H*3915 Session 104 (1981-1982)
H*3915(Rat #0502, Act #0533 of 1982) General Bill, By J.D. McInnis and
J.W. McLeod
A Bill to authorize the Board of Education of Dillon County to borrow an
amount not to exceed nine hundred eighty thousand dollars to be used for
school construction; to provide for the payment of the loan; to provide that
the County Treasurer shall apply any amount of the millage levied for school
debt retirement in Dillon County for fiscal year 1981-82, which has not been
pledged previously or applied for other purposes on the effective date of this
Act, for purposes of repayment of the loan; to provide that in each subsequent
fiscal year the County Auditor may levy, and the Treasurer collect, an annual
tax of up to fifteen mills upon all of the taxable property of the County as
necessary to retire the loan and the interest due thereon; to provide that as
additional security for the loan in the event the millage referred to in
Section 2 of this Act is insufficient, the County Auditor shall levy, and the
Treasurer collect, an annual tax upon all of the taxable property of Dillon
County sufficient to retire the loan and the interest due thereon and that the
entire proceeds of such levy shall be applied to the payment of the note,
inclusive of interest, in full, at which time the levy provided herein shall
be terminated; to provide that in the event the Board may receive or have on
hand any funds not otherwise pledged or designated for a particular use, such
funds may be used for payment of the loan and interest; to provide that the
full faith, credit, and taxing power of Dillon County are irrevocably pledged
for the payment of the loan; and to repeal Act 639 of 1980 which authorized
the Board to borrow up to six hundred thousand dollars for school
construction.-at
05/06/82 House Introduced, read first time, placed on calendar
without reference HJ-2826
05/07/82 House Read second time HJ-2870
05/12/82 House Read third time and sent to Senate HJ-2902
05/19/82 Senate Intd. & placed on loc. & uncontested cal. w/o
reference SJ-23
05/20/82 Senate Amended SJ-26
05/20/82 Senate Read second time SJ-27
05/20/82 Senate Ordered to third reading with notice of
amendments SJ-27
05/21/82 Senate Read third time SJ-3
05/21/82 Senate Returned SJ-3
05/25/82 House Debate adjourned on amendments HJ-3140
05/27/82 House Senate amendment amended HJ-3630
05/27/82 House Returned HJ-3631
05/28/82 Senate Concurred in House amendment and enrolled SJ-321
06/02/82 House Ratified R 502 HJ-3839
06/03/82 Signed By Governor
06/03/82 Effective date 06/03/82
06/03/82 Act No. 533
06/18/82 Copies available
(A533, R502, H3915)
AN ACT TO AUTHORIZE THE BOARD OF EDUCATION OF DILLON COUNTY TO BORROW AN AMOUNT
NOT TO EXCEED NINE HUNDRED EIGHTY THOUSAND DOLLARS TO BE USED FOR SCHOOL
CONSTRUCTION; TO PROVIDE FOR THE PAYMENT OF THE LOAN; TO PROVIDE THAT THE COUNTY
TREASURER SHALL APPLY ANY AMOUNT OF THE MILLAGE LEVIED FOR SCHOOL DEBT RETIREMENT
IN DILLON COUNTY FOR FISCAL YEAR 1981-82, WHICH HAS NOT BEEN PLEDGED PREVIOUSLY
OR APPLIED FOR OTHER PURPOSES ON THE EFFECTIVE DATE OF THIS ACT, FOR PURPOSES OF
REPAYMENT OF THE LOAN; TO PROVIDE THAT IN EACH SUBSEQUENT FISCAL YEAR THE COUNTY
AUDITOR MAY LEVY, AND THE TREASURER COLLECT, AN ANNUAL TAX OF UP TO FIFTEEN MILLS
UPON ALL OF THE TAXABLE PROPERTY OF THE COUNTY AS NECESSARY TO RETIRE THE LOAN
AND THE INTEREST DUE THEREON; TO PROVIDE THAT AS ADDITIONAL SECURITY FOR THE LOAN
IN THE EVENT THE MILLAGE REFERRED TO IN SECTION 2 OF THIS ACT IS INSUFFICIENT,
THE COUNTY AUDITOR SHALL LEVY, AND THE TREASURER COLLECT, AN ANNUAL TAX UPON ALL
OF THE TAXABLE PROPERTY OF DILLON COUNTY SUFFICIENT TO RETIRE THE LOAN AND THE
INTEREST DUE THEREON AND THAT THE ENTIRE PROCEEDS OF SUCH LEVY SHALL BE APPLIED
TO THE PAYMENT OF THE NOTE, INCLUSIVE OF INTEREST, IN FULL, AT WHICH TIME THE
LEVY PROVIDED HEREIN SHALL BE TERMINATED; TO PROVIDE THAT IN THE EVENT THE BOARD
MAY RECEIVE OR HAVE ON HAND ANY FUNDS NOT OTHERWISE PLEDGED OR DESIGNATED FOR A
PARTICULAR USE, SUCH FUNDS MAY BE USED FOR PAYMENT OF THE LOAN AND INTEREST; TO
PROVIDE THAT THE FULL FAITH, CREDIT, AND TAXING POWER OF DILLON COUNTY ARE
IRREVOCABLY PLEDGED FOR THE PAYMENT OF THE LOAN; AND TO REPEAL ACT 639 OF 1980
WHICH AUTHORIZED THE BOARD TO BORROW UP TO SIX HUNDRED THOUSAND DOLLARS FOR
SCHOOL CONSTRUCTION.
Be it enacted by the General Assembly of the State of South Carolina:
Board authorized to borrow
Section 1. The Board of Education of Dillon County is hereby authorized to
borrow an amount not exceeding nine hundred eighty thousand dollars from any bank
or other lending agency at the lowest interest rate available for school
construction. The amount borrowed shall be evidenced by a note to be executed by
the chairman of the board and the county treasurer. The note shall bear such
interest as may be agreed upon to be paid at such times as may be agreed upon
with the right to anticipate payment at any time prior to maturity.
Repayment of loan
Section 2. For the repayment of the loan, the county treasurer shall apply any
amount of the millage levied for school debt retirement in the county for fiscal
year 1981-82, which has not previously been pledged or applied for other purposes
on the effective date of this act. Each fiscal year thereafter the auditor of
Dillon County may levy and the treasurer collect an annual tax of up to fifteen
mills upon all of the taxable property of the county as necessary to retire the
loan and the interest due thereon.
Additional security
Section 3. As additional security for the loan in the event the millage
referred to in Section 2 is insufficient to pay the principal and interest on the
loan, the auditor of Dillon County shall levy and the treasurer shall collect an
annual tax upon all of the taxable property of the county 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 note, inclusive of interest, in full, at which
time the levy provided herein shall be terminated. In the event the board may
receive or have on hand any funds not otherwise pledged or designated for a
particular use, such funds may be used for payment of the loan and interest on
the loan. The full faith, credit, and taxing power of Dillon County are
irrevocable pledged for the payment of the loan.
Repeal
Section 4. Act 639 of 1980 is repealed.
Time effective
Section 5. This act shall take effect upon the approval by the Governor. |