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Bill Number: 2908 Ratification Number: 116 Act Number 66 Introducing Body: House Subject: Forestry Commission to borrow an amount not to exceed one million
(A66, R116, H2908)
AN ACT TO AUTHORIZE THE STATE FORESTRY COMMISSION TO BORROW AN AMOUNT NOT TO EXCEED ONE MILLION, FIVE HUNDRED THOUSAND DOLLARS TO FINANCE A SECOND GENERATION TREE SEED ORCHARD AND TO PROVIDE FOR THE METHOD OF PAYMENT OF THE LOAN AND INTEREST.
Be it enacted by the General Assembly of the State of South Carolina:
Forestry Commission authorized to borrow
SECTION 1. In order to finance the cost of acquiring land for use as a second generation tree seed orchard, the State Forestry Commission may borrow from one or more financial institutions or from whatever other source is appropriate, not exceeding one million, five hundred thousand dollars for such period of time as needed, not exceeding fifteen years, and upon such terms and conditions as the commission, with the approval of the State Budget and Control Board, agrees upon.
SECTION 2. Notwithstanding any other provision of law, for the payment of the loan and the interest thereon, there is annually pledged all revenues derived from the sale of timber from Forestry Commission lands which exceed the amount of one hundred eight thousand, six hundred seventy dollars to be credited to the General Fund of the State and those funds designated for allocation to counties under the provisions of Section 48-23-260 of the 1976 Code, and all donations and revenues made available to the Commission for this purpose. Each year, after allocation of revenue from timber sales to the General Fund, counties, and the payment of principal and interest on the loan, any remaining funds may be used for the reforestation of Forestry Commission lands cut pursuant to this act. Any unexpended balance at the close of each fiscal year must be carried forward and expended in accordance with the provisions of this act.
SECTION 3. The amount borrowed shall be evidenced by one or more notes of the commission payable as to both principal and interest solely from the revenues to be pledged therefor as authorized.
Form of notes
SECTION 4. The notes shall be in such form and of such tenor as is approved by the commission subject to the limitations of this act.
Tax exempt status
SECTION 5. The notes and the interest to become due thereon shall have the tax exempt status prescribed by Section 12-1-60 of the 1976 Code.
SECTION 6. This act shall take effect upon approval by the Governor.