S*1149(Rat #0651, Act #0640 of 1980)  General Bill, By A.E. Carmichael
 A Bill to authorize the trustees of Dillon County School District No. 2 to
 borrow an amount not to exceed eight hundred thirty thousand dollars to be
 used for school construction and to provide for the payment of the loan.

   06/05/80  Senate  INTD. & PLACED ON LOC. & UNCONTESTED CAL. W/O
                     REFERENCE SJ-338
   06/16/80  Senate Read second time SJ-42
   06/17/80  Senate Read third time and sent to House SJ-7
   06/17/80  House  Introduced, read first time, placed on calendar
                     without reference HJ-3909
   06/24/80  House  Read second time HJ-3924
   06/26/80  House  Read third time and enrolled HJ-3926
   08/28/80  Senate Ratified R 651 SJ-57
   09/05/80         Signed By Governor
   09/05/80         Effective date 09/05/80
   09/05/80         Act No. 640
   09/15/80         Copies available

AN ACT TO AUTHORIZE THE TRUSTEES OF DILLON COUNTY SCHOOL DISTRICT NO. 2 TO BORROW AN AMOUNT NOT TO EXCEED EIGHT HUNDRED THIRTY THOUSAND DOLLARS TO BE USED FOR SCHOOL CONSTRUCTION AND TO PROVIDE FOR THE PAYMENT OF THE LOAN.

Be it enacted by the General Assembly of the State of South Carolina:

Section 1. The Board of Trustees of School District No. 2 of Dillon County is hereby authorized to borrow not exceeding eight hundred thirty thousand dollars from any bank or other lending agency, at the lowest interest rate available, to be used for school construction. The amount borrowed shall be evidenced by notes to be executed by the chairman of the board and the county treasurer. The notes shall bear such interest as may be agreed upon, to be paid in annual installments, also as may be agreed upon, with the right to anticipate payment thereof at any annual interest-paying period. The full faith, credit and taxing power of the district are irrevocably pledged for payment of the loan.

Auditor to levy annual tax

Section 2. The Auditor of Dillon County shall levy, and the 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 note, inclusive of interest, in full, at which time the levy provided herein shall be terminated. In the event the school district 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 thereon.

Time effective

Section 3. This act shall take effect upon approval by the Governor.