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Indicates Matter Stricken
Indicates New Matter
Indicates Matter Stricken
Indicates New Matter
AMENDED
May 11, 2006
S. 836
S. Printed 5/11/06--H.
Read the first time May 17, 2005.
TO AMEND JOINT RESOLUTION 210 OF 1987, RELATING TO THE PURCHASE OF NOTES OF THE CLARK'S-HILL RUSSELL AUTHORITY BY THE DIVISION OF GENERAL SERVICES OF THE STATE BUDGET AND CONTROL BOARD AND THE INTEREST RATE ON THESE NOTES, SO AS TO PROVIDE THAT THE INTEREST RATE MUST BE DETERMINED PERIODICALLY BY THE STATE TREASURER, RATHER THAN SET AT A RATE OF EIGHT PERCENT PER YEAR.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 1 of Joint Resolution 210 of 1987 is amended to read:
"SECTION 1. The Division of General Services of the State Budget and Control Board through the Insurance Reserve Fund and the State Treasurer shall purchase not more than twenty million dollars of notes of the Clark's Hill-Russell Authority Division of Savannah Valley Development in amounts not exceeding three million five hundred thousand dollars in any one year for the purpose prescribed in Chapter 9 of Article 5, Chapter 1, Title 13 of the 1976 Code. The notes of the authority must bear interest at a rate of eight percent per annum interest to be determined periodically by the State Treasurer and must be repaid over a term not exceeding thirty years from the date of issuance of a respective series of notes."
SECTION 2. This act takes effect upon approval by the Governor.
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