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COMMITTEE AMENDMENT ADOPTED
April 20, 1999
H. 3445
Introduced by Reps. Keegan, Carnell, H. Brown, Harrell, Quinn and Knotts
S. Printed 4/20/99--S.
Read the first time February 17, 1999.
TO AMEND SECTION 59-107-90, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE ONE HUNDRED TWENTY MILLION DOLLAR OVER ALL DEBT LIMIT ON STATE INSTITUTION BONDS, SO AS TO REPEAL THE LIMIT AND PROVIDE THAT THE MAXIMUM AMOUNT OF ANNUAL DEBT SERVICE ON ALL OUTSTANDING STATE INSTITUTION BONDS FOR EACH STATE INSTITUTION SHALL NOT EXCEED NINETY PERCENT OF THE SUMS RECEIVED BY SUCH STATE INSTITUTION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 59-107-90 of the 1976 Code is amended to read:
"Section 59-107-90. Notwithstanding any other provision of this chapter, there must not be outstanding at any given time state institution bonds for all institutions in excess of one hundred twenty million dollars except that in computing this debt limitation, all bonds defeased pursuant to Section 59-107-200 must be deducted from the aggregate of state institution bonds outstanding at the time The maximum amount of annual debt service on all outstanding state institution bonds for each state institution shall not exceed ninety percent of the sums received by such state institution from tuition fees for the preceding fiscal year, as provided in Section 13(6)(b) of Article X of the South Carolina Constitution."
SECTION 2. This act takes effect upon approval by the Governor.
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