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TO AMEND ACT 327 OF 1977, RELATING TO THE ABILITY OF SCHOOL DISTRICT NO. 2 OF DORCHESTER COUNTY TO ISSUE BONDS, SO AS TO PROVIDE THAT BEFORE ISSUING BONDS, THE TOTAL FULL TERM UNPAID BALANCE REMAINING ON ANY INDEBTEDNESS THAT A SCHOOL DISTRICT IS OBLIGATED TO PAY OVER ANY PERIOD MUST BE INCLUDED IN ITS GENERAL OBLIGATION DEBT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 2 of Act 327 of 1977 is amended to read:
"Section 2. For the purpose of providing appropriate sites and constructing and equipping additional public school facilities in the school district, the trustees are hereby authorized and empowered to issue, without an election, general obligation bonds of the school district, either as a single issue, or from time to time as several separate issues, in the aggregate principal amount of not exceeding two million dollars, or in such lesser amount as shall, on the occasion of the issuance of any bonds pursuant to the authorization of this act, be within the constitutional debt limitation then applicable to the school district. Before issuing bonds pursuant to this section, the total full term unpaid balance remaining on any indebtedness that the school district is obligated to pay over any period must be included in its general obligation debt that is limited to eight percent of the assessed value of all taxable property located in its district pursuant to Article X, Section 15, subsection 6 of the Constitution of South Carolina, 1895."
SECTION 2. This act takes effect upon approval by the Governor.
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