Current Status Introducing Body:House Bill Number:3936 Ratification Number:144 Act Number:200 Primary Sponsor:Ross Type of Legislation:GB Subject:Oconee County school district, bond issuance Date Bill Passed both Bodies:Apr 29, 1991 Computer Document Number:JIC/5625.HC Governor's Action:S Date of Governor's Action:May 22, 1991 Introduced Date:Apr 18, 1991 Last History Body:------ Last History Date:May 22, 1991 Last History Type:Act No. 200 Scope of Legislation:Local All Sponsors:Ross T.C. Alexander Type of Legislation:General Bill
Bill Body Date Action Description CMN
---- ------ ------------ ------------------------------ ---
3936 ------ May 22, 1991 Act No. 200
3936 ------ May 22, 1991 Signed by Governor
3936 ------ May 21, 1991 Ratified R 144
3936 Senate Apr 29, 1991 Read third time, enrolled for
ratification
3936 Senate Apr 26, 1991 Read second time
3936 Senate Apr 25, 1991 Unanimous consent for second
and third reading on the next
two consecutive Legislative
days
3936 Senate Apr 25, 1991 Placed on Local and
Uncontested Calendar without
reference
3936 Senate Apr 25, 1991 Introduced, read first time
3936 House Apr 24, 1991 Read third time, sent to
Senate
3936 House Apr 23, 1991 Read second time
3936 House Apr 18, 1991 Introduced, read first time,
placed on Calendar without
reference
View additional legislative information at the LPITS web site.
(A200, R144, H3936)
AN ACT TO ALLOW THE SCHOOL DISTRICT OF OCONEE COUNTY TO RECEIVE BIDS ON MORE THAN ONE ISSUE OF GENERAL OBLIGATION BONDS AT A TIME AND TO AUTHORIZE THE DISTRICT TO REQUIRE BIDDERS TO SUBMIT PROPOSALS FOR ALL BONDS ISSUED AS THOUGH THE BONDS WERE OF A SINGLE ISSUE.
Be it enacted by the General Assembly of the State of South Carolina:
Findings
SECTION 1. The General Assembly finds:
(1) that the governing body of the School District of Oconee County is authorized to issue general obligation bonds;
(2) these statutes require the bonds to be sold at public sale and that they must be awarded to the bidder offering to take them at the lowest interest cost to the insurer although Section 11-9-90 of the Code of Laws of South Carolina, 1976, authorizes the Governor and State Treasurer to offer, at the same time, different issues of state general obligation bonds under conditions requiring bidders to bid for all of the bonds offered, as though they constituted a single issue, and to award all of the bonds offered to the bidder naming the lowest interest rate on all issues offered, in lieu of awarding the bonds on the basis of bids received for each issue offered;
(3) no statute now exists authorizing the governing body of the School District of Oconee County to offer at the same time different issues of general obligation bonds under similar conditions;
(4) varying market conditions may result in a better overall interest cost to the district if its governing body is authorized to make multiple offerings as a single issue and to award the bonds on such a basis;
(5) that it is appropriate to authorize the governing body of the Oconee County School District to treat, as though they were a single issue, general obligation bonds of the district sold at the same time, notwithstanding that the general obligation bonds are issues under different statutes for different purposes, and the maturity schedules of the issues offered are dissimilar.
Bids on bonds
SECTION 2. The governing body of the School District of Oconee County may receive bids on the issue of general obligation bonds on more than one issue at the same time and, in this event, may impose as a condition to bidding a requirement that all bidders shall submit proposals for all bonds then offered as though the bonds constituted only a single issue of bonds. The fact that more than one issue of bonds is offered and the maturity schedules of the bonds are dissimilar must be disregarded and the bonds must be awarded to the bidder whose bid prescribes the lowest interest cost, calculated on the basis that all bonds then issued constitute a single issue of bonds, rather than more than one issue of bonds.
Time effective
SECTION 3. This act takes effect upon approval by the Governor.
Approved the 22nd day of May, 1991.