BIL:3419
RTN:224
ACN:103
TYP:General Bill GB
INB:House
IND:19970211
PSP:Cobb-Hunter
SPO:Cobb-Hunter, R. Smith, Harrell, Kennedy and Harvin
DDN:jic\5364htc.97
DPB:19970603
LAD:19970522
GOV:S
DGA:19970613
SUB:South Carolina State University, special obligation bonds, net athletic revenues, Bonds or Notes, Colleges, Universities
HST:3419
BodyDateAction DescriptionComLeg Involved
______
------19970630Act No. A103
------19970613Signed by Governor
------19970609Ratified R224
House19970603Concurred in Senate amendment,
enrolled for ratification
Senate19970603Read third time, returned to House
with amendment
Senate19970522Read second time, ordered to
third reading with notice of
general amendments
Senate19970522Committee amendment adopted
Senate19970522Read second time, ordered to
third reading with notice of
general amendments
Senate19970522Committee amendment adopted
Senate19970521Committee report: Favorable with06 SF
amendment
Senate19970501Introduced, read first time,06 SF
referred to Committee
House19970430Read third time, sent to Senate
House19970429Amended, read second time
House19970417Committee report: Favorable with30 HWM
amendment
House19970211Introduced, read first time,30 HWM
referred to Committee
TXT:
(A103, R224, H3419)
AN ACT TO AMEND SECTIONS 59-127-310, 59-127-320, 59-127-400, 59-127-440, AND 59-127-460, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO SPECIAL OBLIGATION BONDS OF SOUTH CAROLINA STATE UNIVERSITY, SO AS TO DEFINE “NET ATHLETIC REVENUES” AND ADD THESE REVENUES TO THOSE REVENUE SERVICES PREVIOUSLY AVAILABLE FOR DEBT SERVICE ON THESE BONDS, TO RAISE THE THREE MILLION DOLLAR OUTSTANDING DEBT LIMIT FOR THESE BONDS TO TWENTY MILLION DOLLARS, TO AUTHORIZE BOND PROCEEDS TO BE USED FOR ACQUIRING, CONSTRUCTING, RECONSTRUCTING, RENOVATING, OR EQUIPPING ATHLETIC FACILITIES, AND TO REFUND PREVIOUSLY ISSUED BONDS, AND TO DELETE PROVISIONS RELATING TO ADVERTISING OF ISSUES.
Be it enacted by the General Assembly of the State of South Carolina:
Definition
SECTION1.Section 59-127-310 of the 1976 Code, as added by Act 514 of 1992, is amended by adding at the end:
“(10)‘Net athletic revenues’ means the entire revenues derived by the athletic department of the University for any fiscal year after payment of the operating and maintenance expenses of the department but before provision is made for depreciation, amortization, nonmandatory transfers, and interest expenses of the department for the fiscal year.”
Debt limit
SECTION2.Section 59-127-320(B) of the 1976 Code, as added by Act 514 of 1992, is amended to read:
“(B)Subject to obtaining the approval of the state board expressed by resolution duly adopted, the trustees are authorized to issue not more than twenty 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. Bonds issued pursuant to this section are payable from the admission fee, the special student fee, and net athletic revenues.”
Sale of bonds
SECTION 3.Section 59-127-400 of the 1976 Code, as added by Act 514 of 1992, is amended to read:
“Section 59-127-400.All bonds must be disposed of in a manner the trustees determine, except that a sale, privately negotiated without public advertisement, must not be made unless the approval of the state board is obtained.”
Powers
SECTION4.Section 59-127-440(1) of the 1976 Code, as added by Act 514 of 1992, is amended to read:
“(1)covenant and agree throughout the life of the bonds that the admission fee or the special student fee, or both, are imposed, maintained, and revised when necessary, in an amount, without limitation as to rate, as is sufficient, when added to net athletic revenues in any year, to meet the payment of the principal and interest for the bonds as they become due, and to create a cushion or reserve fund as the trustees consider prudent. The cushion or reserve must be used only to meet the payment of the principal and interest on the bonds under the conditions as the trustees prescribe and must be maintained in a manner as to insure its availability for repayment;”
Additional bonds
SECTION 5.Section 59-127-460 of the1976 Code, as added by Act 514 of 1992, is amended to read:
“Section 59-127-460.The trustees are authorized to issue additional bonds in one or more series as provided in the resolutions authorizing the original series of bonds for the purpose of refunding or retiring the bonds or for the purpose of enlarging or improving the football stadium. ”
Time effective
SECTION6.This act takes effect upon approval by the Governor.
Approved the 13th day of June, 1997.