Bill 3419

                    Current Status

Bill Number:                    3419
Ratification Number:            224
Act Number:                     103
Type of Legislation:            General Bill GB
Introducing Body:               House
Introduced Date:                19970211
Primary Sponsor:                Cobb-Hunter
All Sponsors:                   Cobb-Hunter, R. Smith, Harrell,
                                Kennedy and Harvin 
Drafted Document Number:        jic\5364htc.97
Date Bill Passed both Bodies:   19970603
Date of Last Amendment:         19970522
Governor's Action:              S
Date of Governor's Action:      19970613
Subject:                        South Carolina State University,
                                special obligation bonds, net athletic
                                revenues, Bonds or Notes, Colleges,
                                Universities

Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

------  19970630  Act No. A103
------  19970613  Signed by Governor
------  19970609  Ratified R224
House   19970603  Concurred in Senate amendment,
                  enrolled for ratification
Senate  19970603  Read third time, returned to House
                  with amendment
Senate  19970522  Read second time, ordered to
                  third reading with notice of
                  general amendments
Senate  19970522  Committee amendment adopted
Senate  19970522  Read second time, ordered to
                  third reading with notice of
                  general amendments
Senate  19970522  Committee amendment adopted
Senate  19970521  Committee report: Favorable with         06 SF
                  amendment
Senate  19970501  Introduced, read first time,             06 SF
                  referred to Committee
House   19970430  Read third time, sent to Senate
House   19970429  Amended, read second time
House   19970417  Committee report: Favorable with         30 HWM
                  amendment
House   19970211  Introduced, read first time,             30 HWM
                  referred to Committee

(A103, R224, H3419)

AN ACT TO AMEND SECTIONS 59-127-310, 59-127-320, 59-127-400, 59-127-440, AND 59-127-460, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO SPECIAL OBLIGATION BONDS OF SOUTH CAROLINA STATE UNIVERSITY, SO AS TO DEFINE "NET ATHLETIC REVENUES" AND ADD THESE REVENUES TO THOSE REVENUE SERVICES PREVIOUSLY AVAILABLE FOR DEBT SERVICE ON THESE BONDS, TO RAISE THE THREE MILLION DOLLAR OUTSTANDING DEBT LIMIT FOR THESE BONDS TO TWENTY MILLION DOLLARS, TO AUTHORIZE BOND PROCEEDS TO BE USED FOR ACQUIRING, CONSTRUCTING, RECONSTRUCTING, RENOVATING, OR EQUIPPING ATHLETIC FACILITIES, AND TO REFUND PREVIOUSLY ISSUED BONDS, AND TO DELETE PROVISIONS RELATING TO ADVERTISING OF ISSUES.

Be it enacted by the General Assembly of the State of South Carolina:

Definition

SECTION 1. Section 59-127-310 of the 1976 Code, as added by Act 514 of 1992, is amended by adding at the end:

"(10) 'Net athletic revenues' means the entire revenues derived by the athletic department of the University for any fiscal year after payment of the operating and maintenance expenses of the department but before provision is made for depreciation, amortization, nonmandatory transfers, and interest expenses of the department for the fiscal year."

Debt limit

SECTION 2. Section 59-127-320(B) of the 1976 Code, as added by Act 514 of 1992, is amended to read:

"(B) Subject to obtaining the approval of the state board expressed by resolution duly adopted, the trustees are authorized to issue not more than twenty million dollars of bonds for the purpose of acquiring, constructing, reconstructing, renovating, or equipping athletic facilities and for the purpose of refunding any previous series of bonds authorized by this section. Bonds issued pursuant to this section are payable from the admission fee, the special student fee, and net athletic revenues."

Sale of bonds

SECTION 3. Section 59-127-400 of the 1976 Code, as added by Act 514 of 1992, is amended to read:

"Section 59-127-400. All bonds must be disposed of in a manner the trustees determine, except that a sale, privately negotiated without public advertisement, must not be made unless the approval of the state board is obtained."

Powers

SECTION 4. Section 59-127-440(1) of the 1976 Code, as added by Act 514 of 1992, is amended to read:

"(1) covenant and agree throughout the life of the bonds that the admission fee or the special student fee, or both, are imposed, maintained, and revised when necessary, in an amount, without limitation as to rate, as is sufficient, when added to net athletic revenues in any year, to meet the payment of the principal and interest for the bonds as they become due, and to create a cushion or reserve fund as the trustees consider prudent. The cushion or reserve must be used only to meet the payment of the principal and interest on the bonds under the conditions as the trustees prescribe and must be maintained in a manner as to insure its availability for repayment;"

Additional bonds

SECTION 5. Section 59-127-460 of the1976 Code, as added by Act 514 of 1992, is amended to read:

"Section 59-127-460. The trustees are authorized to issue additional bonds in one or more series as provided in the resolutions authorizing the original series of bonds for the purpose of refunding or retiring the bonds or for the purpose of enlarging or improving the football stadium. "

Time effective

SECTION 6. This act takes effect upon approval by the Governor.

Approved the 13th day of June, 1997.