Current Status Introducing Body:
SenateBill Number: 1182Ratification Number: 542Act Number: 442Primary Sponsor: DrummondType of Legislation: GBSubject: Tax exempt bond, indenture forDate Bill Passed both Bodies: 19940525Computer Document Number: JIC/5489HC.94Governor's Action: SDate of Governor's Action: 19940616Introduced Date: 19940215Date of Last Amendment: 19940511Last History Body: ------Last History Date: 19940616Last History Type: Act No. 442Scope of Legislation: StatewideAll Sponsors: DrummondType of Legislation: General Bill
Bill Body Date Action Description CMN Leg Involved ---- ------ ------------ ------------------------------ --- ------------ 1182 ------ 19940616 Act No. 442 1182 ------ 19940616 Signed by Governor 1182 ------ 19940602 Ratified R 542 1182 Senate 19940525 Concurred in House amendment, enrolled for ratification 1182 House 19940512 Read third time, returned to Senate with amendment 1182 House 19940511 Amended, read second time 1182 House 19940510 Debate interrupted 1182 House 19940421 Committee Report: Favorable 30 with amendment 1182 House 19940406 Introduced, read first time, 30 referred to Committee 1182 Senate 19940405 Read third time, sent to House 1182 Senate 19940331 Read second time 1182 Senate 19940330 Committee Report: Favorable 06 1182 Senate 19940215 Introduced, read first time, 06 referred to CommitteeView additional legislative information at the LPITS web site.
(A442, R542, S1182)
AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 11-1-85 SO AS TO REQUIRE THE INDENTURE, ORDINANCE, OR RESOLUTION FOR A TAX-EXEMPT BOND TO INCLUDE A COVENANT TO FILE AN ANNUAL INDEPENDENT AUDIT WITH A CENTRAL REPOSITORY AND SIMILARLY TO FILE WITH A CENTRAL REPOSITORY EVENT SPECIFIC INFORMATION ADVERSELY AFFECTING MORE THAN FIVE PERCENT OF REVENUE OR TAX BASE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 1, Title 11 of the 1976 Code is amended by adding:
"Section 11-1-85. Notwithstanding any other provision of law, a tax-exempt bond issued by or on behalf of any public or private body or entity must include in the issuing indenture, ordinance, or resolution a covenant requiring the issuer to file with a central repository for availability in the secondary bond market when requested:
(1) an annual independent audit, within thirty days of the issuer's receipt of the audit, and
(2) event specific information, within thirty days of an event adversely affecting more than five percent of revenue or its tax base."
SECTION 2. This act takes effect on the first day of the second month following approval by the Governor and applies with respect to tax-exempt bond indentures executed on or after that date.
Approved the 16th day of June, 1994.