S*1497 Session 107 (1987-1988)
S*1497(Rat #0685, Act #0783 of 1988) General Bill, By T.H. Pope
A Bill to authorize the Newberry County Board of Education, the governing body
of the School District of Newberry County, to issue and sell general
obligation bonds of the School District in an amount not to exceed three
hundred thousand dollars, to prescribe the conditions under which the bonds
may be issued and the purpose for which the proceeds may be expended, and to
provide for the payment of the bonds.
05/05/88 Senate Intd. & placed on loc. & uncontested cal. w/o
referenc SJ-16
05/11/88 Senate Read second time SJ-29
05/11/88 Senate Unanimous consent for third reading on next
legislative day SJ-29
05/12/88 Senate Read third time and sent to House SJ-17
05/17/88 House Introduced and read first time HJ-3808
05/17/88 House Referred to delegation from Newberry HJ-3808
05/26/88 House Delegation report: Favorable Newberry HJ-4110
05/26/88 House Read second time HJ-4110
05/26/88 House Unanimous consent for third reading on next
legislative day HJ-4111
05/27/88 House Read third time and enrolled HJ-4256
05/31/88 Ratified R 685
06/01/88 Signed By Governor
06/01/88 Effective date 06/01/88
06/01/88 Act No. 783
06/21/88 Copies available
(A783, R685, S1497)
AN ACT TO AUTHORIZE THE NEWBERRY COUNTY BOARD OF EDUCATION, THE GOVERNING BODY
OF THE SCHOOL DISTRICT OF NEWBERRY COUNTY, TO ISSUE AND SELL GENERAL OBLIGATION
BONDS OF THE SCHOOL DISTRICT IN AN AMOUNT NOT TO EXCEED THREE HUNDRED THOUSAND
DOLLARS, TO PRESCRIBE THE CONDITIONS UNDER WHICH THE BONDS MAY BE ISSUED AND THE
PURPOSE FOR WHICH THE PROCEEDS MAY BE EXPENDED, AND TO PROVIDE FOR THE PAYMENT
OF THE BONDS.
Be it enacted by the General Assembly of the State of South Carolina:
Operational costs
SECTION 1. The General Assembly finds that funds in the amount of approximately
three hundred thousand dollars must be raised in order to meet operational costs
of the school district of Newberry County during fiscal year 1987-88.
Authorization for general obligation bonds
SECTION 2. In order to raise funds for the purpose in Section 1, the Newberry
County Board of Education, the governing body of the school district, is
authorized to issue and sell general obligation bonds of the school district,
without holding an election, in an amount not to exceed three hundred thousand
dollars.
Date of issue; maturity
SECTION 3. The bonds issued and sold pursuant to this act must be dated as of
the date that the Board of Education prescribes by resolution and must mature no
later than one year from their date of issue.
Prepayment
SECTION 4. The bonds must be issued with a provision permitting their
prepayment before their stated maturity, at par and accrued interest.
Form; conditions
SECTION 5. The bonds must be in the form of fully registered bonds upon
conditions the Board of Education prescribes.
Payment
SECTION 6. The bonds must be made payable at places, within or without the
State, the Board of Education provides.
Interest rate
SECTION 7. The bonds must bear interest at a rate prescribed by the Board of
Education.
Denominations; execution
SECTION 8. The bonds must be in denominations and executed in a manner the
Board of Education prescribes by resolution.
Sale
SECTION 9. The bonds must be sold at a price of not less than par and accrued
interest to the date of their respective deliveries. They may be sold at private
sale and without advertisement, if, not less than seven days before their
delivery, notice of intention to sell the bonds at private sale is given by
publication in a newspaper of general circulation in the school district. The
notice must set forth the purchaser, purchase price, interest rate, and maturity
date of the bonds.
Principal; interest
SECTION 10. For the payment of the principal and interest of the bonds, the
full faith, credit, and taxing power of the school district must be irrevocably
pledged, and there must be levied annually by the auditor of Newberry County and
collected by the treasurer of Newberry County, in the same manner as county taxes
are levied and collected, on all taxable property in the school district, a tax
sufficient to pay the principal and interest of the bonds.
Tax exemption
SECTION 11. The principal and interest of the bonds have the tax-exempt status
prescribed by Section 12-1-60 of the Code of Laws of South Carolina, 1976.
Proceeds
SECTION 12. Proceeds which are derived from the sale of the bonds issued under
the provisions of this act must be paid to the treasurer of Newberry County and
used for the purpose provided in Section 1 of this act.
Powers; authorizations
SECTION 13. The powers and the authorizations conferred by this act upon the
Board of Education are in addition to all other powers and authorizations
previously vested in the Board of Education and may be used pursuant to action
taken at any regular or special meeting of the Board of Education.
Effectuate the issuance
SECTION 14. No action other than that prescribed in this act need be taken to
effect the issuance
of the authorized bonds. The Board of Education is not required to obtain the
approval of any public agency for any action taken pursuant to the authorizations
of this act.
Time effective
SECTION 15. This act takes effect upon approval by the Governor. |