Bill 2454

                    Current Status

BillNumber:                2454
Ratification Number:       38
Act Number:                237
Introducing Body:          House
Subject:                   Board of Trustees may borrow money, Latta School 
                           District

(A237, R38, S2454)

AN ACT TO AUTHORIZE THE BOARD OF TRUSTEES OF LATTA SCHOOL DISTRICT 3 OF DILLON COUNTY TO BORROW NOT EXCEEDING ONE HUNDRED FIFTY 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 of trustees may borrow money

SECTION 1. The Board of Trustees of Latta School District 3 of Dillon County is hereby authorized to borrow not exceeding one hundred fifty 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 a note to be executed by the chairman of the board 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. 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 the levy shall be applied to the payment of the note, inclusive of interest, in full, at which time the levy 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 district are irrevocably pledged for the payment of the loan.

Time effective

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

Approved the 18th day of March, 1981.