South Carolina General Assembly
103rd Session, 1979-1980

Bill 1149

                    Current Status

Bill Number:               1149
Ratification Number:       651
Act Number                 640
Introducing Body:          Senate
Subject:                   To authorize the Trustees of Dillon
                           County School District No. 2 to borrow
                           money
View additional legislative information at the LPITS web site.

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

(A640, R651, S1149)

AN ACT TO AUTHORIZE THE TRUSTEES OF DILLON COUNTY SCHOOL DISTRICT NO. 2 TO BORROW AN AMOUNT NOT TO EXCEED EIGHT HUNDRED THIRTY 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:

Section 1. The Board of Trustees of School District No. 2 of Dillon County is hereby authorized to borrow not exceeding eight hundred thirty thousand dollars from any bank or other lending agency, at the lowest interest rate available, to be used for school construction. The amount borrowed shall be evidenced by notes to be executed by the chairman of the board and the county treasurer. The notes shall bear such interest as may be agreed upon, to be paid in annual installments, also as may be agreed upon, with the right to anticipate payment thereof at any annual interest-paying period. The full faith, credit and taxing power of the district are irrevocably pledged for payment of the loan.

Auditor to levy annual tax

Section 2. The Auditor of Dillon County shall levy, and the Treasurer shall collect, an annual tax upon all of the taxable property of the district 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 school district 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.

Time effective

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