Current Status Bill Number:623 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19970408 Primary Sponsor:Drummond All Sponsors:Drummond Drafted Document Number:pt\1087dw.97 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:General obligation bonds, local governments to issue for refunding purposes; Political Subdivisions, Bonds or Notes
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ Senate 19970408 Introduced, read first time, 06 SF referred to CommitteeView additional legislative information at the LPITS web site.
TO AMEND SECTION 11-15-440, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE EXTENT LOCAL GOVERNMENTS MAY ISSUE GENERAL OBLIGATION BONDS FOR THE PURPOSE OF REFUNDING OUTSTANDING INDEBTEDNESS, SO AS TO AUTHORIZE THE ISSUANCE OF GENERAL OBLIGATION BONDS FOR THE PURPOSE OF REFUNDING OTHER TYPES OF OBLIGATIONS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The General Assembly finds that local governments are authorized pursuant to the provisions of the Refunding Act, Section 11-15-400, et seq., Code of Laws of South Carolina, 1976, to issue general obligation bonds for the purpose of refunding outstanding indebtedness. As presently written, the Refunding Act provides that refunding bonds may be issued only to refund outstanding general obligation bonds. The General Assembly further finds that from time to time it may be in the best interest of a local government to issue general obligation bonds for the purpose of refunding other types of obligations including, but not limited to, revenue bonds and certificates of participation, as well.
SECTION 2. Section 11-15-440 of the 1976 Code is amended to read:
"Section 11-15-440. The governing body of any issuer may issue general obligation bonds of such the issuer to such the extent as that such the issuer shall be is indebted or obligated by way of principal, interest, and redemption premium, if any, upon any pursuant to outstanding general obligation obligations bonds, maturing or called for redemption, less all sinking funds and other moneys monies on hand applicable thereto to it."
SECTION 3. This act takes effect upon approval by the Governor.