South Carolina General Assembly
104th Session, 1981-1982

Bill 2861

                    Current Status

BillNumber:                2861
Ratification Number:       267
Act Number:                227
Introducing Body:          House
Subject:                   Borrowing authorized and tax levy provided, Calhoun 
                           County
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A227, R267, S2861)

AN ACT TO DECLARE IT TO BE A PUBLIC AND PROPER PURPOSE FOR THE CALHOUN COUNTY SCHOOL DISTRICT TO AID IN PROVIDING POST-SECONDARY TECHNICAL EDUCATION FOR THE RESIDENTS OF CALHOUN COUNTY; TO AUTHORIZE THE COUNTY TREASURER TO BORROW AN AMOUNT NOT EXCEEDING ONE HUNDRED SIXTEEN THOUSAND FIVE HUNDRED NINETY-FIVE DOLLARS TO BE USED AS THE COUNTY'S SHARE OF CONSTRUCTION COSTS AT THE ORANGEBURG-CALHOUN TECHNICAL COLLEGE; AND TO DIRECT THE COUNTY AUDITOR TO LEVY AND THE COUNTY TREASURER TO COLLECT AN ANNUAL TAX UPON ALL TAXABLE PROPERTY OF THE CALHOUN COUNTY SCHOOL DISTRICT SUFFICIENT TO RETIRE SUCH LOAN AND THE INTEREST DUE THEREON.

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

Borrowing authorized and tax levy provided

SECTION 1. Section 7 of an act of 1981 bearing ratification number 216 is amended to read:

"Section 7. A. The General Assembly finds and it is hereby declared to be a public purpose and a proper corporate purpose of the Calhoun County School District to aid in the providing of post-secondary technical education for the residents of the Calhoun County School District.

B. The county treasurer is hereby authorized to borrow an amount not exceeding one hundred sixteen thousand, five hundred ninety-five dollars ($116,595) from the Division of General Services or any other lending agency at the lowest interest rate available to be used as Calhoun County's share of construction costs at the Orangeburg-Calhoun Technical College. The amount borrowed shall be evidenced by notes to be executed by the county treasurer. The interest shall be paid annually and the principal shall be paid in not exceeding five equal, annual installments with the right to anticipate payment thereof at any annual interest paying period.

The county auditor shall levy, and the county treasurer shall collect, an annual tax upon all of the taxable property of the Calhoun County School 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 notes, inclusive of interest, in full, at which time the levy provided therein shall be terminated. In the event the county 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. Should the monies be borrowed from the Division of General Services and should there be default in payment, the State Treasurer is directed to withhold any funds accruing to the county and to transmit such funds to the Division of General Services."

Time effective

SECTION 2. This act shall take effect upon approval by the Governor.

Approved the 23rd day of September, 1981