South Carolina General Assembly
115th Session, 2003-2004

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Bill 3599

Indicates Matter Stricken
Indicates New Matter


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

AMENDED--NOT PRINTED IN THE HOUSE

Amt. No. 1 (Doc. Name Council \gjk\20214sd03)

February 19, 2003

H. 3599

Introduced by Rep. Hayes

L. Printed 2/13/03--H.

Read the first time February 13, 2003.

            

A BILL

TO AUTHORIZE THE BOARD OF TRUSTEES OF DILLON COUNTY SCHOOL DISTRICT 3 TO ISSUE AND SELL GENERAL OBLIGATION BONDS OF DILLON COUNTY SCHOOL DISTRICT 3 IN AN AMOUNT NOT TO EXCEED SEVEN HUNDRED THOUSAND DOLLARS, TO PRESCRIBE THE CONDITIONS PURSUANT TO WHICH THE BONDS MAY BE ISSUED AND THE PURPOSES FOR WHICH THE PROCEEDS OF THE BONDS MAY BE EXPENDED, AND TO PROVIDE FOR THE PAYMENT OF THE BONDS.

Amend Title To Conform

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

SECTION    1.    The General Assembly finds that the amount of not exceeding $700,000.00 must be raised by Dillon School District 3 in fiscal year 2003 to defray a portion of the cost of construction of a new gymnasium at Latta High School.

SECTION    2.    In order to raise funds for the purposes enumerated in Section 1, the Board of Trustees of Dillon County School District 3 may issue and sell general obligation bonds of the Dillon County School District 3 in an amount not to exceed $700,000.00 without holding an election.

SECTION    3.    The bonds issued and sold pursuant to this act must be dated as of the date that the Board of Trustees of Dillon County School District 3 prescribes by resolution, and the bonds must have a final maturity date of no later than ten years from their date of issue.

SECTION    4.    The Board of Trustees of Dillon County School District 3, in its discretion, may prescribe by resolution that the bonds issued pursuant to this act may be issued with a provision permitting their prepayment upon those terms as may be determined by the board of trustees.

SECTION    5.    All bonds issued pursuant to this act must be in the form of fully registered bonds upon conditions prescribed by the Board of Trustees of Dillon County School District 3.

SECTION    6.    All bonds issued pursuant to this act may be payable at places within or without the State of South Carolina as prescribed by the Board of Trustees of Dillon County School District 3.

SECTION    7.    All bonds issued pursuant to this act must bear interest at rates to be named by the Board of Trustees of Dillon County School District 3.

SECTION    8.    All bonds issued pursuant to this act must be in denominations and executed in a manner prescribed by resolution of the Board of Trustees of Dillon County School District 3.

SECTION    9.    All bonds issued pursuant to this act must be sold at a price of not less than par and accrued interest to date of their respective deliveries. Bonds sold pursuant to this act may be sold at private sale without advertisement if, not less than seven days before the delivery of the bonds, notice of intention to sell the bonds at private sale is given by publication in a newspaper of general circulation in Dillon County. The notice must set forth the purchaser, purchase price, interest rate, and final maturity date of the bonds.

SECTION    10.    For the payment of principal and interest on bonds issued pursuant to this act, the full faith, credit, and taxing power of Dillon County School District 3 must be pledged irrevocably, and there must be levied annually by the auditor of Dillon County and collected by the treasurer of Dillon County, in the same manner as county taxes are collected and levied, on all taxable property in Dillon County School District 3, a tax sufficient to pay the principal of and interest on the bonds, and to create a sinking fund as may be necessary.

SECTION    11.    The principal of and interest on all bonds issued pursuant to this act shall have the tax-exempt status prescribed by Section 12-2-50 of the 1976 Code.

SECTION    12.    The proceeds of the bonds issued by Dillon County School District 3 pursuant to this act must be paid to the treasurer of Dillon County and used for the purposes provided for in Section 1 of this act, as well as the costs of issuance of the bonds.

SECTION    13.    The powers and authorizations conferred by this act upon the Board of Trustees of Dillon County School District 3 are in addition to all of the powers and authorizations previously vested in the board of trustees, and may be used pursuant to action taken at any regular or special meetings of the board of trustees.

SECTION    14.    No action other than that prescribed in this act need be taken to effect the issuance of the bonds authorized by this act. The Board of Trustees of Dillon County School District 3 is not required to obtain the approval of any public agency for an action taken pursuant to the authorization of this act.

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

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