Bill 2656

                    Current Status

Bill Number:               2656
Ratification Number:       48
Act Number                 197
Introducing Body:          House
Subject:                   Patriot's Point development fund

(A197, R48, H2656)

A JOINT RESOLUTION TO ISSUE THREE MILLION DOLLAR CAPITAL IMPROVEMENT BONDS TO REPAY THE ADVANCE FUNDS TO PATRIOT'S POINT DEVELOPMENT FUND AND TO REQUIRE THE AUTHORITY TO TRANSFER FUNDS TO THE GENERAL FUND TO REPAY THE STATE FOR THE REMAINING DEBT SERVICE BALANCE ON THE THREE MILLION DOLLAR IMPROVEMENT BOND; AND TO REPEAL ACT 1307 OF 1974, RELATING TO PLEDGING THE FULL FAITH AND CREDIT OF THE STATE FOR THE ISSUANCE OF THREE MILLION DOLLARS OF BONDS BY THE PATRIOT'S POINT AUTHORITY.

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

Bonds authorized

SECTION 1. The General Assembly authorizes the issuance of three million dollars of capital improvement bonds for the purpose of repaying the advance of a like amount of capital improvement bond funds to the Patriots Point Development Authority (Authority). The Authority must transfer during Fiscal Year 1982-83 to the General Fund an amount presently estimated to be one million nine hundred thousand dollars and held by the State Treasurer for debt payments of the Authority for revenue bonds which have not been issued. The Authority must annually transfer to the General Fund such funds as are necessary to repay the State for the remaining debt service balance on the three million dollar capital improvement bond authorization.

Repeal

SECTION 2. Act 1307 of 1974 is repealed.

Time effective

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