Bill 386

                    Current Status

Bill Number:               386
Ratification Number:       135
Act Number                 91
Introducing Body:          Senate
Subject:                   Revenue bond debt limitation of the State
                           Education Assistance Authority

(A91, R135, S386)

AN ACT TO AMEND SECTION 59-115-80, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING IN PART TO THE REVENUE BOND DEBT LIMITATION OF THE STATE EDUCATION ASSISTANCE AUTHORITY, SO AS TO INCREASE THE LIMIT FROM TWENTY-FIVE TO FIFTY MILLION DOLLARS.

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

Authority authorized to issue additional bonds

Section 1. The first paragraph of Section 59-115-80 of the 1976 Code, as last amended by Act 194 of 1979, is further amended by striking "twenty-five million dollars" on line five and inserting "fifty million dollars". The paragraph when amended shall read:

"Subject to the right to hereafter enlarge the authorization to issue revenue bonds, the General Assembly authorizes the authority to provide for the issuance, at one time or from time to time, of revenue bonds of the authority in an aggregate principal amount outstanding at any time of not exceeding fifty million dollars for any of its authorized purposes, including the use of a portion of the proceeds of any issue bonds for the establishment of a reserve for the payment of principal and interest of the bonds. The reserve may be deposited in the sinking fund. The bonds shall be designated, subject to such additions or changes as the authority deems advisable, 'State Education Assistance Authority Revenue Bonds, Series . . .,' inserting in the blank space a letter or numerals identifying the particular series of bonds."

Time effective

Section 2. This act shall take effect upon approval by the Governor.