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Current Status Bill Number:View additional legislative information at the LPITS web site.3818 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:20010327 Primary Sponsor:Campsen All Sponsors:Campsen, Wilkins, Kelley, G.M. Smith, J. Young, Easterday, Bingham, Cato, Delleney, Fleming, Hamilton, Kirsh, Littlejohn, Loftis, Perry, Rice, Robinson, Scarborough, Simrill, D.C. Smith, J.R. Smith, Stille, Talley, Tripp, White, Sheheen, Altman, Barrett, Gilham, Rodgers Drafted Document Number:l:\council\bills\bbm\10124htc01.doc Companion Bill Number:590 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:General Obligation Bond Fiscal Responsibility Act, Appropriations Act, Political Subdivisions, General Assembly, Debt History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 20010425 Introduced, read first time, 06 SF referred to Committee House 20010425 Read third time, sent to Senate House 20010424 Read second time House 20010419 Committee report: Favorable 30 HWM ------ 20010418 Companion Bill No. 590 House 20010328 Co-Sponsor added (Rule 5.2) by Rep. Sheheen Altman Barrett Gilham Rodgers House 20010327 Introduced, read first time, 30 HWM referred to Committee Versions of This Bill Revised on April 19, 2001 - Word format
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COMMITTEE REPORT
April 19, 2001
H. 3818
Introduced by Reps. Campsen, Wilkins, Kelley, G.M. Smith, J. Young, Easterday, Bingham, Cato, Delleney, Fleming, Hamilton, Kirsh, Littlejohn, Loftis, Perry, Rice, Robinson, Scarborough, Simrill, D.C. Smith, J.R. Smith, Stille, Talley, Tripp, White, Sheheen, Altman, Barrett, Gilham and Rodgers
S. Printed 4/19/01--H.
Read the first time March 27, 2001.
To whom was referred a Bill (H. 3818) to enact the "South Carolina General Obligation Bond Fiscal Responsibility Act" by amending Section 2-7-105, as amended, Code of Laws of South Carolina, 1976, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
ROBERT W. HARRELL, JR. for Committee.
EXPLANATION OF IMPACT:
A review of this bill indicates there will be no impact on the General Fund of the State nor on federal and/or other funds.
Approved By:
Don Addy
Office of State Budget
TO ENACT THE "SOUTH CAROLINA GENERAL OBLIGATION BOND FISCAL RESPONSIBILITY ACT" BY AMENDING SECTION 2-7-105, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE LIMITATION ON AUTHORIZATION OF STATE CAPITAL IMPROVEMENT BONDS, SO AS TO ALLOW THE AUTHORIZATION OF SUCH BONDS ONLY IN A BILL OR JOINT RESOLUTION ENACTED IN AN ODD-NUMBERED YEAR, TO EXTEND ALL LIMITATIONS OF THIS SECTION TO GENERAL OBLIGATION BONDS OF THE STATE, HOWEVER DESCRIBED, SUBJECT TO THE CONSTITUTIONAL LIMIT ON DEBT SERVICE MEASURED AS A PERCENTAGE OF GENERAL FUND REVENUES, TO REQUIRE THE ENACTMENT OF A SEPARATE JOINT RESOLUTION PRECEDING THE AUTHORIZATION OF BONDS THAT SPECIFICALLY ALLOWS THE CONSIDERATION OF A BOND BILL, TO PROVIDE THAT A BILL OR JOINT RESOLUTION ALLOWING SUCH BONDS MAY NOT BE GIVEN THIRD READING IN THE HOUSE OF REPRESENTATIVES OR SENATE OR REPORTED FROM A COMMITTEE OF CONFERENCE OR FREE CONFERENCE UNLESS IT IS ACCOMPANIED BY THE CERTIFICATE OF THE STATE TREASURER THAT DEBT SERVICE ON ALL GENERAL OBLIGATION BONDS OUTSTANDING WHEN ADDED TO ESTIMATED DEBT SERVICE ON AUTHORIZED BUT UNISSUED BONDS AND THE BONDS AUTHORIZED IN THE BILL OR JOINT RESOLUTION DOES NOT EXCEED THE THEN CURRENT CONSTITUTIONAL DEBT SERVICE LIMIT, AND TO DEFINE GENERAL OBLIGATION BOND.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. This act may be cited as the "South Carolina General Obligation Bond Fiscal Responsibility Act".
SECTION 2. Section 2-7-105 of the 1976 Code, as last amended by Act 111 of 1997, is further amended to read:
"Section 2-7-105. (A) State capital improvement general obligation bonds may be authorized by the General Assembly in a bill or joint resolution enacted only in odd-numbered years and only following the enactment in that year of a joint resolution, the subject matter of which is limited to the purpose of specifically allowing a bond authorization for the year. The joint resolution must be in effect before a bill or joint resolution authorizing bonds may be given first reading in the House of Representatives or Senate. A project may be authorized in the act or joint resolution only for a state agency or institution included in the annual general appropriations act.
(B) A bill or joint resolution authorizing state general obligation bonds may not be given third reading in the House of Representatives or Senate or reported from a committee of conference or free conference unless it is accompanied by the certificate of the State Treasurer stating that debt service on all outstanding general obligation bonds, when added to the treasurer's estimate of debt service on all such previously authorized but unissued bonds, and the bonds authorized in the bill or joint resolution, regardless of the authorization date, does not exceed the then current limit on debt service imposed by Section 13(6)(c), Article X of the Constitution of this State.
(C) For purposes of this section, state general obligation bonds are those bonds, however described, subject to the limitation on debt service imposed pursuant to Section 13(6)(c), Article X of the Constitution of this State."
SECTION 3. This act takes effect July 1, 2002, and applies for state general obligation bonds authorized in legislation first enacted on or after that date.
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