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Indicates Matter Stricken
Indicates New Matter
Indicates Matter Stricken
Indicates New Matter
COMMITTEE REPORT
February 11, 2004
S. 904
S. Printed 2/11/04--S.
Read the first time February 3, 2004.
To whom was referred a Bill (S. 904) to amend Section 59-119-940, Code of Laws of South Carolina, 1976, relating to limitations on the issuance of athletic facility revenue bonds by Clemson University, 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 59-119-940, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO LIMITATIONS ON THE ISSUANCE OF ATHLETIC FACILITY REVENUE BONDS BY CLEMSON UNIVERSITY SO AS TO INCREASE FROM FORTY MILLION DOLLARS TO SIXTY MILLION DOLLARS THE MAXIMUM AMOUNT OF THESE BONDS WHICH MAY BE OUTSTANDING AT ANY TIME.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 59-119-940 of the 1976 Code, as added by Act 144 of 1997, is amended to read:
"Section 59-119-940. Upon receiving the approval of the state board and upon review by the Joint Bond Review Committee, the trustees may from time to time borrow such sums as necessary to accomplish the purpose of this article and to evidence such borrowings by bonds issued pursuant to this article in such the aggregate principal amount as they determine, except that other provisions of this article to the contrary notwithstanding, there must not be outstanding at any time bonds issued pursuant to this article in such the aggregate principal amount as they determine, except that other provisions of this article to the contrary notwithstanding, there must not be outstanding at any time bonds issued pursuant to this article in excess of forty sixty million dollars."
SECTION 2. This act takes effect upon approval by the Governor.
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