South Carolina General Assembly
103rd Session, 1979-1980

Bill 1148

                    Current Status

Bill Number:               1148
Ratification Number:       650
Act Number                 639
Introducing Body:          Senate
Subject:                   To authorize the Board of Education of
                           Dillon County to borrow money
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A639, R650, S1148)

AN ACT TO AUTHORIZE THE BOARD OF EDUCATION OF DILLON COUNTY TO BORROW AN AMOUNT NOT TO EXCEED SIX HUNDRED THOUSAND DOLLARS TO BE USED FOR SCHOOL CONSTRUCTION AND TO PROVIDE FOR THE PAYMENT OF THE LOAN.

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

Board authorized to borrow money

Section 1. The Board of Education of Dillon County is hereby authorized to borrow not exceeding six hundred thousand dollars from any bank or other lending agency at the lowest interest rate available for school construction. The amount borrowed shall be evidenced by a note to be executed by the chairman of the board of education and the county treasurer. The note shall bear such interest as may be agreed upon to be paid at such times as may be agreed upon with the right to anticipate payment thereof at any time prior to maturity.

Auditor to levy annual tax

Section 2. As additional security for the loan in the event the mill age referred to above is insufficient to pay the principal and interest on the loan, the Auditor of Dillon County shall levy, and the treasurer shall collect, an annual tax upon all of the taxable property of the county sufficient to retire the loan and the interest due thereon, and the entire proceeds of such levy shall be applied to the payment of the note, inclusive of interest, in full, at which time the levy provided herein shall be terminated. In the event the board may receive or have on hand any funds not otherwise pledged or designated for a particular use, such funds may be used for payment of the loan and interest thereon. The full faith, credit and taxing power of the county are irrevocably pledged for the payment of the loan.

Time effective

Section 3. This act shall take effect upon approval by the Governor.