H*4782(Rat #0491, Act #0615 of 1992)  General Bill, By L.E. Gentry
 A Bill to authorize the Board of Trustees of Saluda County School District No.
 1, South Carolina, the governing body of the Saluda County School District No.
 1, South Carolina, to issue and sell general obligation bonds of the school
 district in an amount not to exceed four hundred thousand dollars ($400,000),
 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.

   04/22/92  House  Introduced, read first time, placed on calendar
                     without reference HJ-4
   04/23/92  House  Read second time HJ-8
   04/28/92  House  Read third time and sent to Senate HJ-33
   04/29/92  Senate Intd. & placed on local & uncontested cal. w/o
                     reference SJ-259
   05/20/92  Senate Read second time SJ-45
   05/20/92  Senate Unanimous consent for third reading on next
                     legislative day SJ-45
   05/21/92  Senate Read third time and enrolled SJ-21
   05/27/92         Ratified R 491
   06/01/92         Signed By Governor
   06/01/92         Effective date 06/01/92
   06/01/92         Act No. 615
   06/18/92         Copies available

AN ACT TO AUTHORIZE THE BOARD OF TRUSTEES OF SALUDA COUNTY SCHOOL DISTRICT NO. 1, SOUTH CAROLINA, THE GOVERNING BODY OF THE SALUDA COUNTY SCHOOL DISTRICT NO. 1, SOUTH CAROLINA, TO ISSUE AND SELL GENERAL OBLIGATION BONDS OF THE SCHOOL DISTRICT IN AN AMOUNT NOT TO EXCEED FOUR HUNDRED THOUSAND DOLLARS ($400,000), 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:

Findings

SECTION 1. The General Assembly finds that funds in the amount of approximately four hundred thousand ($400,000) dollars must be raised by Saluda County School District No. 1, South Carolina, in order to defray the cost of certain capital improvements, to pay principal and interest on a presently outstanding bond anticipation note of the district, and pay certain costs of issuance associated therewith. The General Assembly further finds that said school district may avoid various other costs and charges associated with the public sale of general obligation bonds if it is authorized to proceed to sell such bonds through private sale.

General obligation bonds

SECTION 2. In order to raise funds for the purpose set forth in Section 1, the board of trustees of Saluda County School District No. 1, South Carolina, the governing body of the school district, is authorized to issue and sell general obligation bonds of the school district, either as a single issue or as several separate issues, without holding an election, in an aggregate principal amount not to exceed four hundred thousand dollars ($400,000).

Bonds to be dated

SECTION 3. The bonds issued and sold pursuant to this act must be dated as of the date that the board of trustees prescribes by resolution and must mature no later than eight years from their date of issue.

Prepayment

SECTION 4. The board of trustees may, in its discretion, prescribe by resolution that the bonds may be issued with a provision permitting their prepayment before their stated maturity, at par and accrued interest.

Registered bonds

SECTION 5. The bonds must be in the form of fully registered bonds upon conditions the board of trustees prescribes.

Bonds may be payable at various places

SECTION 6. The bonds may be made payable at places within or without the State, as prescribed by the board of trustees.

Interest

SECTION 7. The bonds must bear interest at a rate prescribed by the board of trustees.

Denomination of bonds

SECTION 8. The bonds must be in denominations and executed in a manner the board of trustees prescribes by resolution.

Price of bonds

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.

Full faith and credit pledged

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 Saluda County and collected by the treasurer of Saluda 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-exempt status

SECTION 11. The principal of and interest on the bonds shall 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 Saluda County and used for the purpose provided in Section 1 of this act.

Additional powers and authorization

SECTION 13. The powers and the authorization conferred by this act upon the board of trustees are in addition to all other powers and authorizations previously vested in the board of trustees and may be used pursuant to action taken at any regular or special meeting of the board of trustees.

No approval required to issue bonds by board

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 trustees 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.

In the Senate House May 27, 1992.

Nick A. Theodore,

President of the Senate

David M. Beasley,

Speaker Pro Tempore of the

House of Representatives

Approved the 1st day of June, 1992.

Carroll A. Campbell, Jr.,

Governor

Printer's Date -- June 14, 1992 -- L.