H*3361 Session 103 (1979-1980)
H*3361(Rat #0327, Act #0620 of 1980) General Bill, By A.H. Buchan
A Bill to authorize the trustees of Mullins School District No. 2 of Marion
County and the treasurer of Marion County to borrow not exceeding three
hundred thousand dollars to be used for school building purposes and to
provide for the payment of the loan.
01/22/80 House Introduced, read first time, placed on calendar
without reference HJ-353
01/23/80 House Read second time HJ-389
01/29/80 House Read third time and sent to Senate HJ-460
01/29/80 Senate INTD. & PLACED ON LOC. & UNCONTESTED CAL. W/O
REFERENCE SJ-14
01/30/80 Senate Amended SJ-10
01/30/80 Senate Read second time SJ-10
01/30/80 Senate Ordered to third reading with notice of
amendments SJ-10
01/31/80 Senate READ THIRD TIME SJ-13
01/31/80 Senate Returned SJ-13
01/31/80 House Concurred in Senate amendment and enrolled HJ-543
01/31/80 House Ratified R 327 HJ-562
02/06/80 Signed By Governor
02/06/80 Effective date 02/06/80
02/06/80 Act No. 620
02/21/80 Copies available
(A620, R327, H3361)
AN ACT TO AUTHORIZE THE TRUSTEES OF MULLINS SCHOOL DISTRICT NO. 2 OF MARION
COUNTY AND THE TREASURER OF MARION COUNTY TO BORROW NOT EXCEEDING THREE
HUNDRED THOUSAND DOLLARS TO BE USED FOR SCHOOL BUILDING PURPOSES AND TO
PROVIDE FOR THE PAYMENT OF THE LOAN.
Be it enacted by the General Assembly of the State of South Carolina:
Mullins school District No. 2-borrowing authorized
Section 1. The Board of Trustees of Mullins School District No. 2 of Marion
County, and the county treasurer are hereby authorized to borrow not exceeding
three hundred thousand dollars from the Division of General Services or any
other lending agency at the lowest interest rate available for school building
purposes. The amount borrowed shall be evidenced by notes to be executed by
each member of the board of trustees of the school district and by the county
treasurer. The interest shall be paid annually and the principal shall be paid
in not exceeding five equal, annual installments with the right to anticipate
payment thereof at any annual interest paying period.
Payment of notes
Section 2. For the payment of the notes the board of trustees of the school
district and the county treasurer shall pledge the annual grant from the State
Educational Finance Commission for the repayment of the loan and the interest
thereon.
Security for loan
Section 3. As additional security for the loan, in the event the annual
grant to the school district by the State Educational Finance Commission shall
be insufficient to pay the principal and interest on the loan, the county
auditor shall levy, and the county treasurer shall collect, an annual tax upon
all of the taxable property of the district sufficient to retire the loan and
the interest due thereon, and the entire proceeds of such levy shall be
applied to the payment of the notes, inclusive of interest, in full, at which
time the levy provided therein shall be terminated. In the event the school
district may receive or have on hand any funds not otherwise pledged nor
designated for a particular use, such funds may be used for payment of the
loan and interest thereon. Should the monies be borrowed from the Division of
General Services and should there be default in any payment, the State
Treasurer is directed to withhold any funds accruing to the county and to
transmit such funds to the Division of General Services. The full faith,
credit and taxing power of the school district are irrevocably pledged for
payment of the loan.
Time effective
Section 4. This act shall take effect upon approval by the Governor. |