South Carolina General Assembly
103rd Session, 1979-1980

Bill 3368

                    Current Status

Bill Number:               3368
Ratification Number:       332
Act Number                 619
Introducing Body:          House
Subject:                   General obligation bonds
                           authorized
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A619, R332, H3368)

AN ACT TO AUTHORIZE MULLINGS SCHOOL DISTRICT NO. 2 OF MARION COUNTY TO ISSUE GENERAL OBLIGATION BONDS AUTHORIZED BY AN ELECTION HELD ON MAY 9, 1978, WITHIN FIVE YEARS OF THE ELECTION AND TO PROVIDE THAT THE PROVISIONS OF ITEM (2) OF SECTION 59-71-30, CODE OF LAWS OF SOUTH CAROLINA, 1976, SHALL NOT APPLY TO THE ISSUANCE OF BONDS AUTHORIZED BY SUCH ELECTION.

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

General obligation bonds authorized

Section 1. The General Assembly finds that heretofore at a duly called and held election on May 9, 1978, in Mullins School District No. 2 of Marion County (the school district) which resulted favorably to the issuance of three million five hundred thousand dollars of general obligation bonds by a vote of thirteen hundred eighty-four to three hundred forty-seven, the school district was authorized to issue, pursuant to the provisions of the School Bond Act (Article 1, Chapter 71, Title 59 of the 1976 Code), not exceeding three million five hundred thousand dollars of general obligation bonds for the purposes of building, furnishing and equipping a new high school building just outside the town limits of Mullins. As a result of litigation in the case of Taylor, et al. v. Roche, et al., which questioned the validity of Article X of the Constitution of this State, the construction program for this high school has been considerably delayed. This litigation has now been terminated favorably to Article X, and the school district is proceeding with the construction program which will be permanently financed by a loan from the Farmers Home Administration of the United States Department of Agriculture. This governmental agency requires that the school district secure interim financing before the three million five hundred thousand dollar general obligation bonds, evidencing the permanent financing, can be delivered.

The General Assembly further finds that Section 15(5) (b) of Article X of the Constitution of this State provides that, in the event general obligation debt is authorized by a majority of the qualified electors of a school district, such general obligation debt shall be issued within five years of the date of such referendum. The General Assembly further finds that item (2) of Section 59-71-30 of the 1976 Code provides that such bonds must be issued within three years of the holding of the election. It is now anticipated that the bond issue cannot be delivered within three years of the election.

Bonds excluded from certain provisions

Section 2. The provisions of item (2) of Section 59-71-30 of the 1976 Code shall not apply to the issuance of the three million five hundred thousand dollar general obligation bonds issued by Mullins School District No. 2 of Marion County pursuant to the favorable results of the election held May 9, 1978, in the school district and such bonds may be issued at any time within five years of the date of such election.

Time effective

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