H*4535(Rat #0255, Act #0510 of 1996)  General Bill, By M.H. Kinon, M. Hines and 
Jennings
 A Bill to amend Act 591 of 1992, relating to the authorization for the Dillon
 County Board of Education to borrow a certain amount of money to be used for
 school construction, so as to, among other things, change the amount which may
 be borrowed, and provide that such funds may be applied to retire a loan for
 money used for school construction for Dillon County School Districts 1, 2,
 and 3, rather than School District 3 alone.

   02/01/96  House  Introduced, read first time, placed on calendar
                     without reference HJ-9
   02/06/96  House  Read second time HJ-182
   02/07/96  House  Read third time and sent to Senate HJ-14
   02/08/96  Senate Intd. & placed on local & uncontested cal. w/o
                     reference SJ-9
   02/21/96  Senate Read second time SJ-15
   02/21/96  Senate Unanimous consent for third reading on next
                     legislative day SJ-15
   02/22/96  Senate Read third time and enrolled SJ-15
   02/27/96         Ratified R 255
   03/05/96         Became law without Governor's signature
   03/05/96         Effective date 03/05/96
   03/13/96         Copies available
   08/29/96         Act No. 510

AN ACT TO AMEND ACT 591 OF 1992, RELATING TO THE AUTHORIZATION FOR THE DILLON COUNTY BOARD OF EDUCATION TO BORROW A CERTAIN AMOUNT OF MONEY TO BE USED FOR SCHOOL CONSTRUCTION, SO AS TO, AMONG OTHER THINGS, CHANGE THE AMOUNT WHICH MAY BE BORROWED, AND PROVIDE THAT SUCH FUNDS MAY BE APPLIED TO RETIRE A LOAN FOR MONEY USED FOR SCHOOL CONSTRUCTION FOR DILLON COUNTY SCHOOL DISTRICTS 1, 2, AND 3, RATHER THAN SCHOOL DISTRICT 3 ALONE.

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

Amount increased for borrowing purposes; etc.

SECTION 1. Section 1 of Act 591 of 1992 is amended to read:

"Section 1. (A) The Dillon County Board of Education may borrow an amount not exceeding one million eight hundred and fifty thousand dollars from any bank or other lending agency at the lowest interest rate available to retire a loan for money used for school construction for Dillon County School Districts 1, 2, and 3. The amount borrowed must be evidenced by a note or notes to be executed by the chairman of the board and the county treasurer. The note or notes shall bear such interest as may be agreed upon to be paid at such times as may be agreed upon with the right to anticipate payment at any time before maturity.

(B) The repayment of the note or notes must be as provided by agreement between the parties."

Time effective

SECTION 2. This act takes effect upon approval by the Governor.

Became law without the signature of the Governor -- 3/5/96.