Current Status Introducing Body:
HouseBill Number: 3761Ratification Number: 106Act Number: 53Primary Sponsor: KirshType of Legislation: GBSubject: Capital improvement bondsDate Bill Passed both Bodies: 19930430Computer Document Number: EGM/18171DW.93Governor's Action: SDate of Governor's Action: 19930514Introduced Date: 19930323Last History Body: ------Last History Date: 19930514Last History Type: Act No. 53Scope of Legislation: StatewideAll Sponsors: KirshType of Legislation: General Bill
Bill Body Date Action Description CMN Leg Involved ---- ------ ------------ ------------------------------ --- ------------ 3761 ------ 19930514 Act No. 53 3761 ------ 19930514 Signed by Governor 3761 ------ 19930511 Ratified R 106 3761 Senate 19930430 Read third time, enrolled for ratification 3761 Senate 19930429 Read second time 3761 Senate 19930428 Unanimous consent for second and third reading on the next two consecutive Legislative days 3761 Senate 19930428 Introduced, read first time, placed on Calendar without reference 3761 House 19930427 Read third time, sent to Senate 3761 House 19930422 Read second time 3761 House 19930414 Committee Report: Favorable 30 3761 House 19930323 Introduced, read first time, 30 referred to CommitteeView additional legislative information at the LPITS web site.
(A53, R106, H3761)
AN ACT TO AMEND TITLE 11, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PUBLIC FINANCE, BY ADDING CHAPTER 38 SO AS TO AUTHORIZE THE ISSUANCE OF CAPITAL IMPROVEMENT BONDS IN DENOMINATIONS OF LESS THAN ONE THOUSAND DOLLARS; TO AUTHORIZE THESE CAPITAL IMPROVEMENT BONDS TO BE SOLD AT A PRICE LESS THAN PAR; TO AUTHORIZE THAT IN THE COMPUTATION OF THE PRINCIPAL AMOUNT OF CAPITAL IMPROVEMENT BONDS OUTSTANDING, THE AMOUNT THE STATE RECEIVES FROM THE SALE OF THE CAPITAL IMPROVEMENT BONDS RATHER THAN THE PAR AMOUNT OF IT MUST BE USED FOR THIS COMPUTATION; TO AUTHORIZE THE STATE BUDGET AND CONTROL BOARD TO DETERMINE THE MATURITY OF THESE BONDS; TO AUTHORIZE THESE BONDS TO BE OFFERED AND SOLD AT OTHER THAN PUBLIC SALE; AND TO AUTHORIZE THE STATE TREASURER TO DETERMINE THE RATE OF INTEREST THE CAPITAL IMPROVEMENT BONDS WILL BEAR.
SECTION 1. The General Assembly finds that:
(1) There are many citizens of the State who have expressed a desire to purchase capital improvement bonds as an investment in the State, as an investment to assist in defraying the cost of education of their children, and to provide monies for their retirement.
(2) Since capital improvement bonds of the State have heretofore been offered and sold in denominations of $5,000 or multiplies thereof, many of the citizens of the State are unable to invest $5,000 at one time but would be able to invest in lesser amounts from time to time.
(3) It is in the public interest for the State to provide an opportunity for its citizens to invest in the State, to assist them in providing for the education of their children, and provide monies for their retirement by enacting the provisions of this act.
Be it enacted by the General Assembly of the State of South Carolina:
Capital improvement bonds
SECTION 2. Title 11 of the 1976 Code is amended by adding:
Section 11-38-10. Notwithstanding the provisions of Act 1377 of 1968, with regard to the denominations of capital improvement bonds which may be issued and the price at which they may be sold, the provisions of this chapter apply to the issuance of capital improvement bonds issued in denominations of less than one thousand dollars.
Section 11-38-20.(A) The State Budget and Control Board is authorized to provide for the issuance of capital improvement bonds in denominations of less than $1,000.
(B) Capital improvement bonds in denominations of less than $1,000 are authorized to be sold at a price less than par, plus accrued interest from their date to the date of their delivery.
(C) For the purpose of computing the principal amount of capital improvement bonds issued, the amount of capital improvement bonds issued in denominations less than $1,000 must be determined by the amount the State receives from the issuance of such bonds, rather than the par amount of such bonds.
(D) Capital improvement bonds issued in denominations of less than $1,000 shall mature in such amounts and at such times as the State Treasurer shall determine.
(E) The requirement that capital improvement bonds be sold upon sealed proposals, after publication of notice of sale one or more times at least ten days before such sale, in a newspaper of general circulation in the State and also a financial paper published in New York City, shall not apply to the sale of capital improvement bonds in denominations of less than $1,000. The State Treasurer is authorized to develop and implement a program for the sale of capital improvement bonds in denominations of less than $1,000, including the advertisement of it, that will ensure an opportunity for citizens of the State to purchase these capital improvement bonds.
(F) The State Treasurer shall determine the rate or rates of interest that capital improvement bonds issued in denominations of less than $1,000 shall bear.
Section 11-38-30. All provisions of Act 1377 of 1968, as amended, not inconsistent, or in conflict, with the provisions of this chapter are applicable to capital improvement bonds issued in denominations less than $1,000."
SECTION 3. This act takes effect upon approval by the Governor.
Approved the 14th day of May, 1993.