Bill 699

                    Current Status

Bill Number:               699
Ratification Number:       385
Act Number                 349
Introducing Body:          Senate
Subject:                   Governing board of authority
                           decreased

(A349, R385, S699)

AN ACT TO AMEND SECTION 51-13-710, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE PATRIOT'S POINT DEVELOPMENT AUTHORITY, SO AS TO REDUCE THE SIZE OF THE GOVERNING BOARD OF THE AUTHORITY; TO AMEND SECTION 51-13-720, RELATING TO THE GOVERNING BOARD OF THE AUTHORITY, SO AS TO REVISE THE MANNER IN WHICH THE GOVERNING BOARD IS APPOINTED; TO AMEND SECTION 51-13-810, RELATING TO THE AUTHORIZATION OF THE AUTHORITY TO ISSUE REVENUE BONDS, SO AS TO DELETE THIS AUTHORIZATION AND TO PROVIDE FOR THE MANNER IN WHICH THE AUTHORITY IS AUTHORIZED TO BORROW MONEY; TO AMEND SECTION 51-13-840, RELATING TO THE EXEMPTION FROM TAXATION OF THE PROPERTY OF THE AUTHORITY, SO AS TO FURTHER PROVIDE FOR THIS EXEMPTION; AND TO AMEND THE 1976 CODE BY ADDING SECTION 51-13-860 SO AS TO AUTHORIZE THE AUTHORITY TO BORROW NOT EXCEEDING SIX MILLION DOLLARS UNDER CERTAIN CONDITIONS AND FOR SPECIFIED PURPOSES; AND BY ADDING SECTION 51-13-870 SO AS TO REQUIRE THE AUTHORITY TO SUBMIT A FINANCIAL STATUS REPORT TO THE GOVERNOR AND GENERAL ASSEMBLY BY JANUARY 1, 1994, AND TO PROVIDE FOR THE EFFECTIVE DATE OF THE ABOVE PROVISIONS.

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

Governing board of authority decreased

SECTION 1. Section 51-13-710 of the 1976 Code is amended to read:

"Section 51-13-710. There is hereby created the Patriot's Point Development Authority, a body politic and corporate under the laws of this State, consisting of and governed by a board of five members hereinafter referred to as the authority. "

Manner of appointment of board revised

SECTION 2. Section 51-13-720 of the 1976 Code is amended to read:

"Section 51-13-720. Members of the authority must be appointed by the Governor as follows: one upon the joint recommendation of the Chairman of the House Ways and Means Committee and the Speaker of the House, one upon the joint recommendation of the Chairman of the Senate Finance Committee and the President Pro Tempore of the Senate, and three to be appointed by the Governor. The Governor shall appoint the chairman. The terms of the members are for four years and until their successors are appointed and qualify. Members may succeed themselves. Vacancies must be filled in the same manner of the original appointment for the remainder of the unexpired term."

Revenue bond authorization deleted and borrowing provisions

SECTION 3. Section 51-13-810 of the 1976 Code is amended to read:

"Section 51-13-810. As a means of raising the funds needed in the acquisition, construction, equipment, maintenance, and operation of any facility, building, structure, or other matter or thing which the authority is authorized to acquire, construct, equip, maintain, or operate, all or any of them, the authority, subject to the approval of the Budget and Control Board, may borrow money and make and issue negotiable notes, or other evidences of indebtedness and provide for their payment under terms and conditions the authority determines."

Taxation exemption revised

SECTION 4. Section 51-13-840 of the 1976 Code is amended to read:

"Section 51-13-840. The property of the authority is not subject to any taxes, or sums in lieu of taxes, or assessments on the property."

Certain borrowing authorized

SECTION 5. The 1976 Code is amended by adding:

"Section 51-13-860. The Budget and Control Board may transfer to the authority an amount not to exceed six million dollars from the funds made available to the South Carolina Coordinating Council for Economic Development pursuant to Section 12-27-1270, for the purpose of the authority participating in any court approved settlement of the claims and litigation brought against the authority, its officers, employees or agents and arising from, related to, or connected with the development of a hotel and marina complex upon the lands of the authority, and for those other operating expenses necessary for the further development of the authority. This transfer is considered a loan to the authority, and it must be for a period not to exceed three years as determined by the Budget and Control Board and must be free of interest for that period."

Report and recommendations

SECTION 6. The 1976 Code is amended by adding:

"Section 51-13-870. On or before January 1, 1994, the authority shall submit a report to the Governor and the General Assembly which provides a detailed status of the development activities, financial condition of the authority, and recommendations for legislation to assure the permanent status of the Patriot's Point Naval and Maritime Museum."

Time effective

SECTION 7. This act takes effect upon approval by the Governor, except that the provisions of Sections 1, 2, 5, and 6 of this act do not take effect until the date that all claims and litigation, brought against the Patriot's Point Development Authority, its officers, employees, or agents and arising from, related to, or connected with the development of a hotel and marina complex upon the lands of the authority, have been settled or otherwise disposed of to the satisfaction of the Governor and the State Budget and Control Board as evidenced by written resolution of the board. On the date of this written resolution, the terms of the present members of the authority expire and their successors appointed in the manner provided by this act shall take office.

Approved the 19th day of March, 1990.