Current Status Bill Number:775 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19950425 Primary Sponsor:Drummond All Sponsors:Drummond and Alexander Drafted Document Number:jic\5825htc.95 Companion Bill Number:4020 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Clemson University, issuance of bonds
Body Date Action Description Com Leg Involved
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Senate 19950425 Introduced, read first time, 06 SF
referred to Committee
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TO AMEND ACT 456 OF 1961, AS AMENDED, RELATING TO THE ISSUANCE OF BONDS BY CLEMSON UNIVERSITY FOR STUDENT AND FACULTY HOUSING FACILITIES, SO AS TO INCREASE FROM FORTY TO FORTY-FIVE MILLION DOLLARS THE AUTHORIZED AMOUNT OF THE BONDS AND TO EXTEND THE CAPITALIZED INTEREST PERIOD FROM ONE TO TWO YEARS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 4 of Act 456 of 1961, as last amended by Act 624 of 1990, is further amended to read:
"Section 4. Upon receiving the approval of the State Budget and Control Board and upon review by the Joint Bond Review Committee as provided in Chapter 47, Title 2 of the 1976 Code, the trustees from time to time may borrow further sums as may be necessary to accomplish the purpose of this act and to evidence the borrowings by bonds issued pursuant to this act in an aggregate principal amount as they determine except, that other provisions of this act to the contrary notwithstanding, there must not be outstanding at any time bonds issued pursuant to this act in excess of forty forty-five million dollars."
SECTION 2. Item 1 of Section 13 of Act 456 of 1961, is amended to read:
"1. To issue bonds in such amount, within the limitations herein provided for, as the trustees shall deem consider necessary, provided that it shall be is lawful for the trustees to use a portion of the principal proceeds derived from any sale of bonds, except bonds issued to effect refunding of outstanding bonds, to meet the payment of interest on such these bonds for a period of one year two years, it being recognized by the General Assembly, that until the facilities, to be constructed with the proceeds of the loan, shall be are completed, an undue burden may be imposed upon then existing revenues."
SECTION 3. This act takes effect upon approval by the Governor.