View Amendment Current Amendment: 9 to Bill 491

Senator CASH proposed the following amendment (491R010.SP.RJC):

Amend the joint resolution, as and if amended, by adding an appropriately numbered new SECTION to read:

/SECTION __. Five years after the first issuance of the bonds, the South Carolina State Ports Authority must make a one dollar per container unit reimbursement to the general fund of the State, paid annually, to offset the debt service required by such bonds. Beginning in the sixth year, the payment must be increased by one dollar per container each year until the reimbursement reaches ten dollars per container. The reimbursement must be provided until the five hundred fifty million dollar ($550,000,000) principal of the bonds pursuant to this joint resolution have been retired. /