Bill Text: SC H4094 | 2011-2012 | 119th General Assembly | Introduced

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Bill Title: Charleston County School District

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2011-05-03 - Introduced, read first time, placed on local & uncontested calendar [H4094 Detail]

Download: South_Carolina-2011-H4094-Introduced.html

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

INTRODUCED

May 3, 2011

H. 4094

Introduced by Rep. Stavrinakis

L. Printed 5/3/11--S.

Read the first time May 3, 2011.

            

A JOINT RESOLUTION

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.