S 995 Session 111 (1995-1996)
S 0995 General Bill, By Setzler, Bryan, Drummond, Elliott, Giese, Hayes,
Holland, Land, Lander, Leatherman, Martin, Mescher, Moore, Waldrep and
Washington
Similar(S 1117)
A Bill to amend Title 59, Code of Laws of South Carolina, 1976, relating to
education, by adding Chapter 144 so as to enact the "Public School Facilities
Assistance Act", to make funds available to construct and renovate public
school facilities, and to authorize the issuance of school revenue bonds for
specified purposes in connection therewith.
01/10/96 Senate Introduced and read first time SJ-13
01/10/96 Senate Referred to Committee on Education SJ-13
A BILL
TO AMEND TITLE 59, CODE OF LAWS OF SOUTH
CAROLINA, 1976, RELATING TO EDUCATION, BY ADDING
CHAPTER 144 SO AS TO ENACT THE "PUBLIC
SCHOOL FACILITIES ASSISTANCE ACT", TO MAKE
FUNDS AVAILABLE TO CONSTRUCT AND RENOVATE
PUBLIC SCHOOL FACILITIES, AND TO AUTHORIZE THE
ISSUANCE OF SCHOOL REVENUE BONDS FOR SPECIFIED
PURPOSES IN CONNECTION THEREWITH.
Be it enacted by the General Assembly of the State of South
Carolina:
SECTION 1. Title 59 of the 1976 Code is amended by adding:
"CHAPTER 144
Public School Facilities Assistance Act
Article 1
General Provisions
Section 59-144-10. This chapter may be cited as the `Public
School Facilities Assistance Act'. Funds available from the
Educational Assistance Endowment Fund, as established in Chapter
143 of this title, must be used for the purposes of the Public School
Facilities Assistance Act as provided in this chapter.
Section 59-144-20. For the benefit of the people of the State and
the increase of their commerce, welfare, and prosperity, it is
essential that the school districts of this State be assisted in
obtaining adequate school facilities to assist youth in achieving the
required levels of learning. It is the purpose of this chapter to
provide a measure of assistance to the school districts of this State
in securing the facilities and structures which are needed to
accomplish the goals and purposes of public education, all to the
public benefit and good, to the extent and manner provided in this
chapter.
Section 59-144-30. Funds made available through this chapter
must be used for permanent school instructional facilities and fixed
equipment including the costs for construction, improvement,
enlargement, or renovation of public school facilities. However,
after all construction and renovation needs identified in a district's
school facilities improvement plan have been met, the district may
request to use its allocation for payment of debt service. As used in
this chapter, `school facilities' only includes facilities necessary for
instructional and related purposes including, but not limited to,
classrooms, libraries, media centers, laboratories, cafeterias, physical
education spaces, related interior and exterior facilities, and the
conduit, wiring, and powering of hardware installations for
classroom computers or for area network systems. `School
facilities' does not include unimproved real property, centralized
district administration facilities, portable classrooms, or other
facilities, including those normally identified with interscholastic
sports activities.
Section 59-144-40. There is created the School Facilities
Assistance Authority, hereinafter in this chapter referred to as the
`authority'. The authority is declared to be a state agency and may
exercise any power conferred upon it by this chapter in the
performance of its duties and responsibilities. The authority shall
consist of the members of the State Budget and Control Board who
shall serve ex officio, and all the functions and powers of the
authority under this chapter are hereby conferred upon the State
Budget and Control Board in order to perform its duties and
responsibilities under this chapter.
Section 59-144-50. In order to immediately assist school districts
with their instructional facilities' needs, the authority may declare
that up to two hundred million dollars shall be allotted to the
several districts of this State for each of the first three fiscal years
after the effective date of this chapter, including the year this
chapter is enacted. However, the authority shall declare annually
the amount to be allotted under this chapter for that year in order to
assist with the instructional facilities' needs of the school districts
and as is prudent to meet the requirements of the Educational
Assistance Endowment Fund over time. The authority is directed to
issue revenue bonds as required to furnish sufficient funds for
school districts choosing to expend all or a portion of their
allotments. A school district may accumulate its allotments for up
to seventy-two months to meet the facilities' needs identified in its
capital improvement plan.
Section 59-144-60. Of the total amount made available for
allotments to the school districts, a specified amount must be set
aside for a Special Needs Grants program by the authority. These
funds must be used pursuant to Section 59-144-220 for established
critical needs where a lack of financial resources prevents
significant progress in meeting those needs. The funding for this
Special Needs Grants program shall not exceed ten percent of the
total funds available for allotments to the school districts. Any
unallocated funds from the Special Needs Grants program must be
reallocated annually to the school districts using the formula
established by this chapter.
Article 2
School Facilities Assistance Allocation
Section 59-144-100. Funds made available under this chapter
must be allotted annually to the school districts using formulas
based on facilities' needs, past fiscal effort in providing for
facilities, and district wealth. This allocation shall be made in the
following manner:
(a) Fifty percent of the funds allocated annually to the several
school districts for facilities' needs must be distributed based on a
standardized assessment of the districts' needs for facilities using a
uniform estimate of costs as established in Section 59-144-120.
Individual district allotments must be based on the district facilities
need relative to the state total facilities need. For the first year's
allotment, however, the school districts' facilities' needs must be
defined as the amount of needs reported in the 1994 Department of
Education Facilities Report. For the first two years of the program,
district allotments must be adjusted for an overstatement or an
understatement of need. As the uniform assessment of needs and
the standardized cost allowances are implemented and as district
facilities' needs are verified, subsequent district allotments must be
adjusted to correct for an overstatement of needs in any previous
year.
(b) Twenty-five percent of the funds allocated annually to the
school districts must be distributed based on equalized effort
defined as the prior five years' average expenditures for capital
projects and debt service, including lease-purchase obligations, for
school instructional facilities divided by the average assessed value
of all property subject to ad valorem school taxation and adjusted to
reflect an equalized per pupil mill value. Individual district
allotments must be based on a district's equalized effort relative to
the state total equalized effort. The amount included for
lease-purchase obligations shall not include the costs of utilities or
operation and maintenance of the leased facility.
(c) Twenty-five percent of the funds allocated annually must be
distributed based on relative district wealth. Individual district
allotments must be based on the prior year's Education Finance Act
allocation relative to the state total allocation except that an
adjustment must be made to provide a minimum factor as
established by the State Board of Education so that a district shall
qualify for a minimum amount of funding.
(d) A district's annual allotment must be the sum of the three
amounts calculated as provided in this section. Funds from a
district's allotment shall be made available as needed once approval
is received from the State Board of Education pursuant to Chapter
23 of this title.
Section 59-144-110. The State Board of Education shall
establish and appoint a twenty-member advisory committee to assist
in developing guidelines, regulations, and standards pursuant to this
chapter. The State Superintendent of Education shall recommend
members for the advisory committee which shall include individuals
with backgrounds in the following areas:
(a) capital improvements financing,
(b) building construction,
(c) school building design,
(d) district finances,
(e) district administration,
(f) local boards of trustees,
(g) classroom instruction, and
(h) educational facilities requirements at the primary,
elementary, middle, and high school levels.
Members of the committee shall receive mileage, subsistence, and
per diem as provided by law for members of state boards,
committees, and commissions to be paid from Public School
Facilities Assistance Act funds. The members of the advisory
committee shall serve at the pleasure of the State Board of
Education.
Section 59-144-120. The State Board of Education
responsibilities in regard to this chapter include:
(1) adopting policies, guidelines, and standards for a
comprehensive school facility survey with annual updates to be
undertaken by every district. The survey shall include a description
of all existing school facilities and a list of needed renovations,
modifications, and new construction projects. The Department of
Education shall provide consultation and technical assistance with
regard to the survey. The survey must be filed with the Department
of Education and may be revised by the district following
established guidelines. No school district which has not assisted
with and complied with this survey is eligible to receive funds
under this chapter. This comprehensive survey shall serve as the
basis for a uniform statewide school facilities inventory and data
base on building conditions and maintenance management. To this
end, the Department of Education shall review district surveys to
ensure complete and uniform reporting;
(2) adopting policies, guidelines, and regulations for district
five-year comprehensive school facilities improvement plans with
annual updates. Local school district facilities construction plans
shall include, but are not limited to, a list of construction projects
currently eligible for funding under this chapter, school facilities
projected as needed five years in the future, and proposed new
construction, alterations, and renovations as appropriate for
instructional programs to be listed in priority order;
(3) developing policies, guidelines, and standards for a uniform
assessment of facilities' needs and standardized cost allowances for
estimating the cost in meeting these needs in order to provide for a
systematic reporting of each district's needs to be used in
calculating the allotment of funds under Section 59-144-100.
Facilities' needs include, but are not limited to, facility need
capacity and condition, space requirements, program standards, and
pupil growth. Costs allowances shall be developed to include such
measures as costs per square foot, costs per pupil, or costs per
teaching unit with such costs adjusted annually to reflect changes in
the cost of labor and materials. These standards and cost
allowances are to be used only for providing a uniform reporting of
districts' needs for formula allotment purposes and are not intended
to limit district options in determining the most appropriate manner
in which to meet individual district needs;
(4) developing policies and guidelines for school districts to
notify the State Board of Education of the anticipated times of
expenditures from district allotments so that the authority may
schedule bond issues for school facilities funding under this chapter;
(5) adopting policies, standards, and regulations to ensure the
accuracy of district reporting required under this chapter and the use
of funds disbursed under this chapter; and
(6) establishing policies, standards, and regulations for
determining projects eligible for funding under the Special Needs
Grants program due to:
(a) extraordinary growth of student population in excess of
the efficient operating capacity of existing facilities;
(b) replacement of educational facilities certified by the
Department of Education as hazardous to health and safety;
(c) needed renovations, modernization, or replacement of
educational facilities in order to correct deficiencies which produce
educationally obsolete or inaccessible environments;
(d) natural disasters; and
(e) consolidation of school attendance areas to improve
efficiency and offer a broader range of educational programs for
students.
Section 59-144-130. Every three years by December first
beginning with the year 1998, the State Board of Education shall
report to the General Assembly the projected five-year school
facilities improvement requirements reported by the school districts,
the needs identified since the last report, and those previously
identified needs addressed since the last report.
Section 59-144-140. The Department of Education's
responsibilities shall include:
(1) providing staffing assistance to the State Board of Education
and the advisory committee in the development of policies,
guidelines, standards, and regulations implementing this chapter;
(2) providing technical assistance to school districts in
completing the comprehensive school facilities survey and annual
updates and assisting districts in developing their five-year
comprehensive school facilities improvement plans;
(3) ensuring compliance with state standards and requirements,
inspecting construction projects for education facilities, and
approving completed construction pursuant to Chapter 23 of this
title for projects financed in whole or in part with funds allocated
under this chapter. To assist with the inspection of construction
projects, the State Board of Education may designate selected local
units of administration which have staff qualified to conduct the
inspections to act on behalf of the Department of Education; and
(4) reviewing each district's school facility surveys, funding
applications, and financial reports to ensure compliance with the
intent of this chapter.
Section 59-144-150. To qualify for funds under this chapter,
each school district shall meet the conditions and qualifications
provided for in this chapter. Funds must be withheld from districts
when inappropriate reporting of facilities' needs is found or when
inappropriate use of funds is documented.
Section 59-144-160. To accomplish the statewide uniform
facilities inventory and data base and to assist districts with the
comprehensive facilities improvement plans, the authority shall
release to the Department of Education for this purpose up to two
hundred thousand dollars from Public School Facilities Assistance
Act funds for each of the first three years after the effective date of
this chapter including the year this chapter is enacted. The
department may carry forward these funds for use for the same
purpose in subsequent years.
Section 59-144-170. By December 1, 1998, the State Board of
Education shall recommend to the General Assembly changes to be
made to this chapter regarding program objectives, appropriate
funding levels, and funding allotment formulas.
Article 3
Special Needs Grants
Section 59-144-200. Special Needs Grants funding shall be
made available to school districts through the Joint Bond Review
Committee. Facilities' needs approved by State Board of Education
and determined to be eligible for this Special Needs Grants program
must be forwarded to the Joint Bond Review Committee for a
determination of the projects to be funded annually. In addition,
annual funding for instructional facilities' needs at the special
school district within the Department of Juvenile Justice must be
received from Special Needs Grants funding.
Section 59-144-210. The State Board of Education shall report
to the Joint Bond Review Committee the applications for projects
which are eligible for Special Needs Grants funding. The Joint
Bond Review Committee shall rank the eligible projects by priority
statewide on the basis of facility need capacity and condition,
district ability to fund, pupil growth, and district past efforts to fund
instructional facilities. The grants provided under this Special
Needs Grants program for eligible educational facilities do not need
to be identical among all grant recipients, but may take into
consideration a district's fiscal capacity and past efforts to meet
facility needs.
Section 59-144-220. To assist school districts of this State in
providing adequate school facilities under the Special Needs Grants
program, the Joint Bond Review Committee may enter into grant
agreements with school districts to finance a portion of the cost of a
project due to:
(1) extraordinary growth of student population in excess of
the efficient operating capacity of existing facilities;
(2) replacement of educational facilities certified by the
Department of Education as hazardous to health and safety;
(3) needed renovations, modernization, or replacement of
educational facilities in order to correct deficiencies which produce
educationally obsolete or inaccessible environments;
(4) natural disasters; and
(5) consolidation of school attendance areas to improve
efficiency and offer a broader range of educational programs for
students.
Section 59-144-230. Before implementing the Special Needs
Grants program, the Joint Bond Review Committee, in conjunction
with the State Board of Education, shall adopt regulations as needed
to implement the program, including:
(1) any continuing requirements that must be met by a school
district and by a project after the giving of state grants or during the
term of the grant;
(2) requirements for the planning, design, construction, and
completion of a project or portion of a project to be financed in
whole or in part with a state grant, to be consistent with existing
provisions of law and State Board of Education regulations and
guidelines;
(3) the manner in which a participating school district shall
give evidence of satisfactory financing for that portion of the school
district's match which shall be required as part of the grant
agreement with the district.
Section 59-144-240. A school district's match for the Special
Needs Grants program may be met in whole or in part with current
funds on hand, district allotment from the school building fund, and
the Education Improvement Act building fund, or from the proceeds
of local obligations, including general obligation bonds, use
agreements, or similar obligations.
Section 59-144-250. (A) Funding for the special school district
within the Department of Juvenile Justice shall be allotted annually
from Special Needs Grants funds based on a modification of the
formula for regular districts using facilities' needs, derived effort in
providing for facilities, and derived district wealth in the manner
provided in this section.
(B) The allotment for facilities' needs must be the same
amount as allotted to a regular school district with the same relative
need compared to the state total facilities need as calculated under
Section 59-144-100(a). The Department of Juvenile Justice shall
follow the standardized assessment of district needs using a uniform
estimate of costs as established in Section 59-144-120.
(C) The funds allocated annually based on effort shall be
calculated using the statewide average allocation for effort per pupil
for school districts pursuant to Section 59-144-100(b) multiplied by
number of kindergarten though grade twelve students served by the
individual district.
(D) The funds allocated annually based on district wealth must
be the same as the minimum amount given to regular school
districts pursuant to Section 59-144-100(c) using the minimum
wealth factor.
(E) The allotment for the Department of Juvenile Justice shall
be the sum of the three amounts calculated as provided in this
section.
Section 59-144-260. A district which has not complied with the
requirements of Section 59-144-120 is not eligible to receive funds
from the Special Needs Grants program. Funds from a district's
allotment shall be made available as needed once approval for the
project is received from the State Board of Education pursuant to
Chapter 23 of this title and the Department of Juvenile Justices'
funds shall be available once approval is received from the Joint
Bond Review Committee. Funds shall be withheld from districts
when inappropriate reporting of facilities' needs is found or when
inappropriate use of funds is documented.
Article 4
School Facilities Assistance for School Districts
Section 59-144-300. The authority, in its role as manager of the
Educational Assistance Endowment Fund, may assist school districts
of this State in providing school facilities, and for this purpose the
authority may:
(1) adopt regulations for the conduct of its affairs and business;
(2) adopt an official seal and alter it;
(3) maintain an office at a place it designates;
(4) sue and be sued in its own name;
(5) use such state funds as appropriated by the General
Assembly for the purposes of this chapter;
(6) issue state school revenue bonds for the purposes of this
chapter and fund or refund them as provided in this chapter;
(7) do all things necessary or convenient to carry out the
purposes of this chapter.
Section 59-144-310. In addition to any other contractual
remedies, a grant agreement may be enforced according to its terms
and conditions in the circuit court of this State, and the court may
utilize the process of injunction or mandamus to effect the
enforcement of the agreement.
Section 59-144-320. School districts may perform acts, take
actions, adopt proceedings, and make and carry out grant
agreements which are contemplated by this chapter. The grant
agreements do not need to be identical among all participants in the
financing of the authority but may be structured as determined by
the authority according to the needs of the participating school
districts and the authority.
Section 59-144-330. All expenses incurred in carrying out the
provisions of this chapter are payable solely from funds as
prescribed in this chapter and no liability may be incurred by the
authority beyond monies provided under the provisions of this
chapter. The State may make allocations or grants of money or
property to the authority to enable it to carry out its purposes and
for the exercise of its powers. This section may not be construed to
limit any other power to make grants to the authority.
Article 5
Revenue Bonds
Section 59-144-400. In order to obtain funds for school
facilities' needs funded under this chapter, the authority may issue
from time to time revenue bonds under the conditions prescribed by
this chapter and in accordance with the regulations promulgated
pursuant to the provisions of this chapter by the authority. Payment
of the principal of and interest on any revenue bonds must be
secured by a pledge of the revenue due and to become due under
either:
(1) amounts designated from the Educational Assistance
Endowment Fund; or
(2) such other dedicated revenue as determined by the General
Assembly.
Section 59-144-410. (A) In anticipation of the sale of revenue
bonds, the authority may issue bond anticipation notes.
(B) The revenue bonds of every issue are payable solely out of
revenues of the authority pledged to the bonds. Even if revenue
bonds and notes are payable from a special fund, they are, for all
purposes, negotiable instruments, subject only to the provisions of
the revenue bonds and notes for registration.
(C) The revenue bonds must be sold by the Governor and the
State Treasurer and may be issued as serial bonds or as term bonds,
or the authority, in its discretion, may issue bonds of both types.
The revenue bonds must be authorized by the resolution of the
authority and bear a date, mature at a time not exceeding thirty
years from their respective dates, bear interest at rates payable at a
time, be in denominations, be in a registered form, carry registration
privileges, be executed in a manner, payable in lawful money of the
United States of America at the place, and be subject to terms of
redemption, as the resolution may provide. The revenue bonds or
notes may be sold at public or private sale for a price determined
by the authority.
(D) A resolution authorizing revenue bonds or an issue of
revenue bonds may contain provisions, which must be a part of the
contract with the holders of the revenue bonds to be authorized as
to:
(1) pledging all or some designated portion of the revenues
derived from the Educational Assistance Endowment Fund;
(2) pledging all or some designated portion of other revenues
dedicated by the General Assembly;
(3) setting aside of reserves or special funds, and the
regulation and disposition of them;
(4) limitations on the purpose to which the proceeds of the
sale of an issue of revenue bonds then or thereafter to be issued
may be applied and pledging the proceeds to secure the payment of
the revenue bonds or any issue of the revenue bonds;
(5) limitations on the issuance of additional revenue bonds
secured by the same revenues, the terms upon which additional
bonds may be issued and secured, and the refunding of outstanding
revenue bonds;
(6) the procedure, if any, by which the terms of a contract
with bondholders may be amended or abrogated, the amount of
revenue bonds the holders of which shall consent to, and the
manner in which the consent may be given;
(7) limitations on the amount of pledged revenues to be
expended for operating, administrative, or other expenses of the
authority; and
(8) defining the acts or omissions to act which constitute a
default in the duties of the authority to holders of the revenue bonds
or notes and providing the rights and remedies of the holders in the
event of a default.
(E) Neither the members of the authority nor a person executing
the revenue bonds is liable personally on the revenue bonds or is
subject to personal liability or accountability by reason of the
issuance of the bonds or notes.
(F) In the event that any of the members or officers of the
authority cease to be members before the delivery of any bonds
signed by them, their signatures or authorized facsimile signatures
are nevertheless valid and sufficient for all purposes as if they had
remained in office until the delivery of the bonds.
Section 59-144-420. Revenue bonds issued under the provisions
of this chapter may be secured by a trust agreement by and between
the authority and a corporate trustee, which may be the State
Treasurer or a trust company or bank having the powers of a trust
company designated by the State Treasurer as doing business within
the State. The trust agreement or the resolution providing for the
issuance of the revenue bonds may pledge or assign the revenues
pledged to secure the revenue bonds that are the subject of the trust.
The trust agreement or resolution providing for the issuance of the
revenue bonds may contain provisions for protecting and enforcing
the rights and remedies of the bondholders as may be reasonable
and proper and not in violation of laws, including particularly
provisions specifically authorized to be included in a resolution of
the authority authorizing revenue bonds. A bank or trust company
incorporated under the laws of the State or of the United States and
having an office in this State which may act as depository of the
proceeds of bonds or of revenues or other monies may furnish
indemnifying bonds or pledge securities as required by the
authority. A trust agreement may set forth the rights and remedies
of the bondholders and of the trustee and may restrict the individual
right of action by bondholders.
A trust agreement or resolution may contain other provisions
the authority considers reasonable and proper for the security of the
bondholders. All expenses incurred in carrying out the provisions
of the trust agreement or resolution may be treated as a part of the
cost of the operation of the authority.
Section 59-144-430. Revenue bonds issued under the provisions
of this chapter do not constitute a debt or liability of the State or of
a political subdivision of the State or a pledge of faith and credit of
the State or of a political subdivision, but are payable solely from
the revenues pledged to them. All such revenue bonds must contain
on their face a statement that neither the State of South Carolina
nor the authority is obligated to pay the principal of or interest on
the revenue bonds except from revenues and that neither the faith
and credit nor the taxing power of the State of South Carolina or of
a political subdivision of the State is pledged to the payment of the
principal of or the interest on the revenue bonds. The issuance of
revenue bonds under the provisions of this chapter does not
directly, indirectly, or contingently obligate the State or a political
subdivision of the State to levy or to pledge any form of taxation
for payment of the revenue bonds or to make an appropriation for
their payment, other than the obligation of the participating public
school districts to levy and collect taxes to pay their local
obligations.
Section 59-144-440. A sufficient amount of the revenues
pledged with respect to an issue of revenue bonds must be set aside
at regular intervals provided in the resolution or trust agreement in
a special fund which is pledged to, and charged with, the payment
of the principal of and the interest on the revenue bonds as they
become due, and the redemption price or the purchase price of
revenue bonds retired by call or purchase as provided in the
resolution. The pledge of revenues is valid and binding from the
time the pledge is made; the revenues pledged and received by the
authority are subject immediately to the lien of the pledge without
physical delivery or further act, and the lien of the pledge is valid
and binding as against all parties having claims of any kind in tort,
contract, or otherwise against the authority, irrespective of the
notice. The use and disposition of money to the credit of the
special fund is subject to the provisions of the resolution
authorizing the issuance of the revenue bonds or of the trust
agreement. Any such resolution or trust agreement shall provide
that special fund is the fund for a particular issue of revenue bonds,
and, additionally, may permit and provide for the issuance of
revenue bonds having a subordinate lien on the revenues and, in
such case, the authority may create separate or other similar funds
for subordinate lien revenue bonds.
In order to secure further the payment of the revenue bonds, a
debt service reserve fund may be established with respect to any
issuance of revenue bonds in an amount and funded in a manner as
may be prescribed in the resolution or trust agreement.
Section 59-144-450. All monies received by the authority
pursuant to this article, whether as proceeds from the sale of
revenue bonds or as revenues, are trust funds to be held and applied
solely as provided in this chapter. An officer with whom, or a bank
or trust company with which, the monies are deposited shall act as
trustee of the monies and hold and apply the monies for the
purposes authorized by this chapter, subject to regulations as this
chapter and the resolution authorizing the revenue bonds of an issue
or the trust agreement securing the bonds may provide.
Section 59-144-460. Except to the extent the rights may be
restricted by a resolution authorizing the issuance of or a trust
agreement securing the revenue bonds, a holder of revenue bonds
issued under the provisions of this chapter or a coupon or other
right or interest pertaining to the revenue bond, and the trustee
under a trust agreement may protect and enforce all rights under the
laws of the State or under the resolution or trust agreement, by suit,
action, mandamus, or other proceedings, either at law or in equity,
and may enforce and compel the performance of all duties required
by this chapter or by the resolution or trust agreement to be
performed by the authority or by an officer, employee, or agent of
it, including requiring the authority to enforce the local obligations,
the revenues from which are pledged to the holder's revenue bonds.
Section 59-144-470. Revenue bonds issued under the provisions
of this chapter are exempt from taxation as provided in Section
12-1-60.
Section 59-144-480. It shall be lawful for all executors,
administrators, guardians, and other fiduciaries to invest any monies
in their hands in bonds issued pursuant to this article."
SECTION 2. This act takes effect upon approval by the
Governor.
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