South Carolina S0891 amends the state code to redefine financing agreements and establish penalties for misconduct in office related to bond issuance.

South Carolina S0891 amends the South Carolina Code to redefine "financing agreement" to include contracts for asset use with payments over multiple fiscal years, divided into principal and interest components, or referencing interest. The bill also establishes penalties for misconduct in office for members of local governing bodies who knowingly vote in favor of actions that violate constitutional debt limits. Additionally, it authorizes school districts to incur general obligation debt for school facilities and political subdivisions to incur debt for ad valorem taxes or licenses.

South Carolina S0891 amends the state code to redefine financing agreements and establish penalties for misconduct in office related to bond issuance.

South Carolina S0891 amends the South Carolina Code to redefine "financing agreement" to include contracts for asset use with payments over multiple fiscal years, divided into principal and interest components, or referencing interest. The bill also establishes penalties for misconduct in office for members of local governing bodies who knowingly vote in favor of actions that violate constitutional debt limits. Additionally, it authorizes school districts to incur general obligation debt for school facilities and political subdivisions to incur debt for ad valorem taxes or licenses.