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Bill Number: 850 Ratification Number: 348 Act Number 611 Introducing Body: Senate Subject: Regarding the authority of the School District of Horry County to issue bonds
(A611, R348, S850)
AN ACT TO AMEND ACT 340 OF 1977, AS AMENDED, REGARDING THE AUTHORITY OF THE SCHOOL DISTRICT OF HORRY COUNTY TO ISSUE BONDS, SO AS TO PROVIDE THAT THE SCHOOL DISTRICT MAY ISSUE BONDS IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT EXCEEDING TWENTY-FIVE PERCENT OF THE ASSESSED VALUE OF ALL TAXABLE PROPERTY OF THE SCHOOL DISTRICT.
Be it enacted by the General Assembly of the State of South Carolina:
School district bonds
Section 1. Section 2 of Act 340 of 1977, as last amended by Act 774 of 1978, is further amended to read:
"Section 2. The Board of Trustees of the School District of Horry County is hereby vested with the continuing authority to issue, without an election, general obligation bonds of the school district to obtain funds for public school purposes and under the authority hereby conferred shall be empowered from time to time to issue general obligation bonds of the school district, either as a single issue or from time to time as separate issues, in the aggregate principal amount of not exceeding twenty-five percent of the assessed value of all taxable property of the school district which was the amount of bonded indebtedness authorized by referendum conducted in Horry County on November 5, 1974."
Section 2. This act shall take effect upon approval by the Governor.