South Carolina General Assembly
107th Session, 1987-1988

Bill 4261

                    Current Status

Bill Number:               4261
Ratification Number:       648
Act Number                 754
Introducing Body:          House
Subject:                   Board of Trustees of Abbeville County
                           School District No. 60 to issue a
                           general obligation bond
View additional legislative information at the LPITS web site.

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A754, R648, H4261)

AN ACT TO AUTHORIZE THE BOARD OF TRUSTEES OF ABBEVILLE COUNTY SCHOOL DISTRICT NO. 60 TO ISSUE A GENERAL OBLIGATION BOND OF THE SCHOOL DISTRICT IN THE PRINCIPAL AMOUNT OF SIX HUNDRED THOUSAND DOLLARS, TO PRESCRIBE THE CONDITIONS UNDER WHICH THE BOND MUST BE ISSUED AND THE PURPOSE FOR WHICH THE PROCEEDS MUST BE EXPENDED, AND TO PROVIDE FOR THE PAYMENT OF THE BOND.

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

Findings

SECTION 1. Pursuant to the provisions of an act of 1988 bearing ratification number 480, signed by the Governor on April 12, 1988, the board of trustees of Abbeville County School District No. 60 (the district) issued its six hundred thousand dollar general obligation bond, Series 1988, of Abbeville County School District No. 60, South Carolina (the bond). The bond is dated April 15, 1988, and is to mature on March 1, 1989. The bond was purchased by the Citizens and Southern National Bank of South Carolina. The district has determined that it is necessary to extend the maturity of the bond so that two hundred thousand dollars matures in 1989, two hundred thousand dollars in 1990, and two hundred thousand dollars in 1991. The purpose of this act is to provide for the issuance of a refunding bond maturing as stated above.

Bond issue

SECTION 2. In order to raise funds for the purpose described in Section 1, the board of trustees of the district may issue and sell a general obligation bond of the district, without the necessity of holding an election, in the principal amount of six hundred thousand dollars.

Maturity

SECTION 3. The bond issued pursuant to this act must be dated the date of its delivery and must mature as follows: two hundred thousand dollars on March first in each of the years 1989, 1990, and 1991.

Prepayment

SECTION 4. The bond must be issued with a provision permitting its prepayment before its stated maturity, at par and accrued interest.

Form

SECTION 5. The bond must be in the form of a fully registered bond upon conditions as the board may prescribe.

Where payable

SECTION 6. The bond must be made payable at places, within or without the State, as the board provides.

Interest

SECTION 7. The bond must bear interest at a rate prescribed by the board.

Denomination - execution

SECTION 8. The bond must be in the denomination of six hundred thousand dollars and executed in a manner as the board prescribes by resolution.

Sale

SECTION 9. The bond must be sold at a price of not less than par and accrued interest to the date of its delivery. It may be sold at private sale and without advertisement if, not less than seven days before its delivery, notice of intention to sell the bond at private sale is given by publication in a newspaper of general circulation in the district. The notice must set forth the purchaser, the purchase price, interest rate, and maturity date of the bond.

Payment

SECTION 10. For the payment of the principal and interest of the bond, the full faith, credit, and taxing power of the district is irrevocably pledged, and there must be levied annually by the auditor of Abbeville County and collected by the treasurer of Abbeville County, in the same manner as county taxes are levied and collected, on all taxable property in the district, a tax sufficient to pay the principal and interest of the bond.

Tax exempt

SECTION 11. The principal and interest of the bond have the tax-exempt status prescribed by Section 12-1-60, Code of Laws of South Carolina, 1976.

Use of proceeds

SECTION 12. The proceeds derived from the sale of the bond issued under the provisions of this act must be paid to the treasurer for Abbeville County and used to pay the principal due on the bond.

Powers additional

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

No further action or approval necessary

SECTION 14. No action other than that prescribed in this act must be taken to effect the issuance of the bond authorized in this act, nor is the board required to obtain the approval of a public agency for an action taken pursuant to the authorizations of this act.

Time effective

SECTION 15. This act takes effect upon approval by the Governor.