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TO AUTHORIZE THE BOARD OF TRUSTEES OF DILLON COUNTY SCHOOL DISTRICT 2 TO ISSUE AND SELL GENERAL OBLIGATION REFUNDING BONDS OF DILLON COUNTY SCHOOL DISTRICT 2 IN AN AMOUNT NOT TO EXCEED ONE MILLION ONE HUNDRED FORTY 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.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The General Assembly finds that a savings in debt service payments with regard to the original principal amount of $1,700,000.00 Dillon County Board of Education and School District No. 2 of Dillon County, South Carolina General Obligation Bonds of 1999 may be achieved by a refunding of the bonds at current interest rates. There is currently outstanding on the bonds the principal amount of $1,126,445.09 and the bonds may be called for redemption at any time without penalty.
SECTION 2. In order to raise funds for the purposes enumerated in Section 1, the Board of Trustees of Dillon County School District 2 may issue and sell general obligation refunding bonds of the Dillon County School District 2 in an amount not to exceed $1,140,00.00 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 2 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 2, 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 2.
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 2.
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 2.
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 2.
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 2 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 2, 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 pursuant to this act must be used by Dillon County School District 2 in accordance with the purposes provided in Section 1 of this act. The proceeds of the bonds must be applied to the redemption of the outstanding principal amount of the original principal amount $1,700,000.00 Dillon County Board of Education and School District No. 2 of Dillon County, South Carolina General Obligations Bonds of 1999 plus accrued interest, as well as costs of issuance of the bonds of Dillon County School District 2 authorized by this act.
SECTION 13. The powers and authorizations conferred by this act upon the Board of Trustees of Dillon County School District 2 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 2 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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