South Carolina General Assembly
103rd Session, 1979-1980

Bill 3834

                    Current Status

Bill Number:               3834
Ratification Number:       494
Act Number                 424
Introducing Body:          House
Subject:                   Relating to the issuance of general
                           obligation bonds of a municipality
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A424, R494, H3834)

AN ACT TO AMEND SECTION 5-21-330, CODE OF LAWS OF SOUTH CAROLINA, 1976, AS AMENDED, RELATING TO THE ISSUANCE OF GENERAL OBLIGATION BONDS OF A MUNICIPALITY AS A RESULT OF AN ELECTION AND THE TIME LIMIT FOR THE ISSUANCE THEREOF, SO AS TO EXTEND THE TIME LIMIT FOR THE ISSUANCE OF SUCH BONDS FROM THREE TO FIVE YEARS.

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

Findings

Section 1. New Article X of the Constitution of South Carolina which became effective on November 30, 1977, provides in Section 14(6) (c) that general obligation debt authorized as a consequence of a favorable result of an election shall be issued within five years of the date of such referendum. However, Section 5-21-330 of the 1976 Code provides that bonds authorized as a consequence of a favorable result of an election shall be issued within three years following the occasion on which the election was held, unless the bonds authorized are sold to the United States or any department or agency thereof, in which case the bonds must be issued within five years following the occasion on which the election was held. In order to conform Section 5-21-330 of the 1976 Code, as amended, with the provision of new Article X of the Constitution of South Carolina, it is necessary to provide that all bonds authorized as a consequence of the favorable result of an election must be issued within five years following the occasion on which the election was held.

Time limit for issuance of bonds extended

Section 2. Section 5-21-330 of the 1976 Code, as amended by Act 527 of 1976, is further amended to read:

"Section 5-21-330. The bonds authorized as a consequence of the favorable result of such an election may be issued either as a single issue or from time to time as several separate issues, but no bonds shall be issued subsequent to five years following the occasion on which the election was held."

Time effective

Section 3. This act shall take effect upon approval by the Governor.