South Carolina General Assembly
108th Session, 1989-1990

Bill 3510

                    Current Status

Bill Number:               3510
Ratification Number:       93
Act Number                 55
Introducing Body:          House
Subject:                   Establishing the South Carolina Resources
                           Authority
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A55, R93, H3510)

AN ACT TO DECLARE THE LEGISLATIVE INTENT WITH RESPECT TO THE IMPLEMENTATION OF ACT 682 OF 1988 ESTABLISHING THE SOUTH CAROLINA RESOURCES AUTHORITY AND AUTHORIZING IT TO ISSUE BONDS WHOSE PROCEEDS WILL BE USED TO MAKE LOANS AND GRANTS AVAILABLE TO LOCAL GOVERNMENTS FOR PROJECTS APPROVED BY THE AUTHORITY; AND TO REAFFIRM ACT 682 OF 1988.

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

Legislative declaration

SECTION 1. (A) Act 682 of 1988 created the South Carolina Resources Authority which proposes to issue its revenue bonds in accordance with the act for the purpose of refunding outstanding bonds of local governmental units held by the Farmers Home Administration. It is desirable that the authority issue its bonds within the next ninety days so that the proceeds may be used to enable local governmental units to pay off outstanding loans to the Farmers Home Administration at a substantial discount which will not be available after May 9, 1989.

(B) Act 682 of 1988 contains features authorizing the issuing of bonds for the benefit of private eleemosynary companies; permitting bond proceeds to be used to acquire local obligations payable from property taxes; permitting the imposition of local property taxes by the Comptroller General for the repayment of local obligations and providing for the payment of local obligations and authority bonds from state appropriations. It is anticipated that these features will be presented to the court for a confirmation of their constitutionality. In the meantime, the authority shall proceed in order to meet the deadline established by the Farmers Home Administration to issue, pursuant to Act 682 of 1988, bonds which can be issued independent of the features described above. The General Assembly declares that the remaining portion of Act 682 of 1988 is capable of being executed in accordance with the legislative intent, wholly independent of those features described above, or any of them.

Act reaffirmed

SECTION 2. Act 682 of 1988 is reaffirmed in all respects consistent with the expression of legislative intent set forth in this act.

Time effective

SECTION 3. This act takes effect upon approval by the Governor.