Download This Bill in Microsoft Word format
A44, R48, S483
STATUS INFORMATION
General Bill
Sponsors: Senators Matthews, Knotts, J. Verne Smith, Sheheen, Land, Patterson, Scott, Hutto, Williams, Anderson and Ford
Document Path: l:\council\bills\pt\2311sj05.doc
Companion/Similar bill(s): 3733
Introduced in the Senate on February 10, 2005
Introduced in the House on March 22, 2005
Last Amended on March 16, 2005
Passed by the General Assembly on April 20, 2005
Governor's Action: May 3, 2005, Signed
Summary: South Carolina State University Academic and Administrative Facilities Bond Act
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
-------------------------------------------------------------------------------
2/10/2005 Senate Introduced and read first time SJ-11
2/10/2005 Senate Referred to Committee on Finance SJ-11
3/10/2005 Senate Committee report: Favorable with amendment Finance SJ-10
3/11/2005 Scrivener's error corrected
3/16/2005 Senate Amended SJ-36
3/16/2005 Senate Read second time SJ-36
3/17/2005 Senate Read third time and sent to House SJ-8
3/22/2005 House Introduced and read first time HJ-5
3/22/2005 House Referred to Committee on Ways and Means HJ-5
4/13/2005 House Committee report: Favorable Ways and Means HJ-7
4/19/2005 House Read second time HJ-6
4/20/2005 House Read third time and enrolled HJ-33
4/28/2005 Ratified R 48
5/3/2005 Signed By Governor
5/5/2005 Copies available
5/5/2005 Effective date 05/03/05
5/9/2005 Act No. 44
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
2/10/2005
3/10/2005
3/11/2005
3/16/2005
4/13/2005
(A44, R48, S483)
AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING ARTICLE 4 TO CHAPTER 127, TITLE 59 SO AS TO ENACT THE "SOUTH CAROLINA STATE UNIVERSITY ACADEMIC AND ADMINISTRATIVE FACILITIES BOND ACT", WHICH PRESCRIBES THE MANNER IN WHICH AND CONDITION UNDER WHICH SOUTH CAROLINA STATE UNIVERSITY MAY ISSUE CERTAIN REVENUE BONDS FOR THE ACQUISITION OF ACADEMIC AND ADMINISTRATIVE BUILDINGS AND TO DEFINE CERTAIN TERMS.
Be it enacted by the General Assembly of the State of South Carolina:
South Carolina State University Academic and Administrative Facilities Bond Act
SECTION 1. Chapter 127, Title 59 of the 1976 Code is amended by adding:
Section 59-127-480. This article may be cited as the 'South Carolina State University Academic and Administrative Facilities Bond Act'.
Section 59-127-490. As used in this article:
(1) 'Board' means the Board of Trustees of South Carolina State University.
(2) 'Equipment' means items with a useful life of at least fifteen years.
(3) 'Academic and administrative buildings' means the real and personal property and equipment to be utilized by the College of Engineering, Science and Mathematics, the College of Education, Humanities and Social Science, and the College of Business and Applied Professional Sciences, whether or not the acquisition or construction of these facilities are financed from the proceeds of bonds, notes, or other indebtedness issued pursuant to the provisions of this article.
(4) 'Fees and revenues' means the special student fees, auxiliary fees, and revenues derived or to be derived from the operation, sale, lease, or other disposition of the facilities.
(5) 'University' means South Carolina State University.
Section 59-127-500. Subject to the approval of the Joint Bond Review Committee and the State Budget and Control Board by resolution adopted, the university may issue bonds, notes, or other forms of indebtedness for the purpose of financing or refinancing in whole or in part the cost of acquisition, construction, reconstruction, renovation, and improvement of land, buildings, and other improvements to real property and equipment for the purpose of providing certain academic and administrative buildings as defined in this article serving the needs of the university.
Section 59-127-510. Bonds, notes, or other forms of indebtedness issued pursuant to the provisions of this article must be authorized by a resolution or resolutions of the board of the university. The resolution of the university, in the discretion of the board, may contain provisions that constitute a part of the contract between the university and the holders of the bonds, notes, or other forms of indebtedness as to any of the following:
(1) the custody, security, use, expenditure, or application of the proceeds of the bonds, notes, or other forms of indebtedness including, without limitation, the use of bonds, notes, or other forms of indebtedness proceeds to pay the cost of acquisition, construction, reconstruction, or renovation of facilities, expenses of issuance of the bonds, notes, or other forms of indebtedness, interest on the bonds, notes, or other forms of indebtedness for a period of time the board may determine, and the cost of bond, note, or other form of indebtedness insurance or other credit enhancement and to fund reserves established with respect to the bonds, notes, or other forms of indebtedness;
(2) the acquisition, renovation, construction, reconstruction, or completion of the facilities for which the bonds, notes, and other forms of indebtedness are issued;
(3) the use, regulation, operation, maintenance, insurance, or disposition of the facilities, the fees and revenues from which are pledged to secure payments with respect to the bonds, notes, and other forms of indebtedness or restrictions on the exercise of the powers of the board to dispose of or to limit or regulate the use of these facilities;
(4) the payment of the principal of, redemption premium, if any, or interest on the bonds, notes, and other forms of indebtedness and the sources and the methods of the payment, the rank or priority of the bonds, notes, and other forms of indebtedness as to a lien or security, or the acceleration of the maturity of the bonds, notes, and other forms of indebtedness;
(5) the use and disposition of the fees and revenues including, without limitation, the pledging, setting aside, or depositing with a trustee all or part of the fees and revenues to secure the payment of the principal of, redemption premium, if any, and interest on the bonds, notes, and other forms of indebtedness and the payment of expenses of operation and maintenance of the facilities;
(6) the setting aside of bond, note, or other form of indebtedness proceeds, the fees and revenues or other available funds of reserves or sinking funds, and the source, custody, security, regulation, and disposition of them;
(7) the determination of the fees and revenues, subject to the provisions of Section 59-127-580, or other available funds to be pledged as security for payments with respect to the bonds, notes, and other forms of indebtedness and for the expenses of operation and maintenance of the facilities;
(8) the fixing, establishment, collection, and enforcement of the rentals, fees, or other charges from students, faculty members, and others using or being served by, or having the right to use or be served by, the facilities, the fees and revenues from which are pledged to secure payments with respect to the bonds, notes, and other forms of indebtedness and the disposition and application of the fees and revenues charged and collected;
(9) limitations on the issuance of additional bonds, notes, and other forms of indebtedness or other obligations or the incurrence of indebtedness payable from the same fees and revenues from which the bonds, notes, and other forms of indebtedness are payable;
(10) rules to ensure the use of the facilities by students or members of the faculty of the university to the maximum extent to which the building or equipment is capable of serving the students or faculty members;
(11) the procedure, if any, by which the terms of a covenant or contract with, or duty to, the holders of the bonds, notes, and other forms of indebtedness may be amended or abrogated, the amount of bonds, notes, and other forms of indebtedness to which the holders shall consent, and the manner in which the consent may be given or evidenced; and
(12) any other matter or course of conduct which, by recital in the resolution or resolutions authorizing or providing for the bonds, notes, and other forms of indebtedness, is declared to further secure the payment of the principal of or the interest on the bonds, notes, and other forms of indebtedness or to further the purposes for which the facilities are being acquired, constructed, reconstructed, renovated, or equipped and the bonds, notes, and other forms of indebtedness being issued.
Section 59-127-520. Bonds, notes, and other forms of indebtedness may be issued in one or more series at those prices, may bear the date, may mature at the time, not exceeding forty years from their respective date, may bear interest at the fixed or variable rate, may be payable in the medium of payment and at the place, may be in the denomination, may be in the form, either coupon or registered and either certified or uncertified, may carry the registration privileges, may be subject to the terms of redemption before maturity, with or without premium, and may contain terms, covenants, and conditions as the resolution authorizing the issuance of the bonds, notes, and other forms of indebtedness may provide. Except as otherwise specified in the authorizing resolution, the bonds, notes, and other forms of indebtedness are fully negotiable within the meaning of and for all the purposes of the Uniform Commercial Code.
Section 59-127-530. The bonds, notes, and other forms of indebtedness are exempt from all state, county, municipal, and school taxes and franchise and license fees.
Section 59-127-540. The bonds, notes, and other forms of indebtedness must be signed in the corporate name of the university by the manual or facsimile signature of the acting chairman of the board of the university, under the corporate seal of the university attested by the manual or facsimile signature of the acting secretary of the board. Interest coupons attached to the bonds, notes, and other forms of indebtedness must be signed by the facsimile signatures of these officers. The bonds, notes, and other forms of indebtedness may be issued notwithstanding that any of the officials signing them or whose facsimile signatures appear on the coupons have ceased to hold office at the time of the issue or at the time of the delivery of the bonds, notes, and other forms of indebtedness to the purchaser.
Section 59-127-550. The bonds, notes, and other forms of indebtedness must be sold at public or private sale upon the terms and conditions as the board of the university considers advisable.
Section 59-127-560. The board or its proper administrative officers shall file with the State Treasurer within thirty days from the date of their issuance a complete description of all obligations entered into by the board, with the rates of interest, maturity dates, annual payments, and all pertinent data.
Section 59-127-570. All provisions of a resolution authorizing or providing for the issuance of the bonds, notes, and other forms of indebtedness in accordance with Section 59-127-500 and of the covenants and agreements constitute valid and legally binding contracts between the university and the several holders of the bonds, notes, and other forms of indebtedness, regardless of the time of issuance of the bonds, notes, and other forms of indebtedness, and are enforceable by the holder or holders by mandamus or other appropriate action, suit, or proceeding at law or in equity in a court of competent jurisdiction.
Section 59-127-580. The bonds, notes, and other forms of indebtedness must be made payable only from all or the portion of the fees and revenues as the university in its discretion may designate pursuant to the authorizing resolution and also from other available funds of the university designated by the university pursuant to the authorizing resolution except funds of the university derived from appropriations received from the General Assembly and tuition funds pledged to the repayment of state institution bonds, notes, and other forms of indebtedness. The use of academic fees must be approved by the university's board. The bonds, notes, and other forms of indebtedness are not general obligations of the State. Neither the members of the board nor a person signing the bonds, notes, and other forms of indebtedness is liable personally for the bonds, notes, and other forms of indebtedness. Bonds, notes, and other forms of indebtedness may not be issued pursuant to the provisions of this article unless an identified source of revenue is designated for the repayment of the bonds, notes, and other forms of indebtedness."
Time effective
SECTION 2. This act takes effect upon approval by the Governor.
Ratified the 28th day of April, 2005.
Approved the 3rd day of May, 2005.
This web page was last updated on Friday, December 4, 2009 at 3:29 P.M.