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A17, R29, S451
STATUS INFORMATION
General Bill
Sponsors: Senators Courson, Setzler, Leatherman and Alexander
Document Path: l:\s-res\jec\008debt.kmm.doc
Companion/Similar bill(s): 3563
Introduced in the Senate on February 15, 2007
Introduced in the House on March 6, 2007
Passed by the General Assembly on April 20, 2007
Governor's Action: May 2, 2007, Vetoed
Legislative veto action(s): Veto overridden
Summary: Athletic facilities revenue bonds
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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2/15/2007 Senate Introduced and read first time SJ-8
2/15/2007 Senate Referred to Committee on Finance SJ-8
2/28/2007 Senate Committee report: Favorable Finance SJ-23
3/1/2007 Senate Read second time SJ-8
3/1/2007 Senate Unanimous consent for third reading on next legislative
day SJ-8
3/2/2007 Senate Read third time and sent to House SJ-3
3/6/2007 House Introduced and read first time HJ-8
3/6/2007 House Referred to Committee on Ways and Means HJ-9
4/17/2007 House Committee report: Favorable Ways and Means HJ-7
4/19/2007 House Read second time HJ-12
4/19/2007 House Unanimous consent for third reading on next legislative
day HJ-13
4/20/2007 House Read third time and enrolled HJ-4
4/26/2007 Ratified R 29
5/2/2007 Vetoed by Governor
5/3/2007 Senate Veto overridden by originating body Yeas-32 Nays-4
5/8/2007 House Veto overridden Yeas-98 Nays-7 HJ-7
5/16/2007 Copies available
5/16/2007 Effective date 05/08/07
5/22/2007 Act No. 17
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
(A17, R29, S451)
AN ACT TO AMEND SECTION 59-119-940, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CLEMSON UNIVERSITY ATHLETIC FACILITIES REVENUE BONDS, SO AS TO RAISE THE OUTSTANDING DEBT LIMIT FOR THESE BONDS FROM SIXTY MILLION DOLLARS TO TWO HUNDRED MILLION DOLLARS; AND TO AMEND SECTION 9 OF ACT 518 OF 1980, AS AMENDED, RELATING TO THE UNIVERSITY OF SOUTH CAROLINA ATHLETIC FACILITIES REVENUE BONDS, SO AS TO RAISE THE OUTSTANDING DEBT LIMIT FROM SIXTY MILLION DOLLARS TO TWO HUNDRED MILLION DOLLARS.
Be it enacted by the General Assembly of the State of South Carolina:
Limitations on bonds
SECTION 1. Section 59-119-940 of the 1976 Code, as last amended by Act 198 of 2004, is further 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 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 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 two hundred million dollars."
Limitations on bonds
SECTION 2. Section 9D of Act 518 of 1980, as last amended by Act 182 of 2005, is further amended to read:
"D. May Issue Bonds.
Subject to obtaining the approval of the state board expressed by resolution duly adopted, the trustees are authorized to issue from time to time not exceeding two hundred million dollars of bonds for the purpose of acquiring, constructing, reconstructing, renovating, or equipping athletic facilities and for the purpose of refunding any previous series of bonds authorized by this section. If the trustees, in authorizing the issuance of bonds pursuant to this section, prescribe by resolution that there must be on deposit in the Bond Reserve Fund certain sums at the time of the delivery of the bonds, the trustees are empowered to utilize a portion of the proceeds of any series of bonds issued pursuant to this section in order to meet the requirement."
Time effective
SECTION 3. This act takes effect upon approval by the Governor.
Ratified the 26th day of April, 2007.
Vetoed by the Governor -- 5/2/07.
Veto overridden by Senate -- 5/3/07.
Veto overridden by House -- 5/8/07.
This web page was last updated on Wednesday, December 2, 2009 at 3:30 P.M.