South Carolina General Assembly
117th Session, 2007-2008

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Bill 451

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Indicates New Matter

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

Indicates Matter Stricken

Indicates New Matter

COMMITTEE REPORT

February 28, 2007

S. 451

Introduced by Senators Courson, Setzler, Leatherman and Alexander

S. Printed 2/28/07--S.

Read the first time February 15, 2007.

            

THE COMMITTEE ON FINANCE

To whom was referred a Bill (S. 451) to amend Section 59-119-940 of the 1976 Code, relating to limits on Clemson University Athletic Facilities Revenue Bonds, to increase the outstanding debt limit associated with, etc., respectfully

REPORT:

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

HUGH K. LEATHERMAN, SR. 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:

This bill would have no impact on the General Fund of the State, or on federal and/or other funds. Athletic Facilities Revenue Bonds are financed with Athletic Department revenue.

Approved By:

Don Addy

Office of State Budget

A BILL

TO AMEND SECTION 59-119-940 OF THE 1976 CODE, RELATING TO LIMITS ON CLEMSON UNIVERSITY ATHLETIC FACILITIES REVENUE BONDS, TO INCREASE THE OUTSTANDING DEBT LIMIT ASSOCIATED WITH THE BONDS FROM SIXTY MILLION DOLLARS TO TWO HUNDRED MILLION DOLLARS; AND TO AMEND ACT 518 OF 1980, AS AMENDED, TO INCREASE THE OUTSTANDING DEBT LIMIT ASSOCIATED WITH UNIVERSITY OF SOUTH CAROLINA ATHLETIC FACILITIES REVENUE BONDS FROM SIXTY MILLION DOLLARS TO TWO HUNDRED MILLION DOLLARS.

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

SECTION    1.    Section 59-119-940 of the 1976 Code 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 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 sixty two hundred million dollars."

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 sixty 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."

SECTION    3.    This act takes effect upon approval by the Governor.

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