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February 10, 2004
L. Printed 2/10/04--S.
Read the first time February 10, 2004.
TO AUTHORIZE THE BOARD OF TRUSTEES FOR SCHOOL DISTRICT 1 IN CLARENDON COUNTY TO EXPEND FUNDS IN ITS SCHOOL BUILDING FUND TO MEET ITS COSTS OF OPERATIONS AND MAINTENANCE AND TO REPLACE FUNDS LOST AS A CONSEQUENCE OF REDUCTIONS IN STATE APPROPRIATIONS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The General Assembly finds that due to reductions in state appropriations for fiscal years 2001-2002, 2002-2003, and 2003-2004, School District 1 of Clarendon County may experience a shortfall in funds necessary to meet its operating budget for fiscal year 2003-2004. The General Assembly has determined to authorize the Board of Trustees of the school district to expend funds in its school building fund to meet its costs of operation and maintenance or to pay all or a portion of the principal and interest on a tax anticipation note of the school district issued as of July 1, 2003.
SECTION 2. The powers and 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 of trustees.
SECTION 3. This act takes effect upon approval by the Governor.
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