Bill 199

                    Current Status

Bill Number:               199
Ratification Number:       55
Act Number                 26
Introducing Body:          Senate
Subject:                   Parking facilities at the College of
                           Charleston

(A26, R55, S199)

AN ACT TO AMEND ACT 77 OF 1976, AUTHORIZING THE STATE COLLEGE BOARD OF TRUSTEES TO PROVIDE PARKING FACILITIES AT THE COLLEGE OF CHARLESTON AND TO ISSUE REVENUE BONDS THEREFOR, SO AS TO AUTHORIZE ISSUANCE OF REVENUE BONDS TO FINANCE ALL OR A PORTION OF THE COSTS OF SUCH PARKING FACILITIES ON LAND LEASED TO THE STATE AND TO REQUIRE THE DEPOSIT OF SUCH BOND PROCEEDS WITH THE STATE TREASURER.

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

Findings

SECTION 1. The General Assembly finds that by Act 77 of 1975 the General Assembly authorized the issuance of parking facilities revenue bonds by the State College Board of Trustees in order to provide parking facilities on properties of the State College Board of Trustees at the College of Charleston. It further finds that by Act 194 of 1979 the General Assembly authorized the use of state funds to defray part of the cost of a multilevel parking garage at the College of Charleston on a site to be leased to the State provided (a) not less than one million dollars of parking facilities revenue bonds are issued pursuant to Act 77 of 1975 and (b) an agreement is negotiated between the City of Charleston and the State College Board of Trustees under which the City leases the garage site to the State for a term of not less than ninety-nine years and assures that the parking garage will be operated and maintained, which agreement has been found legally adequate by the Attorney General and approved by the Budget and Control Board after review by the Bond Review Committee created by Act 761 of 1976. No bonds have yet been issued pursuant to Act 77 of 1975 and the General Assembly is now minded to amend Act 77 of 1975 to confirm the authorization there under for the issuance of parking facilities revenue bonds to finance a part of the cost of constructing a multilevel parking garage on property to be leased by the City of Charleston to the State under an agreement which meets the requirements of Act 194 of 1979.

Parking facilities

SECTION 2. Act 77 of 1975 is amended by striking item (a) of Section 2 and inserting:

"(a) provide parking facilities, including one or more multilevel parking garage facilities, on its properties, heretofore or hereafter acquired at the college and on property in the vicinity of the college leased by the City of Charleston to the State for not less than ninety-nine years under the terms and conditions of an agreement between the City and the State College Board of Trustees providing for the operation and maintenance of the parking facilities to be constructed thereon, which has been found legally adequate by the Attorney General and approved by the Budget and Control Board after review by the Bond Review Committee created by Act 761 of 1976;".

Proceeds of bonds

SECTION 3. Act 77 of 1975 is amended by adding:

"Section 3A. The proceeds of bonds issued pursuant to this act shall be deposited with the State Treasurer and used to defray all or a part of the cost of acquiring and constructing the parking facilities authorized in this act and to defray the cost of issuing such bonds."

Bonds payable from revenues derived from parking facilities

SECTION 4. Act 77 of 1975 is amended by striking Section 4 and inserting:

"Section 4. All bonds issued pursuant to this act shall be payable from the revenues derived from all parking facilities which the trustees may now or hereafter possess at the college, including parking facilities on property leased to the State under the terms and conditions of an agreement described in item (a) of Section 2, and such revenues shall be pledged to the payment of the principal and interest of such bonds in the manner herein provided. The State College Board of Trustees may, in its discretion, determine with respect to each parking facility to,pledge either the entire revenues derived from such parking facility or the revenues derived from such parking facility remaining after defraying the cost of operation and maintenance of such parking facility. In the issuance of such bonds, the trustees may reserve the right to issue additional bonds payable from such revenues and on a parity with the bonds authorized, by this act, whether issued pursuant to this act or pursuant to legislation hereafter enacted."

Authorizations

SECTION 5. Section 12 of Act 77 of 1975 is amended by adding at the end:

"The authorizations contained in this section shall also apply with respect to parking facilities on property leased to the State for not less than ninety-nine years under the terms and conditions of an agreement described in item (a) of Section 2 of this act and the revenues from such parking facilities."

Time effective

SECTION 6. This act shall take effect upon approval by the Governor.