S*858 Session 104 (1981-1982)
S*0858(Rat #0368, Act #0562 of 1982) General Bill, By Leatherman
A Bill to authorize the Board of Trustees of School District No. 4 in Marion
County to borrow not exceeding two hundred fifty thousand dollars, for the
purpose of constructing, improving, and repairing schools and school buildings
in the District, and to provide for the method of payment of the loan and
interest by the Board.
03/10/82 Senate Intd. & placed on loc. & uncontested cal. w/o
reference SJ-8
03/11/82 Senate Read second time SJ-30
03/12/82 Senate Read third time and sent to House SJ-3
03/16/82 House Introduced, read first time, placed on calendar
without reference HJ-1404
03/17/82 House Read second time HJ-1448
03/18/82 House Read third time and enrolled HJ-1498
03/23/82 Senate Ratified R 368 SJ-6
03/24/82 Signed By Governor
03/24/82 Effective date 03/24/82
03/24/82 Act No. 562
04/02/82 Copies available
(A562, R368, S858)
AN ACT TO AUTHORIZE THE BOARD OF TRUSTEES OF SCHOOL DISTRICT NO. 4 IN MARION
COUNTY TO BORROW NOT EXCEEDING TWO HUNDRED FIFTY THOUSAND DOLLARS FOR THE PURPOSE
OF CONSTRUCTING, IMPROVING, AND REPAIRING SCHOOLS AND SCHOOL BUILDINGS IN THE
DISTRICT, AND TO PROVIDE FOR THE METHOD OF PAYMENT OF THE LOAN AND INTEREST BY
THE BOARD.
Be it enacted by the General Assembly of the State of South Carolina:
Board authorized to borrow money
Section 1. The Board of Trustees of School District No. 4 in Marion County is
hereby authorized to borrow a sum of money, not exceeding two hundred fifty
thousand dollars for the purpose of constructing, improving, or repairing schools
and school buildings in Marion School District No. 4 of Marion County. The loan
shall be secured by a note or notes to be executed by a majority of the board of
trustees of the district and shall bear the least interest available from a bank
doing business in Marion County. The note or notes shall be made payable at such
date or dates as the board may determine, not to exceed twenty years from the
date of issuance. Notice
Section 2. Prior to the issuance of such note or notes, notice shall be given
to all of the banks in Marion County so as to permit them to purchase such note
or notes, if they so desire.
Trustees may refinance indebtedness
Section 3. The board of trustees may refinance any portion of the outstanding
indebtedness due on such note or notes at any time and from time to time within
the twenty-year period by the issuance of new notes therefor; provided, such new
notes shall mature not later than twenty years from the date of the original
issuance.
Repayment of loan
Section 4. In order to provide for the repayment of such loan and interest
thereon is levied an annual tax upon all of the taxable property of School
District No. 4, sufficient to pay all interest may be paid annually. When the
loan is paid the tax so levied for this purpose shall be no longer levied. It
shall be the duty of the auditor of Marion County to levy the special tax
annually on all of the taxable property of the school district, and the duty of
the county treasurer to collect the tax so levied as other taxes are collected
by law and to pay the principal and interest on the note or notes as the same
severally become due, according to the terms thereof. The full faith and credit
and taxing power of School District No. 4 are hereby irrevocably pledged for the
payment of the notes and interest.
Application of funds
Section 5. The Board of Trustees of School District No. 4 shall give
consideration to applying to the payment of the amounts due on the note or notes
from time to time so much of the funds as may be made available to School
District No. 4 by the State Department of Education, or any other agency of the
State of South Carolina, after January 1, 1983. When such funds are so applied
to the payment of the principal and interest any tax herein authorized to be
levied shall be reduced accordingly.
Funds deposited
Section 6. The amount so borrowed shall be deposited with the county treasurer
of Marion County to the credit of Marion School District No. 4 to be expended
upon warrants or orders of the proper school officials for the purposes mentioned
in this act.
Time effective
Section 7. This act shall take effect upon the approval by the Governor. |