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Indicates Matter Stricken
Indicates New Matter
Sponsors: Rep. Stavrinakis
Document Path: l:\council\bills\bbm\10155htc11.docx
Introduced in the House on April 13, 2011
Introduced in the Senate on May 3, 2011
Currently residing in the Senate
Summary: Charleston County School District
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 4/13/2011 House Introduced and read first time (House Journal-page 51) 4/13/2011 House Referred to Charleston Delegation (House Journal-page 51) 4/27/2011 House Delegation report: Favorable Charleston Delegation (House Journal-page 44) 4/28/2011 House Read second time (House Journal-page 11) 4/28/2011 House Roll call Yeas-10 Nays-0 (House Journal-page 11) 4/28/2011 House Unanimous consent for third reading on next legislative day (House Journal-page 12) 4/28/2011 Scrivener's error corrected 4/29/2011 House Read third time and sent to Senate (House Journal-page 1) 5/3/2011 Senate Introduced, read first time, placed on local & uncontested calendar (Senate Journal-page 27)
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
May 3, 2011
L. Printed 5/3/11--S.
Read the first time May 3, 2011.
TO PROVIDE THAT THE SCHOOL DISTRICT OF CHARLESTON COUNTY FOR FISCAL YEARS 2010-2011 THROUGH 2012-2013 MAY EXPEND FUNDS GENERATED FROM A GENERAL OBLIGATION DEBT BOND ISSUED FOR SCHOOL OPERATING PURPOSES, IN ORDER TO DEAL WITH A SHORTAGE OF SCHOOL OPERATING FUNDS, IF PERMITTED BY THE FEDERAL LAW APPLICABLE TO THE PARTICULAR TYPES OF BONDS ISSUED AND IF IT DOES NOT VIOLATE ANY PROVISIONS OF THE BOND INDENTURE APPLICABLE TO THE ISSUANCE AND SALE OF THOSE BONDS AND TO REQUIRE THAT ANY BOND FUNDS USED FOR SCHOOL OPERATING PURPOSES MUST BE RESTORED TO THE APPROPRIATE BOND PROCEEDS ACCOUNTS WITHIN TWELVE MONTHS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The School District of Charleston County for Fiscal Years 2010-2011 through 2012-2013, in the event of a shortfall in school operating funds, may expend funds generated from a general obligation debt bond issued for school operating purposes, if permitted by the federal law applicable to the particular types of bonds issued and if it does not violate any provisions of the bond indenture applicable to the issuance and sale of those bonds. Any bond proceeds used for school operations pursuant to this section must be restored to the appropriate bond proceeds accounts within twelve months.
SECTION 2. This joint resolution takes effect upon approval by the Governor.
This web page was last updated on May 4, 2011 at 8:49 AM