or credit support;
(12) collect or authorize the trustee under any trust indenture securing any bonds to collect amounts due under any loan obligations owned by it, including taking the action required to obtain payment of any sums in default;
(13) unless restricted under any agreement with holders of bonds, consent to any modification with respect to the rate of interest, time, and payment of any installment of principal or interest, or any other term of any loan obligations owned by it;
(14) borrow money through the issuance of bonds and other forms of indebtedness as provided in this chapter;
(15) expend funds to obtain accounting, management, legal, financial consulting, and other professional services necessary to the operations of the bank;
(16) expend funds credited to the bank as the board determines necessary for the costs of administering the operations of the bank, if the costs of administering the operations are approved by the Department of Transportation and this approval is not unreasonably withheld;
(17) establish advisory committees as the board determines appropriate, which may include individuals from the private sector with banking and financial expertise;
(18) procure insurance against losses in connection with its property, assets, or activities including insurance against liability for its acts or the acts of its employees or agents or the employees or agents of the Department of Transportation, or to establish cash reserves to enable it to act as a self-insurer against any and all such losses;
(19) collect fees and charges in connection with its loans or other financial assistance;
(20) apply for, receive and accept from any source, aid, grants, and contributions of money, property, labor, or other things of value to be used to carry out the purposes of this chapter subject to the conditions upon which the aid, grants, or contributions are made;
(21) enter into contracts or agreements for the servicing and processing of financial agreements; and
(22) do all other things necessary or convenient to exercise powers granted or reasonably implied by this chapter.
(B) The bank is not authorized or empowered to be or to constitute a bank or trust company within the jurisdiction or under the control of the State or an agency of it or the Comptroller of the Currency or the Treasury Department of the United States, or a bank, banker, or dealer in securities within the meaning of, or subject to the provisions of, any securities, securities exchange, or securities dealers' law of the United States or this State.
Section 11-42-160. (A) The following sources may be used to capitalize the bank and for the bank to carry out its purposes:
(1) an annual contribution authorized by the commission of the Department of Transportation of up to five percent of the funds appropriated for the construction and maintenance of state highways, however, the contribution must be used to match federal capitalization grants to the bank and to provide capital for the state accounts of the bank;
(2) federal funds made available to the State for the bank;
(3) contributions and donations from government units, private entities, and any other source as may become available to the bank including, but not limited to, appropriations from the General Assembly;
(4) all monies paid or credit to the bank, by contract or otherwise, payments of principal and interest on loans or other financial assistance made from the bank, and interest earnings which may accrue from the investment or reinvestment of the bank's monies;
(5) proceeds from the issuance of bonds as provided in this chapter;
(6) other lawful sources as determined appropriate by the board; and
(7) loans from the Department of Transportation to the bank to be repaid from revenues committed to the bank for the following year.
(B) Beginning in fiscal year 1998-99, the revenues collected pursuant to Sections 56-3-660 and 56-3-670 and placed in the state highway account, as created by this chapter, must be used to provide capital for the bank.
Section 11-42-170. (A) Earnings on balances in the federal accounts must be credited and invested according to federal law. Earnings on state accounts must be credited to the state highway account or state transit account that generates the earnings. The bank may establish accounts and subaccounts within the state accounts and federal accounts as considered desirable to effectuate the purposes of this chapter, or to meet the requirements of any state or federal programs. All accounts must be held in trust by the State Treasurer.
(B) For necessary and convenient administration of the bank, the board shall direct the State Treasurer to establish federal and state accounts and subaccounts within the bank necessary to meet any applicable federal law requirements or as the bank shall determine necessary or desirable in order to implement the provisions of this chapter.
(C) The bank shall comply with all applicable federal laws and regulations prohibiting the commingling of certain federal funds deposited in the bank.
Section 11-42-180. (A) The bank may provide loans and other financial assistance to a government unit or private entity to pay for all or part of the eligible cost of a qualified project. Prior to providing a loan or other financial assistance to a qualified borrower, the board must obtain the review and approval of the Joint Bond Review Committee. The term of the loan or other financial assistance must not exceed forty years. The bank may require the government unit or private entity to enter into a financing agreement in connection with its loan obligation or other financial assistance. The board shall determine the form and content of loan applications, financing agreements, and loan obligations including the term and rate or rates of interest on a financing agreement. The terms and conditions of a loan or other financial assistance from federal accounts shall comply with applicable federal requirements.
(B) The board shall determine which projects are eligible projects and then select from among the eligible projects those qualified to receive from the bank a loan or other financial assistance. Preference must be given to eligible projects which have local and other financial support. In selecting qualified projects, the board shall consider the projected feasibility of the project and the amount and degree of risk to be assumed by the bank. The board also may consider, but must not be limited to, the following criteria in making its determination that an eligible project is a qualified project:
(1) the local support of the project, expressed by resolutions by the governing bodies in the areas in which the project will be located, and the financial or in kind contributions to the project;
(2) whether the project is consistent with the:
(a) adopted transportation plan of the appropriate metropolitan planning organization, if applicable; and
(b) transportation plan for the Department of Transportation.
(3) whether the existing highway system of the area served by the project is adversely affected by the project; and
(4) whether the governing bodies of the county or the incorporated municipality in which the project is to be located provides to the bank a resolution which makes a finding that the project is essential to economic development in the political subdivisions, or the bank receives a resolution or certificate from the Advisory Coordinating Council for Economic Development of the Department of Commerce that the project is essential to economic development in the State, or both, at the option of the board.
(C) No loan or other financial assistance shall be provided by the bank for the Southern Connector between Interstate 85 and Interstate 385 in Greenville County.
Section 11-42-190. (A) Qualified borrowers are authorized to obtain loans or other financial assistance from the bank through financing agreements. Qualified borrowers entering into financing agreements and issuing loan obligations to the bank may perform any acts, take any action, adopt any proceedings, and make and carry out any contracts or agreements with the bank as may be agreed to by the bank and any qualified borrower for the carrying out of the purposes contemplated by this chapter.
(B) In addition to the authorizations contained in this chapter, all other statutes or provisions permitting government units to borrow money and issue obligations including, but not limited to, the Revenue Bond Act for Utilities and the Revenue Bond Refinancing Act of 1937, may be utilized by any government unit in obtaining a loan or other financial assistance from the bank to the extent determined necessary or useful by the government unit in connection with any financing agreement and the issuance, securing, or sale of loan obligations to the bank. Notwithstanding the foregoing, obligations secured by ad valorem taxes may be issued by a government unit and purchased by the bank without regard to any public bidding requirement.
(C) A qualified borrower may receive, apply, pledge, assign, and grant security interest in project revenues, and, in the case of a governmental unit, its project revenues, revenues derived from a special source or ad valorem taxes, to secure its obligations as provided in this chapter, and may fix, revise, charge, and collect fees, rates, rents, assessments, and other charges of general or special application for the operation or services of a qualified project, the system of which it is a part, and any other revenue producing facilities from which the qualified borrower derives project revenues, to meet its obligations under a financing agreement or to provide for the construction and improving of a qualified project.
(D) A qualified borrower must comply with the provisions of Section 12-27-1320 and Section 12-28-2930 in the expenditure of the proceeds of a loan or other financial assistance provided by the bank for a qualified project.
Section 11-42-200. The bank is performing an essential governmental function in the exercise of the powers conferred upon it and is not required to pay taxes or assessments upon property or upon its operations or the income from them, or taxes or assessments upon property or loan obligations acquired or used by the bank or upon the income from them.
Section 11-42-210. (A) If a government unit fails to collect and remit in full all amounts due to the bank on the date these amounts are due under the terms of any note or other obligation of the government unit, the bank shall notify the State Treasurer who, subject to the withholding of amounts under Article X, Section 14 of the Constitution, shall withhold all or a portion of the funds of the State and all funds administered by the State, its agencies, boards, and instrumentalities allotted or appropriated to the government unit and apply an amount necessary to the payment of the amount due.
(B) Nothing contained in this section mandates the withholding of funds allocated to a government unit or private entity which would violate contracts to which the State is a party, the requirements of federal law imposed on the State, or judgments of a court binding on the State.
Section 11-42-220. Neither the board nor any officer, employee, or committee of the bank acting on behalf of it, nor an officer or employee of the Department of Transportation, while acting within the scope of this authority, is subject to any liability resulting from carrying out any of the powers given in this chapter.
Section 11-42-230. Notice, proceeding, or publication, except those required in this chapter, are not necessary to the performance of any act authorized in this chapter.
Section 11-42-240. All money of the bank, except as authorized by law or provided in this chapter, must be deposited with and invested by the State Treasurer. Funds of the bank not needed for immediate use or disbursement may be invested by the State Treasurer in obligations or securities which are declared to be legal obligations by the provisions of Section 11-9-660. All federal funds must be invested as required by applicable federal law.
Section 11-42-250. Following the close of each state fiscal year, the bank shall submit an annual report of its activities for the preceding year to the Governor and to the General Assembly. The bank also shall submit an annual report to the appropriate federal agency in accordance with requirements of any federal program. An independent certified public accountant shall perform an audit of the books and accounts of the bank at least once in each state fiscal year.
Section 11-42-260. The Department of Transportation shall provide staff and assist the bank in the administration of the program and the performance of the bank under this chapter. The provision of staff and assistance by the Department of Transportation shall in no way limit the right of the board to select qualifying projects and provide loans and other financial assistance. In providing that assistance, the Department of Transportation may:
(1) assist in the formulation, establishment, and structuring of programs undertaken by the bank pursuant to this chapter;
(2) provide government units or private entities information as to the bank and the procedures for obtaining the assistance intended by this chapter;
(3) assist government units and private entities in making application to state and federal agencies including the bank as may be necessary or helpful in order to avail themselves of these programs;
(4) assist the bank in analyzing and evaluating government unit or private entity requests for assistance pursuant to this chapter;
(5) assist in the structuring and negotiation of financing agreements;
(6) administer the bank's accounts, loans, and other financial assistance, including monitoring compliance by government units or private entities with any rules, regulations, or other requirements of the bank with respect to the programs and compliance with covenants and agreements made by government units or private entities with respect to a financing agreement; and
(7) provide other assistance and perform other duties as may be requested or directed by the bank.
Section 11-42-270. This chapter, being for the welfare of this State and its inhabitants, must be liberally construed to effect the purposes specified in this chapter. However, nothing in this chapter must be construed as affecting any proceeding, notice, or approval required by law for the issuance by a government unit or private entity of the loan obligations, instruments, or security for loan obligations.
Section 11-42-280. If any provision of this chapter is held or determined to be unconstitutional, invalid, or otherwise unenforceable by a court of competent jurisdiction, it is the intention of the General Assembly that the provision is severable from the remaining provisions of the chapter and that the holding does not invalidate or render unenforceable another provision of the chapter.
Section 11-42-310. As used in this article, unless a different meaning clearly appears from the context:
(1) 'Bank' means the South Carolina Transportation Infrastructure Bank.
(2) 'Bonds' means any bonds, notes, debentures, interim certificates, grant or revenue anticipation notes, or any other evidence of indebtedness of the bank incurred pursuant to this article.
Section 11-42-315. Whenever it shall become necessary that monies be raised for qualified projects, including monies to be used to refund any bonds then outstanding, the bank may issue bonds as provided in this article. The review and approval of the Joint Bond Review Committee must be obtained prior to the issuance of the bonds.
Section 11-42-320. The bank may pledge any of its revenue or funds to the payment of its bonds, subject only to any prior agreements with the holders of particular bonds which may have pledged specific money or revenue. Bonds may be secured by a pledge of any loan obligation owned by the bank, any grant, contribution, or guaranty from the United States, the State, or any corporation, association, institution, or person, any other property or assets of the bank, or a pledge of any money, income, or revenue of the bank from any source.
Section 11-42-330. Bonds issued by the bank do not constitute a debt or a pledge of the full faith and credit of this State, or any of its political subdivisions other than the bank, but are payable solely from the revenue, money, or property of the bank as provided in this chapter. The bonds issued do not constitute an indebtedness of the State within the meaning of any constitutional or statutory limitation. No member of the bank or any person executing bonds of the bank is liable personally on the bonds by reason of their issuance or execution. Each bond issued under this article must contain on its face a statement to the effect that:
(1) neither the State, nor any of its political subdivisions, nor the bank is obligated to pay the principal of or interest on the bond or other costs incident to the bond except from the revenue, money, or property of the bank pledged;
(2) neither the full faith and credit nor the taxing power of the State, or any of its political subdivisions, is pledged to the payment of the principal of or interest on the bond;
(3) the bank does not have taxing power.
Section 11-42-340. The bonds of the bank must be authorized by a resolution of the bank. The bonds must bear the date and mature at the time which the resolution provides, except that no bond may mature more than forty years from its date of issue. The bonds may be in the denominations, be executed in the manner, be payable in the medium of payment, be payable at the place and at the time, and be subject to redemption or repurchase and contain other provisions determined by the bank prior to their issuance. The bonds may bear interest payable at a time and at a rate as determined by the bank, including the determination by agents designated by the bank under guidelines established by it. Bonds may be sold by the bank at public or private sale at the price it determines and approves. The State Treasurer shall issue the bonds of the bank not later than sixty days upon the resolution of the bank authorizing the issuance of the bonds.
Section 11-42-350. (A) Bonds may be secured by a trust indenture between the bank and a corporate trustee, which may be the State Treasurer or any bank having trust powers or any trust company, designated by the State Treasurer doing business in South Carolina. A trust indenture may contain provisions for protecting and enforcing the rights and remedies of the bondholders which are reasonable and proper, including covenants setting forth the duties of the bank in relation to the exercise of its powers and the custody, safekeeping, and application of its money. The bank may provide by the trust indenture for the payment of the proceeds of the bonds and all or any part of the revenues of the bank to the trustee under the trust indenture or to some other depository, and for the method of its disbursement with safeguards and restrictions prescribed by it. All expenses incurred in performing the obligations of the bank under the trust indenture may be treated as part of its operating expenses.
(B) Any resolution or trust indenture pursuant to which bonds are issued may contain provisions which are part of the contract with the holders of the bonds as to:
(1) pledging all or any part of the revenue of the bank to secure the payment of the bonds;
(2) pledging all or any part of the assets of the bank including loan obligations owned by it to secure the payment of the bonds;
(3) the use and disposition of the gross income from, and payment of the principal of, and interest on loan obligations owned by the bank;
(4) the establishment of reserves, sinking funds, and other funds and accounts, and their regulation and disposition;
(5) limitations on the purposes to which the proceeds from the sale of the bonds may be applied, and limitations on pledging the proceeds to secure the payment of the bonds;
(6) limitations on the issuance of additional bonds, the terms upon which additional bonds may be issued and secured, and the refunding of outstanding or other bonds;
(7) the procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of bonds, if any, the holders of which must consent to, and the manner in which any consent may be given;
(8) limitations on the amount of money to be expended by the bank for its operating expenses;
(9) vesting in a trustee property, rights, powers, and duties as the bank may determine, limiting or abrogating the right of bondholders to appoint a trustee, and limiting the rights, powers, and duties of the trustee;
(10) defining the acts or omissions which constitute a default, the obligations or duties of the bank to the holders of the bonds, and the rights and remedies of the holders of the bonds in the event of default, including as a matter of right the appointment of a receiver, and all other rights generally available to creditors;
(11) requiring the bank or the trustee under the trust indenture to take any and all other action to obtain payment of all sums required to eliminate any default as to any principal of and interest on loan obligations owned by the bank or held by a trustee, which may be authorized by the laws of this State; and
(12) any other matter relating to the terms of the bonds or the security or protection of the holders of the bonds which may be considered appropriate.
Section 11-42-360. Any pledge made by the bank is valid and binding from the time the pledge is made. The revenue, money, or property pledged and thereafter received by the bank is immediately subject to the lien of the pledge without any physical delivery or further act. The lien of any pledge is valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the bank, irrespective of whether the parties have notice of the pledge. No recording or filing of the resolution authorizing the issuance of bonds, the trust indenture securing the bonds, or any other instrument including filings under the Uniform Commercial Code is necessary to create or perfect any pledge or security interest granted by the bank to secure any bonds, but the record of the proceedings relative to the issuance of any bonds must be filed as prescribed by Section 11-15-20.
Section 11-42-370. The bank, subject to agreements with bondholders as may then exist, may purchase outstanding bonds of the bank with any available funds, at any reasonable price. If the bonds are then redeemable, the price must not exceed the redemption price then applicable plus accrued interest to the next interest payment date.
Section 11-42-380. Bonds of the bank must be in a form and must be executed in a manner prescribed by the bank.
Section 11-42-390. If any of the members or officers of the bank cease to be members before the delivery of any bonds signed by them, their signatures or authorized facsimile signatures are nevertheless valid and sufficient for all purposes as if they had remained in office until the delivery of the bonds.
Section 11-42-400. Subsequent amendments to this article may not limit the rights vested in the bank with respect to any agreements made with, or remedies available to, the holders of bonds issued under this article before the enactment of the amendments until the bonds, with all premiums and interest on them, and all costs and expenses in connection with any proceeding by or on behalf of the holders, are fully met and discharged.
Section 11-42-410. Any bonds issued by the bank, the transfer of bonds, and the income from them, are free from taxation and assessment of every kind by the State and by the local governments and other political subdivisions of the State.
Section 11-42-420. The bonds issued by the bank are legal investments in which all public officers or public bodies of the State, its political subdivisions, all municipalities and political subdivisions, all insurance companies and associations and other persons carrying on insurance business, all banks, bankers, banking associations, trust companies, savings banks, savings associations, including savings and loan association investment companies, and other persons carrying on a banking business, all administrators, guardians, executors, trustees, and other fiduciaries, and all other persons who are now or may be authorized in the future to invest in bonds or other obligations of the State, may invest funds in their control or belonging to them. The bonds of the bank are also securities which may be deposited with and received by all public officers and bodies of the State or any agency or political subdivision of the State and all municipalities and public corporations for any purpose for which the deposit of bonds or other obligations of the State is now or may later be required by law.
Section 11-42-510. As used in this article:
(1) 'Board' means the Board of Directors of the South Carolina Transportation Infrastructure Bank.
(2) 'State board' means the State Budget and Control Board.
(3) 'Transportation infrastructure bonds' means all general obligation bonds of this State designated as transportation infrastructure bonds, which are now outstanding and which may hereafter be issued pursuant to the authorizations of this article.
Section 11-42-520. Whenever it shall become necessary that monies be raised for qualified projects, including monies to be used to refund any transportation infrastructure bonds then outstanding, the board may make a request to the state board for the issuance of transportation infrastructure bonds pursuant to this article. This request may be in the form of a resolution adopted at any regular or special meeting of the board. The request shall set forth on the face thereof or by schedules attached thereto:
(1) the amount then required for qualified projects;
(2) a tentative time schedule setting forth the period of time during which the sum requested will be expended; and
(3) a debt service table showing the annual principal and interest requirements for all the transportation infrastructure bonds then outstanding.
Section 11-42-530. Following the receipt of any request pursuant to Section 11-42-510, the state board shall review the same and it shall approve such request, by resolution duly adopted, to effect the issuance of transportation infrastructure bonds, or pending the issuance thereof, effect the issuance of bond anticipation notes pursuant to Chapter 17 of Title 11.
Section 11-42-540. The issuance of transportation infrastructure bonds is subject to the limitations contained in Article X, Section 13(6)(c) of the Constitution of this State. Within such limitations, transportation infrastructure bonds may be issued for qualified projects or to refund transportation infrastructure bonds from time to time under the conditions prescribed by this article. The review and approval of the Joint Bond Review Committee must be obtained prior to the issuance of any transportation infrastructure bonds. No transportation infrastructure bonds may be issued unless the board has a source of revenues to reimburse the general fund for the principal and interest on the bonds.
Section 11-42-550. For the payment of the principal of and interest on all transportation infrastructure bonds, whether or not outstanding or hereafter issued, as they come due, there is pledged the full faith, credit, and taxing power of this State. In addition to the full faith, credit, and taxing power, there also may be pledged such revenue as may be available to the board and the State Treasurer is authorized to use such revenue when pledged, without further action of the board, for the payment of the principal and interest on transportation infrastructure bonds as the same respectively mature.
Section 11-42-560. The board is authorized to request the state board to issue transportation infrastructure bonds. In order to effect the issuance of bonds pursuant to this article, the state board may adopt a resolution providing for the issuance of transportation infrastructure bonds, upon written request by the board, and may transmit a certified copy thereof to the Governor and to the State Treasurer, with the request that they issue and deliver transportation infrastructure bonds in accordance with the terms and conditions of such resolution. This resolution must set forth:
(1) the amount, denomination, and numbering of transportation infrastructure bonds to be issued;
(2) the date as of which the same shall be issued;
(3) the maturity schedule for the retirement of the transportation infrastructure bonds;
(4) the redemption provisions, if any, applicable to the bonds;
(5) the maximum rate or rates of interest the bonds shall bear;
(6) the purposes for which the bonds are to be issued;
(7) the occasion on which bids shall be received for the sale of the bonds;
(8) the form of advertisement of sale;
(9) the form of the bonds of the particular issue; and
(10) such other matters as may be considered necessary in order to effect the sale, issuance, and delivery thereof.
Section 11-42-570. Following receipt of a certified copy of the resolution of the state board the Governor and State Treasurer shall issue transportation infrastructure bonds in accordance with the provisions of the resolution of the state board.
Section 11-42-580. Transportation infrastructure bonds shall be issued in such form, in such denominations, and with such provisions as to time, place, or places and medium of payment as may be determined by the state board, subject to the provisions of this article.
Section 11-42-590. Transportation infrastructure bonds must be issued as fully registered bonds with both principal and interest thereof made payable only to the registered holder. Such fully registered bonds are subject to transfer under such conditions as the state board prescribes.
Section 11-42-600. Transportation infrastructure bonds shall bear interest, payable on such occasions as shall be prescribed not more than thirty years after such date. Such installments or series may be equal or unequal in amount. Transportation infrastructure bonds, in the discretion of the state board, may be made subject to redemption at par and accrued interest, plus such redemption premium as it shall approve and on such occasions as it may prescribe. Transportation infrastructure bonds are not redeemable before maturity unless they contain a statement to that effect.
Section 11-42-610. All transportation infrastructure bonds issued under this article, and the interest thereon, are exempt from all state, county, municipal, school district, and other taxes or assessments, direct or indirect, general or special, imposed by this State, whether imposed for the purpose of general revenue or otherwise, except inheritance, estate, or transfer taxes.
Section 11-42-620. Transportation infrastructure bonds must be sold by the Governor and the State Treasurer upon sealed proposals, after publication of notice of such sale one or more times at least seven days before such sale, in a newspaper of general circulation in the State and also in a financial paper published in New York City which regularly publishes notices of sale of state or municipal bonds. The bonds must be awarded to the bidder offering to purchase the transportation infrastructure bonds at the lowest net interest cost to the State at a price of not less than ninety-nine percent of par and accrued interest to the date of delivery, but the right is reserved to reject all bids and to readvertise the bonds for sale and to waive technicalities in the bidding.
Section 11-42-630. The proceeds derived from the sale of transportation infrastructure bonds must be applied only to the purposes set forth in the resolution of the state board pursuant to which the bonds are issued."
SECTION 3. Section 57-3-615 of the 1976 Code, as last amended by Act 52 of 1995, is further amended to read:
"Section 57-3-615. If a toll is administered on a project by the Department of Transportation, the toll must be used to pay for the construction, maintenance costs, and other expenses for only that project. A toll project that is in excess of one hundred fifty million dollars may only be initiated as provided in Chapter 37 of Title 4.
No toll may be imposed on passage of any vehicle on federal interstate highways in this State which were in existence as of January 1, 1997, unless the imposition is otherwise affirmatively approved by the General Assembly in separate legislation enacted solely for that purpose."
SECTION 4. Section 56-3-910 of the 1976 Code, as last amended by Act 181 of 1993, is further amended to read:
"Section 56-3-910. All fees and penalties collected by the department under the provisions of this chapter shall be placed in the state general fund except for fees and penalties collected pursuant to Sections 56-3-660 and 56-3-670 which must be placed in the state highway account of the South Carolina Transportation Infrastructure Bank."
SECTION 5. Article 1, Chapter 3, Title 57 of the 1976 Code is amended by adding:
"Section 57-3-205. No noncompetition agreement entered into between the department and any private entity with respect to a toll road project is valid unless the agreement is first approved by the General Assembly by joint resolution."
SECTION 6. This act takes effect upon approval by the Governor except that the provisions of Section 4 are effective July 1, 1998. /
Amend the bill further, as and if amended, by striking the title in its entirety and inserting in lieu thereof the following:
/TO AMEND TITLE 11, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PUBLIC FINANCE BY ADDING CHAPTER 42 SO AS TO ESTABLISH THE SOUTH CAROLINA TRANSPORTATION INFRASTRUCTURE BANK ACT AND TO PROVIDE FOR ITS POWERS AND DUTIES; TO AUTHORIZE THE BANK TO PROVIDE LOANS AND OTHER FINANCIAL ASSISTANCE TO GOVERNMENT UNITS AND PRIVATE ENTITIES TO FINANCE PUBLIC HIGHWAY AND TRANSIT PROJECTS; TO AUTHORIZE THE DEPARTMENT OF TRANSPORTATION TO FUND THE BANK WITH UP TO FIVE PERCENT OF FUNDS APPROPRIATED FOR THE CONSTRUCTION AND MAINTENANCE OF STATE HIGHWAYS; TO ALLOW FEDERAL GRANTS, LOAN REPAYMENTS, AND OTHER AVAILABLE AMOUNTS TO BE CREDITED TO THE BANK; TO AUTHORIZE LENDING TO AND BORROWING BY GOVERNMENT UNITS AND PRIVATE ENTITLES THROUGH THE BANK; TO AUTHORIZE THE ISSUANCE OF TRANSPORTATION INFRASTRUCTURE BANK REVENUE BONDS; TO AUTHORIZE THE ISSUANCE OF TRANSPORTATION INFRASTRUCTURE BANK GENERAL OBLIGATION BONDS; TO AMEND SECTION 57-3-615, AS AMENDED, RELATING TO TOLL PROJECTS SO AS TO DELETE THE REQUIREMENT THAT CERTAIN TOLL PROJECTS BE INITIATED AS PROVIDED IN CHAPTER 37 OF TITLE 4 AND TO AUTHORIZE THE DEPARTMENT OF TRANSPORTATION TO TOLL INTERSTATE HIGHWAYS AND TO USE THE TOLL FOR PROJECTS OTHER THAN THE TOLLED INTERSTATE HIGHWAY; AND TO AMEND SECTION 56-3-910, AS AMENDED, RELATING TO DISPOSITION OF CERTAIN FEES AND PENALTIES SO AS TO PROVIDE FOR THE PLACEMENT OF THE FEES AND PENALTIES IN THE SOUTH CAROLINA TRANSPORTATION INFRASTRUCTURE BANK./
Amend title to conform.
There being no further amendments, the Bill was read the third time, passed and ordered returned to the House of Representatives with amendments.
Senators THOMAS, BRYAN, HAYES, FAIR and RYBERG desired to be recorded as voting against the third reading of the Bill.
I voted against the Infrastructure Bill because of the elevation of the local match as a requirement for funding.
On motion of Senators RANKIN, ALEXANDER, ANDERSON, BRYAN, CORK, COURSON, COURTNEY, DRUMMOND, ELLIOTT, FAIR, FORD, GIESE, GLOVER, GREGORY, HAYES, HOLLAND, HUTTO, JACKSON, LAND, LANDER, LEATHERMAN, LEVENTIS, MARTIN, MATTHEWS, McCONNELL, McGILL, MESCHER, MOORE, O'DELL, PASSAILAIGUE, PATTERSON, PEELER, RAVENEL, REESE, ROSE, RUSSELL, RYBERG, SALEEBY, SETZLER, SHORT, J. VERNE SMITH, THOMAS, WALDREP, WASHINGTON, WILLIAMS and WILSON, with unanimous consent, the Senate stood adjourned out of respect to the memory of the Honorable Ralph Ellis of Little River, S.C., former Senator, esteemed colleague and friend and one of Horry County's finest citizens.
At 5:42 P.M., on motion of Senator DRUMMOND, the Senate adjourned to meet tomorrow at 11:00 A.M.
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