South Carolina General Assembly
117th Session, 2007-2008

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Bill 4520

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

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COMMITTEE REPORT

February 5, 2008

H. 4520

Introduced by Reps. Cooper, Harrell, Cobb-Hunter, Walker, Perry, Battle, Skelton, Thompson, Alexander, Ballentine, Edge, Harrison, Hayes, Limehouse, J.H. Neal, Ott, Owens and Williams

S. Printed 2/5/08--H.

Read the first time January 22, 2008.

            

THE COMMITTEE ON WAYS AND MEANS

To whom was referred a Bill (H. 4520) to amend Section 59-147-30, Code of Laws of South Carolina, 1976, relating to issuance of revenue bonds by colleges and universities, so as to clarify, etc., respectfully

REPORT:

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

DANIEL T. COOPER 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.

Approved By:

Harry Bell

Office of State Budget

A BILL

TO AMEND SECTION 59-147-30, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO ISSUANCE OF REVENUE BONDS BY COLLEGES AND UNIVERSITIES, SO AS TO CLARIFY AND FURTHER SPECIFY WHAT FACILITIES ARE ELIGIBLE TO BE FINANCED UNDER THE HIGHER EDUCATION REVENUE BOND ACT; AND TO REPEAL SECTION 59-147-120 RELATING TO CERTAIN LIMITATIONS ON THE ISSUANCE OF REVENUE BONDS.

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

SECTION    1.    Section 59-147-30 of the 1976 Code is amended to read:

"Section 59-147-30.    Subject to the approval of the State Budget and Control Board by resolution duly adopted, the university may issue revenue bonds of the university 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 facilities serving the needs of the university including, but not limited to, dormitories, apartment buildings, dwelling houses, bookstore and other university operated stores, laundry, dining halls, cafeterias, parking facilities, student recreational, entertainment, health and fitness related facilities, inns, conference, and other nondegree educational facilities and similar auxiliary facilities, and educational, administrative, operations, and health facilities of the university and any other facilities which are auxiliary ancillary to any of the foregoing excluding, however, athletic department projects which primarily serve varsity athletic teams of the university."

SECTION    2.    Section 59-147-120 of the 1976 Code is repealed.

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

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