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A73, R87, S610
Sponsors: Senators Rankin, Cleary, Hembree and McGill
Document Path: l:\council\bills\bbm\10895htc13.docx
Companion/Similar bill(s): 4077
Introduced in the Senate on April 11, 2013
Introduced in the House on May 2, 2013
Passed by the General Assembly on June 5, 2013
Governor's Action: June 13, 2013, Signed
Summary: Economic development project
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 4/11/2013 Senate Introduced and read first time (Senate Journal-page 5) 4/11/2013 Senate Referred to Committee on Finance (Senate Journal-page 5) 4/24/2013 Senate Committee report: Favorable Finance (Senate Journal-page 13) 4/30/2013 Senate Read second time (Senate Journal-page 37) 4/30/2013 Senate Roll call Ayes-36 Nays-3 (Senate Journal-page 37) 5/1/2013 Senate Read third time and sent to House (Senate Journal-page 69) 5/2/2013 House Introduced and read first time (House Journal-page 18) 5/2/2013 House Referred to Committee on Ways and Means (House Journal-page 18) 5/30/2013 House Committee report: Favorable Ways and Means (House Journal-page 11) 6/4/2013 House Read second time (House Journal-page 75) 6/4/2013 House Roll call Yeas-104 Nays-0 (House Journal-page 76) 6/5/2013 House Read third time and enrolled (House Journal-page 105) 6/11/2013 Ratified R 87 6/13/2013 Signed By Governor 6/20/2013 Effective date See Act for Effective Date 6/24/2013 Act No. 73
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
(A73, R87, S610)
AN ACT TO AMEND SECTION 11-41-30, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEFINITIONS FOR PURPOSES OF THE STATE GENERAL OBLIGATION ECONOMIC DEVELOPMENT BOND ACT, SO AS TO CLARIFY THAT THE DEFINITION OF "ECONOMIC DEVELOPMENT PROJECT", INCLUDING A NATIONAL AND INTERNATIONAL CONVENTION AND TRADE SHOW CENTER OWNED BY A PUBLIC ENTITY INCLUDES AN ADJACENT FACILITY ALLOWING SPECIFIC EVENTS THEREBY MAKING ADDITIONAL TIME AND SPACE AVAILABLE FOR THE MAJOR CONVENTIONS, TRADE SHOWS, AND SPECIAL EVENTS CONTEMPLATED BY THE ACT AND REQUIRE JOINT BOND REVIEW COMMITTEE REVIEW AND COMMENT ON SUCH AN ADJACENT FACILITY; AND TO AMEND SECTION 11-41-70, RELATING TO PURPOSES OF THE ISSUE OF BONDS PURSUANT TO THE STATE GENERAL OBLIGATION ECONOMIC DEVELOPMENT BOND ACT AND SPECIFIC REQUIREMENTS APPLICABLE TO A PUBLIC ENTITY RECEIVING BOND PROCEEDS, SO AS TO EXTEND FROM TEN TO FIFTEEN YEARS THE PERIOD IN WHICH A NATIONAL AND INTERNATIONAL CONVENTION AND TRADE SHOW CENTER MUST BE COMPLETED.
Be it enacted by the General Assembly of the State of South Carolina:
Definition of "project" expanded
SECTION 1. Section 11-41-30(2)(e) of the 1976 Code is amended to read:
"(e) 'Economic development project' or 'project' also includes a national and international convention and trade show center in this State, owned by the State or any agency, instrumentality, or political subdivision thereof. A 'national and international convention and trade show center' means a not less than two hundred thousand square foot facility consisting of meeting and exhibit space at which are held major conventions, trade shows, and special events that bring delegates into the State and community including, but not limited to, consumer shows, sporting events, and other meetings. Included in the space requirement is an adjacent facility allowing specific events thereby making additional time and space available for the major conventions, trade shows, and special events contemplated by this definition. However, if any adjacent facility is contemplated or initiated under the terms and conditions of this subitem, these plans must be submitted to the Joint Bond Review Committee for review and comment. A national and international convention and trade show center is not subject to the job creation and capital investment requirements imposed on projects as defined in subsections (a) and (b) above."
Project completion time extended
SECTION 2. Section 11-41-70(2)(d) of the 1976 Code is amended to read:
"(d) in the case of a national and international convention and trade show center, partial payment of costs for infrastructure associated with a meeting and exhibit space as defined in Section 11-41-30(2)(e), owned by the State or any agency, instrumentality, or political subdivision thereof for which project there has been executed an agreement between the State and the state agency, instrumentality, or political subdivision owning such meeting and exhibit space providing that, upon either the sale of the meeting and exhibit space partially financed with proceeds of bonds issued pursuant to this chapter or the failure of the state agency, instrumentality, or political subdivision to (1) purchase land within eighteen months of the effective date of this item (d), (2) begin construction within five years of the effective date of this item (d) of a meeting and exhibit space as defined in Section 11-41-30(2)(e), or (3) complete the project within fifteen years of the effective date of this item (d), then the state agency, instrumentality, or political subdivision owning such meeting and exhibit space will reimburse the amount of bond proceeds to the general fund of the State, plus interest thereon from the date of expenditure to the date of such reimbursement at a rate equal to the total interest cost rate on the issuance of bonds used to make such expenditure. The state agency, instrumentality, or political subdivision must notify the State Treasurer immediately upon the sale of any land acquired with proceeds of bonds issued pursuant to this chapter. The state agency, instrumentality, or political subdivision also must provide sufficient proof to the State Treasurer that the deadlines to purchase land, begin construction, and complete the project imposed pursuant to this item have been met. If the state agency, instrumentality, or political subdivision sells the land or fails to meet any of these deadlines, then the State Treasurer shall take the appropriate action necessary to recover all bond proceeds and interest disbursed to the state agency, instrumentality, or political subdivision to finance the project;"
SECTION 3. This act takes effect upon approval by the Governor and the definition clarified and time limit extension included in Sections 11-41-30 and 11-41-70 of the 1976 Code, as amended by this act, apply with respect from the original effective date of Act 114 of 2005.
Ratified the 11th day of June, 2013.
Approved the 13th day of June, 2013.
This web page was last updated on Friday, August 16, 2013 at 12:14 P.M.