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HOUSE AMENDMENTS AMENDED
May 13, 1999
S. 379
Introduced by Senators Bryan, Setzler, Giese, Drummond, Martin, McGill, J. Verne Smith, Ravenel, Anderson, O'Dell, Passailaigue, Moore, Branton, Courtney, Wilson, Hutto, Fair, Hayes, Washington, Alexander, Leventis, Saleeby, Land, Reese, Short, Patterson, Holland, McConnell, Russell, Rankin, Mescher, Thomas, Grooms, Ryberg, Ford, Gregory, Waldrep, Jackson, Matthews, Courson, Glover, Cork, Elliott, Peeler and Leatherman
S. Printed 5/13/99--S.
Read the first time January 20, 1999.
TO AMEND TITLE 59, CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING CHAPTER 146 SO AS TO ENACT THE "STATE SCHOOL FACILITIES BOND ACT" WHICH AUTHORIZES THE ISSUANCE OF SCHOOL FACILITIES BONDS AS GENERAL OBLIGATION BONDS OF THE STATE OF SOUTH CAROLINA AND TO PRESCRIBE THE TERMS, CONDITIONS, USES, AND DISTRIBUTION OF THE BONDS AND THEIR PROCEEDS; TO AMEND ACT 1377 OF 1968, AS AMENDED, RELATING TO THE ISSUANCE OF STATE CAPITAL IMPROVEMENT BONDS, SO AS TO AUTHORIZE ADDITIONAL PROJECTS AND CONFORM THE AGGREGATE PRINCIPAL INDEBTEDNESS AMOUNT TO THE ADDITIONAL AMOUNTS AUTHORIZED BY THIS ACT; AND TO AMEND SECTION 2-7-105, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE AUTHORIZATION OF STATE CAPITAL IMPROVEMENT BONDS, SO AS TO INCREASE THE AMOUNT OF BONDS WHICH MAY BE ISSUED.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Title 59 of the 1976 Code is amended by adding:
Section 59-146-10. This chapter may be cited as the 'State School Facilities Bond Act'.
Section 59-146-20. It is declared that, for the benefit of the people of the State, the increase of their commerce, welfare and prosperity, and the improvement of their health and living conditions, it is essential that this and future generations of youth be given the full opportunity to learn and to develop their intellectual and mental capacities; that it is essential that school districts of this State be provided with adequate educational facilities and appropriate additional means to assist the youth in achieving the required levels of learning and development of their intellectual and mental capacities; and that it is the purpose of this chapter to provide a measure of assistance to enable school districts in this State to provide the facilities and structures which are needed to accomplish the purposes of this chapter, all to the public benefit and good, to the extent and manner provided in this chapter.
Section 59-146-30. As used in this chapter:
(1) 'Department' means the State Department of Education.
(2) 'School district' means a public body corporate and politic operating as a school district under the provisions of Chapter 17, Title 59.
(3) 'School facilities' means only those facilities defined as 'school facilities' in Section 59-144-30.
(4) 'State Board' means the State Board of Education.
(5) 'State school facilities bonds' means general obligation bonds of the State of South Carolina issued under the authority of this chapter.
Section 59-146-40. In order to obtain funds for allocation to school districts for school facilities, there shall be issued from time to time state school facilities bonds under the conditions prescribed by this chapter.
Section 59-146-50. The maximum principal amount of state school facilities bonds that may be issued pursuant to this chapter shall not exceed seven hundred fifty million dollars except that this limitation shall not apply to any state school facilities bonds issued for the purpose of refunding prior issues of state school facilities bonds. The General Assembly directs the Department of Education to allocate seven hundred fifty million dollars pursuant to Section 59-144-100 and to inform each school district of their individual allocation. Further, it is the intent of the General Assembly that not more than two hundred fifty million dollars of state school facilities bonds shall be issued in fiscal year 1999-2000, except that no bonds issued in fiscal year 1999-2000 may be released until after January 1, 2000. The authority to issue bonds under this chapter shall expire four years from the effective date of this chapter. The four-year limitation, however, does not apply to bonds issued to retire bond anticipation notes.
Section 59-146-60. The State Board of Education, by resolution, shall notify the State Budget and Control Board of the following:
(1) the amount then required for allocation to local school districts for school facilities for the next fiscal year;
(2) a tentative time schedule setting forth the period of time during which the sum requested will be expended;
(3) a debt service table showing the annual principal and interest requirements for all state school facilities bonds then outstanding; and
(4) the total amount of all state school facilities bonds issued.
This notification shall be presented to the Budget and Control Board by March first of each year.
Section 59-146-70. Following the receipt of the notification presented pursuant to Section 59-146-60, the State Budget and Control Board shall, by resolution duly adopted, effect the issuance of state school facilities bonds, or pending the issuance thereof, effect the issuance of bond anticipation notes pursuant to Chapter 17 of Title 11.
Section 59-146-80. In order to effect the issuance of state school facilities bonds, the State Budget and Control Board shall adopt a resolution providing for the issuance of state school facilities bonds pursuant to the provisions of this chapter. The authorizing resolution must include:
(1) schedules setting forth the aggregate of all general obligation debt of the State (excluding highway bonds, state institution bonds, tax anticipation notes, and bond anticipation notes) together with certificates of the State Treasurer and State Auditor evidencing compliance with the provisions of paragraph 6(c) of Section 13 of Article X of the South Carolina Constitution;
(2) a schedule showing the aggregate of state school facilities bonds issued, the purposes for which they were issued, the annual payments required to retire the state school facilities bonds, the interest thereon, and the amount of any special funds applicable to the retirement of the outstanding state school facilities bonds;
(3) the amount of state school facilities bonds to be issued; and
(4) a schedule showing future annual principal requirements and estimated annual interest requirements on the state school facilities bonds to be issued.
Section 59-146-90. The state school facilities bonds must bear the date and mature at the time that the resolution provides, except that no state school facilities bonds may mature more than thirty years from its date of issue. The state school facilities bonds may be in the denominations, 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 State Budget and Control Board before their issuance. The bonds may bear interest payable at the times and at the rates as determined by the State Budget and Control Board.
Section 59-146-100. All state school facilities bonds issued under this chapter are exempt from taxation as provided in Section 12-2-50.
Section 59-146-110. All state school facilities bonds issued under this chapter must be signed by the Governor and the State Treasurer. The Governor and the State Treasurer may sign these obligations by a facsimile of their signatures. The Great Seal of the State must be affixed to, impressed, or reproduced upon each of them and each must be attested by the Secretary of State. The delivery of the state school facilities bonds executed and authenticated is valid notwithstanding changes in officers or seal occurring after the execution or authentication.
Section 59-146-120. For the payment of the principal and interest on all state school facilities bonds issued and outstanding pursuant to this chapter there is pledged the full faith, credit, and taxing power of the State of South Carolina, and in accordance with the provisions of paragraph (4) of Section 13 of Article X of the South Carolina Constitution, the General Assembly hereby allocates on an annual basis sufficient tax revenues to provide for the punctual payment of the principal and interest on the debt authorized by this chapter.
Section 59-146-130. State school facilities bonds must be sold by the Governor and the State Treasurer upon sealed proposals, after publication of notice of the sale one or more times at least seven days before the sale, in a financial paper published in New York City which regularly publishes notices of sale of state or municipal bonds. The state school facilities bonds may be awarded only to the lowest interest cost bidder, but the right is reserved to reject all bids and to readvertise the state school facilities bonds for sale. For the purpose of bringing about successful sales of the bonds, the State Budget and Control Board may do all things ordinarily and customarily done in connection with the sale of state or municipal bonds. All expenses incident to the sale of the bonds must be paid from the proceeds of the sale of the bonds.
Section 59-146-140. The proceeds of the sale of state school facilities bonds shall be received by the State Treasurer and applied by him to the purposes for which issued, except that the accrued interest, if any, shall be used to discharge in part the first interest to become due on such bonds, and the premium, if any, shall be used to discharge the payment of the first installment of principal to become due on such bonds, but the purchasers of such bonds shall in no way be liable for the proper application of the proceeds to the purposes for which they are intended.
Section 59-146-150. It is lawful for all executors, administrators, guardians, and other fiduciaries to invest any monies in their hands in bonds issued pursuant to this chapter.
Section 59-146-160. The proceeds received from the issuance of state school facilities bonds, after deducting the costs of issuance, must be allocated to the school districts in the same manner and for the same purposes as provided in Section 59-144-100 and the first paragraph of Section 59-144-30.
Section 59-146-170. The responsibilities and duties of the State Department of Education and State Board of Education shall be as outlined in Sections 59-144-120, 59-144-130, and 59-144-140.
Section 59-146-180. To qualify for the funds under this chapter, each school district shall meet the requirements of this chapter and any guidelines promulgated hereunder. Funds must be withheld from districts when inappropriate reporting of facilities' needs is found or when appropriate use of funds is documented."
SECTION 2. Item (f) of Section 3 of Act 1377 of 1968, as last amended by Section 1, Act 111 of 1997, is further amended by adding:
"A. COLLEGES AND UNIVERSITIES
(a) The Citadel
Padget-Thomas Hall Replacement 8,000,000
(b) Clemson University
Long Hall 4,000,000
Littlejohn Coliseum 9,000,000
(c) University of Charleston
Physical Education Center 12,000,000
Simons Center for the Arts 3,000,000
(d) Coastal Carolina University
Humanities and Fine Arts Building 5,601,500
(e) Francis Marion University
Energy Facility Upgrade 525,000
(f) Lander University-Renovation of
Campus Electronic Communications
Infrastructure 988,000
(g) South Carolina State University
Hodge Hall Science Building 10,000,000
Deferred Maintenance-Phase One 7,500,000
(h) University of South Carolina
Columbia (including Medical School)
School of Public Health 3,500,000
Arena 7,500,000
Wellness and Fitness Center 3,000,000
School of Law - New Building 5,000,000
(i) USC - Aiken Campus
Student Activities Center 3,200,000
(j) USC - Beaufort Campus
New River Facility 2,500,000
(k) USC - Spartanburg
Information Resources Center 1,000,000
(l) USC - Sumter Campus
Alice Drive Baptist Church-Acquisition 1,500,000
(m) Winthrop University
Peabody Gymnasium 4,400,000
(n) Medical University of South Carolina
Hollings Cancer Center-Expansion 10,000,000
B. STATE TECHNICAL AND COMPREHENSIVE EDUCATION
(a) Technical System
Education and Training Equipment 13,000,000
(b) Aiken Technical College
Health and Sciences Building 5,325,000
(c) Central Carolina Technical College
EF Dubose Career Center 9,611,309
(d) Denmark Technical College
Library 2,000,000
(e) Horry-Georgetown Technical College
Library/Student Center 7,136,224
(f) Greenville Technical College
Education Center 7,500,000
(g) Midlands Technical College
Information Tech Center NE Campus 5,280,000
(h) Orangeburg-Calhoun Technical College
Library, Cafeteria, and
Student Service Area 4,256,000
(i) Spartanburg Technical College
Student Services Building 1,000,000
(j) Piedmont Technical College
Laurens County Higher
Education Center 4,000,000
Edgefield County Center Renovation 900,000
(k) York Technical College
Building C Expansion 2,100,000
(l) Williamsburg County Technical College
Roof Replacement-Buildings A & B 600,000
Computer Equipment and Software 599,723
C. OTHER EDUCATIONAL AGENCIES
(a) ETV
Conversion to Digital Transmission 10,000,000
(b) Governor's School for Science and Math
Renovation of Facility 6,000,000
(c) School for the Deaf and Blind
Walker Hall Renovation 11,920,000
(d) Wil Lou Gray
Roof System 1,000,000
Flooring 1,000,000
D. PUBLIC EDUCATION
(a) Department of Education
School Buses and Maintenance
Vehicles 15,000,000
Twelve new school buses to go to the South Carolina School for the Deaf and blind; two new school buses to go to the Wil Lou Gray Opportunity School; and two new thirty-passenger vans to go to the John de la Howe School must be provided from the funds authorized.
E. OTHER AGENCIES
(a) Department of Agriculture
Columbia Farmer's Market 10,000,000
(b) Budget and Control Board
Deferred Maintenance 4,281,193
(c) Clemson PSA
Agriculture and Life Science Complex 10,000,000
Edisto Center 4,000,000
(d) Department of Commerce
Lake Marion Water Agency 8,000,000
Spartanburg Renaissance Center 2,000,000
(e) Department of Mental Health
Greenville Mental Health Center 5,985,000
Kershaw/Santee/Wateree Center 2,300,000
Greenwood Beckman Health Center 4,700,000
(f) Department of Natural Resources
Florence HQ Building 500,000
Greenwood HQ Building 500,000
(g) Department of Parks, Recreation and Tourism
State Parks 10,000,000
(h) State Library
Cherokee County Library 500,000
Local Library Initiatives 2,057,000
Funds appropriated to the State Library for local library initiatives must be allocated as follows:
Dillon $1,000,000
Lake City 750,000
Gaston 7,000
Darlington 100,000
Hartsville 100,000
Bamberg 100,000
(i) State Ports Authority
Harbor Dredging 24,000,000"
SECTION 3. Section 4 of Act 1377 of 1968, as last amended by Section 2, Act 111 of 1997, is further amended to read:
"Section 4. The aggregate principal indebtedness on account of bonds issued pursuant to this act may not exceed $2,445,465,475.10. The limitation imposed by the provisions of this section does not apply to bonds issued on behalf of the Mental Health Commission as provided in Acts 1276 and 1272 of 1970 or to bonds issued on behalf of the Commission on Mental Retardation as provided in Act 1087 of 1970 or to bonds issued on behalf of the South Carolina Fire Academy. The limitation imposed by the provisions of this section is not considered to be an obligation of the contract made between the State and holders of bonds issued pursuant to this act, and the limitation imposed by the provisions of this section may be enlarged by acts amending it or reduced by the application of the Capital Reserve Fund or by amendments of this act. Within these limitations state capital improvement bonds may be issued under the conditions prescribed by this act."
SECTION 4. Upon approval by the Governor, this act takes effect July 1, 1999.
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