BillTrack50 logo
Free Signup Login
Bill

Bill > S0891

SC S0891

SC S0891
Financing Agreements

summary

Introduced
02/04/2026
In Committee
02/04/2026
Crossed Over
Passed
Dead

Introduced Session

126th General Assembly

Bill Summary

Amend The South Carolina Code Of Laws By Amending Section 11-27-110, Relating To Lease Purchase Or Financing Agreements Subject To Constitutional Debt Limits, So As To Provide An Expanded Definition Of Financing Agreements; By Amending Section 11-27-40, Relating To The Effect Of The New Article X On Bonds Of Political Subdivisions, So As To Provide That Any Member Of A Local Governing Body Who Knowingly Votes In Favor Of A Proposed Action That Violates Section 14 Of The New Article X Of The Constitution Is Guilty Of Misconduct In Office; And By Amending Section 11-27-50, Relating To The Effect Of The New Article X On Bonds Of School Districts, So As To Provide That Any Member Of A Governing Body Of The State's School Districts Who Votes In Favor Of A Proposed Action That Knowingly Violates Section 15 Of The New Article X Of The Constitution Is Guilty Of Misconduct In Office.

AI Summary

This bill expands the definition of "financing agreement" to include more types of contracts where a government entity acquires the use of an asset and makes payments over multiple fiscal years, potentially treating some payments as interest, and clarifies that title to the asset may transfer to the government entity upon full payment. It also introduces a provision that any member of a local governing body or a school district's governing body who knowingly votes in favor of a proposed action that violates specific constitutional debt limits (Article X, Sections 14 and 15) is guilty of misconduct in office, thereby strengthening accountability for financial decisions made by these officials.

Committee Categories

Budget and Finance

Sponsors (4)

Last Action

Referred to Committee on Finance (on 02/04/2026)

bill text

bill summary

Loading...

bill summary

Loading...
Loading...