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COMMITTEE REPORT
February 14, 2001
S. 218
S. Printed 2/14/01--S. [SEC 2/15/01 2:54 PM]
Read the first time January 25, 2001.
To whom was referred a Bill (S. 218) to amend Section 11-27-30, as amended, Code of Laws of South Carolina, 1976, relating to the issue of state general obligation bonds, so as to provide for the methods of advertising the sale of the bonds, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
HUGH K. LEATHERMAN, SR., for Committee.
TO AMEND SECTION 11-27-30, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE ISSUE OF STATE GENERAL OBLIGATION BONDS, SO AS TO PROVIDE FOR THE METHODS OF ADVERTISING THE SALE OF THE BONDS, TO ALLOW THE STATE BUDGET AND CONTROL BOARD TO RECEIVE BIDS FOR THE BONDS IN A FORM THE BOARD DETERMINES, AND TO ALLOW THE PRIVATE SALE OF BONDS IF NO BIDS ARE RECEIVED OR IF ALL BIDS ARE REJECTED.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 11-27-30 of the 1976 Code, as last amended by Act 65 of 1991, is further amended by adding at the end:
"9. Notwithstanding any other provision of law, state general obligation bonds may be issued in accordance with the following:
(a) The bonds must be sold at public sale, after advertisement of the sale in a newspaper having general circulation in this State or in a financial publication published in the City of New York, as determined by the state board. The advertisement must appear no fewer than seven days before the occasion set for the sale, and may set as a date for the sale a fixed date no fewer than seven days following publication, or in the alternative, may advise that the sale date will be at least seven days following the date of publication. If a fixed date of sale is not set forth in the advertisement as published in accordance with this item, the date selected for the receipt of bids also must be disseminated via an electronic information service at least forty-eight hours before the time set for the receipt of bids. If a fixed date of sale is set forth in the advertisement, it may be modified by notice disseminated via an electronic information service at least forty-eight hours before the time set for the receipt of bids on the modified date of sale. No bonds may be sold pursuant to this item on a date which is more than sixty days after the date of the most recent publication of advertisement relating to the sale. Bids for the purchase of bonds may be received in the form determined by the state board.
(b) The bonds may be disposed of at private sale if there are no bids received or if all bids are rejected."
SECTION 2. This act takes effect upon approval by the Governor.
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