H*3368(Rat #0332, Act #0619 of 1980)  General Bill, By A.H. Buchan
 A Bill to authorize Mullins School District No. 2 of Marion County to issue
 General Obligation Bonds authorized by an election held on May 9, 1978, within
 five years of the election and to provide that the provisions of Item (2) of
 Section 59-71-30, Code of Laws of South Carolina, 1976, shall not apply to the
 issuance of bonds authorized by such election.

   01/22/80  House  Introduced, read first time, placed on calendar
                     without reference HJ-354
   01/23/80  House  Read second time HJ-389
   01/29/80  House  Read third time and sent to Senate HJ-460
   01/29/80  Senate  INTD. & PLACED ON LOC. & UNCONTESTED CAL. W/O
                     REFERENCE SJ-14
   01/30/80  Senate Read second time SJ-9
   01/30/80  Senate Ordered to third reading with notice of amendments SJ-9
   01/31/80  Senate Read third time and enrolled SJ-13
   02/12/80  House  Ratified R 332 HJ-884
   02/14/80         Signed By Governor
   02/14/80         Effective date 02/14/80
   02/14/80         Act No. 619
   02/21/80         Copies available

AN ACT TO AUTHORIZE MULLINGS SCHOOL DISTRICT NO. 2 OF MARION COUNTY TO ISSUE GENERAL OBLIGATION BONDS AUTHORIZED BY AN ELECTION HELD ON MAY 9, 1978, WITHIN FIVE YEARS OF THE ELECTION AND TO PROVIDE THAT THE PROVISIONS OF ITEM (2) OF SECTION 59-71-30, CODE OF LAWS OF SOUTH CAROLINA, 1976, SHALL NOT APPLY TO THE ISSUANCE OF BONDS AUTHORIZED BY SUCH ELECTION.

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

General obligation bonds authorized

Section 1. The General Assembly finds that heretofore at a duly called and held election on May 9, 1978, in Mullins School District No. 2 of Marion County (the school district) which resulted favorably to the issuance of three million five hundred thousand dollars of general obligation bonds by a vote of thirteen hundred eighty-four to three hundred forty-seven, the school district was authorized to issue, pursuant to the provisions of the School Bond Act (Article 1, Chapter 71, Title 59 of the 1976 Code), not exceeding three million five hundred thousand dollars of general obligation bonds for the purposes of building, furnishing and equipping a new high school building just outside the town limits of Mullins. As a result of litigation in the case of Taylor, et al. v. Roche, et al., which questioned the validity of Article X of the Constitution of this State, the construction program for this high school has been considerably delayed. This litigation has now been terminated favorably to Article X, and the school district is proceeding with the construction program which will be permanently financed by a loan from the Farmers Home Administration of the United States Department of Agriculture. This governmental agency requires that the school district secure interim financing before the three million five hundred thousand dollar general obligation bonds, evidencing the permanent financing, can be delivered.

The General Assembly further finds that Section 15(5) (b) of Article X of the Constitution of this State provides that, in the event general obligation debt is authorized by a majority of the qualified electors of a school district, such general obligation debt shall be issued within five years of the date of such referendum. The General Assembly further finds that item (2) of Section 59-71-30 of the 1976 Code provides that such bonds must be issued within three years of the holding of the election. It is now anticipated that the bond issue cannot be delivered within three years of the election.

Bonds excluded from certain provisions

Section 2. The provisions of item (2) of Section 59-71-30 of the 1976 Code shall not apply to the issuance of the three million five hundred thousand dollar general obligation bonds issued by Mullins School District No. 2 of Marion County pursuant to the favorable results of the election held May 9, 1978, in the school district and such bonds may be issued at any time within five years of the date of such election.

Time effective

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