South Carolina General Assembly
110th Session, 1993-1994

Bill 3761


                    Current Status
Introducing Body:               House
Bill Number:                    3761
Ratification Number:            106
Act Number:                     53
Primary Sponsor:                Kirsh
Type of Legislation:            GB
Subject:                        Capital improvement bonds
Date Bill Passed both Bodies:   19930430
Computer Document Number:       EGM/18171DW.93
Governor's Action:              S
Date of Governor's Action:      19930514
Introduced Date:                19930323
Last History Body:              ------
Last History Date:              19930514
Last History Type:              Act No. 53
Scope of Legislation:           Statewide
All Sponsors:                   Kirsh
Type of Legislation:            General Bill

History

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 Committee
View additional legislative information at the LPITS web site.


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(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.

Findings

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:

"Chapter 38

Issuance of Capital Improvement

Bonds in Denominations of Less

Than One Thousand Dollars

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."

Time effective

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

Approved the 14th day of May, 1993.