South Carolina General Assembly
114th Session, 2001-2002

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Bill 3765

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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)


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COMMITTEE REPORT

April 3, 2002

    H. 3765

Introduced by Rep. Littlejohn

S. Printed 4/3/02--H.

Read the first time March 21, 2001.

            

THE COMMITTEE ON WAYS AND MEANS

    To whom was referred a Bill (H. 3765) to amend Section 2-7-105, as amended, Code of Laws of South Carolina, 1976, relating to authorizations for state capital improvement bonds in odd-numbered, etc., respectfully

REPORT:

    That they have duly and carefully considered the same and recommend that the same do pass:

ROBERT W. HARRELL, JR. for Committee.

            

STATEMENT OF ESTIMATED FISCAL IMPACT

ESTIMATED FISCAL IMPACT ON GENERAL FUND EXPENDITURES:

$0 (No additional expenditures or savings are expected)

ESTIMATED FISCAL IMPACT ON FEDERAL & OTHER FUND EXPENDITURES:

$0 (No additional expenditures or savings are expected)

EXPLANATION OF IMPACT:

    A review of this bill by the Office of State Budget indicates there will be no impact to the General Fund of the State nor on federal and/or other funds.

    Approved By:

    Don Addy

    Office of State Budget

A BILL

TO AMEND SECTION 2-7-105, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO AUTHORIZATIONS FOR STATE CAPITAL IMPROVEMENT BONDS IN ODD-NUMBERED YEARS AND OTHER MATTERS PERTAINING TO THE ISSUANCE OF SUCH BONDS, SO AS TO PROVIDE THAT A BILL AUTHORIZING THE ISSUANCE OF STATE CAPITAL IMPROVEMENT BONDS MUST HAVE A CERTIFICATE ATTACHED FROM THE OFFICE OF STATE BUDGET CERTIFYING THAT CERTAIN CONDITIONS ARE MET AND REQUIRING THIS CERTIFICATE AT SPECIFIED STAGES OF THE MATRICULATION OF THE BILL THROUGH THE GENERAL ASSEMBLY.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    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 bonds may be authorized by the General Assembly in odd-numbered years. A project may be authorized in the act only for a state agency or institution included in the annual general appropriations act.

    (B)    A bill authorizing the issuance of state capital improvement bonds for specified public purposes must have a certificate attached from the Office of State Budget certifying the following:

        (1)    the bond authorizations in the bill do not exceed a dollar amount fixed by the Joint Bond Review Committee determined after considering all earlier bond authorizations and other state bonding needs to include the ability of the State to meet future bonding needs arising out of any unforeseen circumstances, to include economic downturns and natural disasters, hurricanes, or other acts of God; and

        (2)    the state general obligation debt service for the bonds authorized for all projects including those contained in the bill if issued during the next three years would not cause a mid-year or other across the board reductions in base state appropriations during that period.

    This certificate is required for every bill or joint resolution authorizing the issuance of state general obligation bonds before it may be:

            (a)    reported by the House Ways and Means Committee;

            (b)    given third reading in the House of Representatives;

            (c)    reported by the Senate Finance Committee;

            (d)    given third reading in the Senate;

            (e)    reported from a committee of conference or free conference."

SECTION    2.    This act takes effect upon approval by the Governor.

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