South Carolina General Assembly
104th Session, 1981-1982

Bill 388

                    Current Status

BillNumber:                388
Ratification Number:       63
Act Number:                219
Introducing Body:          Senate
Subject:                   Anderson County School District No. 4 bond issue
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A219, R63, S388)

AN ACT TO AUTHORIZE THE BOARD OF TRUSTEES OF SCHOOL DISTRICT NO. 4 OF ANDERSON COUNTY TO ISSUE NOT EXCEEDING TWO MILLION EIGHT HUNDRED THOUSAND DOLLARS OF GENERAL OBLIGATION BONDS OF THE SCHOOL DISTRICT, TO PRESCRIBE THE CONDITIONS UNDER WHICH THE BONDS MAY BE ISSUED AND THE PURPOSES FOR WHICH THEIR PROCEEDS MAY BE EXPENDED AND MAKE PROVISIONS FOR THEIR PAYMENT.

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

Findings

SECTION 1. The General Assembly finds that a need exists in School District No. 4 of Anderson County (the School District) for funds to complete construction of a comprehensive high school within the School District. It has therefore determined to empower the Board of Trustees of the School District (the Board) to provide for such purpose and to raise for such purpose, without an election, the sum of not exceeding two million eight hundred thousand dollars, or such lesser amount as shall, on the occasion of the issuance of any bonds pursuant to the authorizations of this act, be within the constitutional debt limit applicable to the School District.

General obligation bonds

SECTION 2. For the purpose of providing funds to complete construction of a comprehensive high school within the School District, the Board may issue, without an election, either as a single issue, or from time to time as several separate issues, general obligation bonds of the School District in the aggregate principal amount of not exceeding two million eight hundred thousand dollars, or such lesser amount as shall, on the occasion of the issuance of any bonds pursuant to the authorization of this act, be within the constitutional debt limit applicable to the School District, and apply the proceeds of such bonds for the construction of a comprehensive high school within the School District.

Maturity

SECTION 3. All bonds issued pursuant to this act shall mature in such annual series or installments as the Board shall provide, except that the first maturing bonds of any issue shall mature not later than three years from the date they are issued and no bond shall mature later than twenty-five years from the date it is issued.

Redemption

SECTION 4. Any bond issued pursuant to this act may be issued with a provision for its redemption prior to its stated maturity at par and accrued interest, plus such redemption premium as may be prescribed by the Board, but no bond shall be redeemable before maturity unless it contains a statement to that effect. In the proceedings authorizing the issuance of such bonds, provision shall be made specifying the manner of call and the notice that shall be given.

Form

SECTION 5. The bonds shall be in the form of negotiable coupon bonds, payable to bearer, but -may be issued with the privilege to any holder of having them registered as to principal on the books of the treasurer of Anderson County, upon such conditions as the Board may prescribe. Except when so registered, all bonds shall have all attributes of negotiable instruments.

Denomination

SECTION 6. The bonds shall be in such denomination and shall be made payable at such places, within or without the State, as the Board shall prescribe, and shall bear such interest as may be determined by the Board.

Execution

SECTION 7. The bonds, and the coupons attached, shall be executed in such manner as the Board shall prescribe by resolution.

Sale

SECTION 8. The bonds shall be sold at a price of not less than par and accrued interest to the date of their respective deliveries. They shall be sold at public sale, after public advertisement of the sale in a newspaper of general circulation in South Carolina, or in a financial journal published in New York City, New York, or both. The published notice shall appear not less than seven days prior to the occasion set for opening bids.

Sinking fund

SECTION 9. For the payment of the principal of and interest on all bonds issued pursuant to this act, as they respectively mature, and for the creation of such sinking fund as may be necessary for the payment, the full faith, credit and taxing power of the School District shall be irrevocably pledged, and there shall be levied annually by the auditor of Anderson County and collected by the treasurer of Anderson County, in the same manner as county taxes, a tax without limit on all taxable property in the School District, sufficient to pay the principal of and interest on such bonds as they respectively mature and to create such sinking fund as may be necessary for payment.

Principal and interest

SECTION 10. The principal of and interest on bonds issued pursuant to this act shall have the tax-exempt status prescribed by Section 12-1-60 of the 1976 Code.

Proceeds

SECTION 11. The proceeds derived from the sale of any bonds issued pursuant to this act shall be paid to the treasurer of Anderson County, to be deposited in a special bond account fund for the School District, and shall be expended and made use of by the Board as follows:

(a) Any accrued interest shall be applied to the payment of the first installment of interest to become due on such bonds.

(b) Any premium shall be applied to the payment of the first installment of principal of the bonds.

(c) The remaining proceeds shall be used to defray the cost of issuing the bonds authorized by this act, and to pay costs of construction of a comprehensive high school within the School District.

(d) Any balance remaining shall be held by the treasurer of Anderson County in a special fund and used to effect the retirement of bonds authorized by this act.

Powers and authorizations of Board

SECTION 12. The powers and authorizations conferred upon the Board by this act shall be in addition to all other powers and authorizations previously vested in the Board, and may be availed of pursuant to action taken at any regular or special meeting of the Board.

Election not required

SECTION 13. No election is prescribed as a condition precedent to the issuance of the bonds and no action other than that prescribed

by this act need be taken to effect the issuance of the bonds, nor shall the Board be required to obtain the approval of any other public agency including the Anderson County Board of Education for any action taken pursuant to the authorizations of this act.

Authorizations

SECTION 14. The authorizations granted by this act shall remain of full force and effect until they shall be rescinded by subsequent enactment and no time limit is set for the issuance of bonds pursuant to this act.

Time effective

SECTION 15. This act shall take effect upon approval by the Governor.

Approved the 14th day of April, 1981.