Current Status Introducing Body:House Bill Number:4231 Ratification Number:270 Act Number:221 Primary Sponsor:Elliott Type of Legislation:GB Subject:Marion County school district No. 3 trustees Date Bill Passed both Bodies:19930602 Computer Document Number:436/11477AC.93 Governor's Action:S Date of Governor's Action:19930616 Introduced Date:19930525 Date of Last Amendment:19930527 Last History Body:------ Last History Date:19930616 Last History Type:Act No. 221 Scope of Legislation:Statewide All Sponsors:Elliott Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
---- ------ ------------ ------------------------------ --- ------------
4231 ------ 19930616 Act No. 221
4231 ------ 19930616 Signed by Governor
4231 ------ 19930610 Ratified R 270
4231 House 19930602 Concurred in Senate
amendment, enrolled for
ratification
4231 Senate 19930601 Read third time, returned to
House with amendment
4231 Senate 19930528 Read second time
4231 Senate 19930527 Unanimous consent for second
and third reading on the next
two consecutive Legislative
days
4231 Senate 19930527 Amended
4231 Senate 19930527 Introduced, read first time,
placed on local and
uncontested Calendar without
reference
4231 House 19930527 Read third time, sent to
Senate
4231 House 19930526 Read second time
4231 House 19930525 Introduced, read first time,
placed on Calendar without
reference
View additional legislative information at the LPITS web site.
(A221, R270, H4231)
AN ACT TO AUTHORIZE THE BOARD OF TRUSTEES OF SCHOOL DISTRICT 3 IN MARION COUNTY TO BORROW NOT EXCEEDING THREE HUNDRED THOUSAND DOLLARS FOR THE PURPOSE OF CONSTRUCTING, IMPROVING, AND REPAIRING SCHOOLS AND SCHOOL BUILDINGS IN THE DISTRICT; TO PROVIDE FOR THE METHOD OF PAYMENT OF THE LOAN AND INTEREST BY THE BOARD; AND TO PROVIDE THAT THE INTEREST EARNED IS NOT TAXABLE INCOME OR SUBJECT TO INSURANCE PREMIUM TAXES.
Be it enacted by the General Assembly of the State of South Carolina:
Board authorized to borrow money
SECTION 1. The Board of Trustees of School District 3 in Marion County is authorized to borrow a sum of money, not exceeding three hundred thousand dollars for the purpose of constructing, improving, or repairing schools and school buildings in Marion School District 3 of Marion County. The loan must be secured by a note or notes to be executed by a majority of the board of trustees of the district and shall bear the least interest available from a financial institution or other lending institution doing business in Marion County. The note or notes must be made payable at such date or dates as the board may determine, not to exceed twenty years from the date of issuance.
Loan may be refinanced
SECTION 2. The board of trustees may refinance any portion of the outstanding indebtedness due on the note or notes at any time and from time to time within the twenty-year period by the issuance of new notes; however, new notes shall mature not later than twenty years from the date of the original issuance.
Property tax levied, repay loan
SECTION 3. In order to provide for the repayment of such loan and interest thereon there is levied an annual tax upon all of the taxable property of School District 3, sufficient to pay all interest and the note or notes as they become due. The principal and interest may be paid annually. When the loan is paid the tax levied for this purpose no longer may be levied. It is the duty of the auditor of Marion County to levy the special tax annually on all of the taxable property of the school district, and the duty of the county treasurer to collect the tax levied as other taxes are collected by law and to pay the principal and interest on the note or notes as the same severally become due, according to the terms of the notes. The full faith and credit and taxing power of School District 3 are irrevocably pledged for the payment of the notes and interest.
Deposit and expenditure of funds
SECTION 4. The amount borrowed pursuant to this act must be deposited with the county treasurer of Marion County to the credit of Marion School District 3 to be expended upon warrants or orders of the proper school officials for the purposes mentioned in this act.
Interest earned is not taxable
SECTION 5. The interest earned by a financial institution is not taxable income for South Carolina state income tax purposes and in the case of an insurance company is not subject to insurance premium taxes.
Time effective
SECTION 6. This act takes effect upon approval by the Governor.
Approved the 16th day of June, 1993.