South Carolina, USA, regional Plebiscite [ATP] - To authorize general obligation debt

General Typology

Instrument
Plebiscite [ATP]
Location
South Carolina, USA
Political level
regional
Local Name:
To authorize general obligation debt
Normative Level:
constitutional
Legally Binding:
yes
Legally Defined:

ARTICLE X FINANCE, TAXATION, AND BONDED DEBT

SECTION 13. Bonded indebtedness of State.

(1) Subject to the conditions and limitations in this section, the State shall have power to incur indebtedness in the following categories and in no others: (a) general obligation debt; and (b) indebtedness payable only from a revenue-producing project or from a special source as provided in subsection (9) hereof.
(2) "General obligation debt" shall mean any indebtedness of the State which shall be secured in whole or in part by a pledge of the full faith, credit and taxing power of the State.
(3) General obligation debt may not be incurred except for a public purpose and all general obligation debt shall mature not later than thirty years from the time such indebtedness shall be incurred.
(4) In each act authorizing the incurring of general obligation debt the General Assembly shall allocate on an annual basis sufficient tax revenues to provide for the punctual payment of the principal of and interest on such general obligation debt. If at any time any payment due as the principal of or interest on any general obligation debt shall not be paid as and when the same become due and payable, the State Comptroller General shall forthwith levy and the State Treasurer shall collect an ad valorem tax without limit as to rate or amount upon all taxable property in the State sufficient to meet the payment of the principal and interest of such general obligation debt then due.
(5) If general obligation debt be authorized by (a) two-thirds of the members of each House of the General Assembly; or (b) by a majority vote of the qualified electors of the State voting in a referendum called by the General Assembly there shall be no conditions or restrictions limiting the incurring of such indebtedness except (i) those restrictions and limitations imposed in the authorization to incur such indebtedness, and (ii) the provisions of subsection (3) hereof.

References: Constitution of South Carolina, 1895 (accessed Sept. 18, 2017)

Subject Matter:

To authorize general obligation debt

Actors

Author:
Legislature
Initiator:
Legislature
Decision maker:
Electorate

Requirements

Available Time:
Turnout Quorum:
No turnout quorum found in legal source
Approval Quorum:
Majority of those voting
Geographical Quorum:
No geographical quorum found in legal source
Excluded Issues:
Other Formal Requirements:

Procedural Elements

Wording Of Ballot Question:
Interaction With Authorities:
Supervision And Support:
Transparency And Finance:

Practice

Archive:
Remarks: