South Carolina General Assembly
104th Session, 1981-1982

Bill 3915

                    Current Status

Bill Number:               3915
Ratification Number:       502
Act Number                 533
Introducing Body:          House
Subject:                   Authorize the Board of Education of
                           Dillon County to borrow an amount not to
                           exceed nine hundred eighty thousand dollars to
                           be used for school construction
View additional legislative information at the LPITS web site.

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A533, R502, H3915)

AN ACT TO AUTHORIZE THE BOARD OF EDUCATION OF DILLON COUNTY TO BORROW AN AMOUNT NOT TO EXCEED NINE HUNDRED EIGHTY THOUSAND DOLLARS TO BE USED FOR SCHOOL CONSTRUCTION; TO PROVIDE FOR THE PAYMENT OF THE LOAN; TO PROVIDE THAT THE COUNTY TREASURER SHALL APPLY ANY AMOUNT OF THE MILLAGE LEVIED FOR SCHOOL DEBT RETIREMENT IN DILLON COUNTY FOR FISCAL YEAR 1981-82, WHICH HAS NOT BEEN PLEDGED PREVIOUSLY OR APPLIED FOR OTHER PURPOSES ON THE EFFECTIVE DATE OF THIS ACT, FOR PURPOSES OF REPAYMENT OF THE LOAN; TO PROVIDE THAT IN EACH SUBSEQUENT FISCAL YEAR THE COUNTY AUDITOR MAY LEVY, AND THE TREASURER COLLECT, AN ANNUAL TAX OF UP TO FIFTEEN MILLS UPON ALL OF THE TAXABLE PROPERTY OF THE COUNTY AS NECESSARY TO RETIRE THE LOAN AND THE INTEREST DUE THEREON; TO PROVIDE THAT AS ADDITIONAL SECURITY FOR THE LOAN IN THE EVENT THE MILLAGE REFERRED TO IN SECTION 2 OF THIS ACT IS INSUFFICIENT, THE COUNTY AUDITOR SHALL LEVY, AND THE TREASURER COLLECT, AN ANNUAL TAX UPON ALL OF THE TAXABLE PROPERTY OF DILLON COUNTY SUFFICIENT TO RETIRE THE LOAN AND THE INTEREST DUE THEREON AND THAT THE ENTIRE PROCEEDS OF SUCH LEVY SHALL BE APPLIED TO THE PAYMENT OF THE NOTE, INCLUSIVE OF INTEREST, IN FULL, AT WHICH TIME THE LEVY PROVIDED HEREIN SHALL BE TERMINATED; TO PROVIDE THAT 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; TO PROVIDE THAT THE FULL FAITH, CREDIT, AND TAXING POWER OF DILLON COUNTY ARE IRREVOCABLY PLEDGED FOR THE PAYMENT OF THE LOAN; AND TO REPEAL ACT 639 OF 1980 WHICH AUTHORIZED THE BOARD TO BORROW UP TO SIX HUNDRED THOUSAND DOLLARS FOR SCHOOL CONSTRUCTION.

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

Board authorized to borrow

Section 1. The Board of Education of Dillon County is hereby authorized to borrow an amount not exceeding nine hundred eighty thousand dollars from any bank or other lending agency at the lowest interest rate available 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 at any time prior to maturity.

Repayment of loan

Section 2. For the repayment of the loan, the county treasurer shall apply any amount of the millage levied for school debt retirement in the county for fiscal year 1981-82, which has not previously been pledged or applied for other purposes on the effective date of this act. Each fiscal year thereafter the auditor of Dillon County may levy and the treasurer collect an annual tax of up to fifteen mills upon all of the taxable property of the county as necessary to retire the loan and the interest due thereon.

Additional security

Section 3. As additional security for the loan in the event the millage referred to in Section 2 is insufficient to pay the principal and interest on the loan, the auditor of Dillon County shall levy and the treasurer shall collect an annual tax upon all of the taxable property of the county 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 note, inclusive of interest, in full, at which time the levy provided herein 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 on the loan. The full faith, credit, and taxing power of Dillon County are irrevocable pledged for the payment of the loan.

Repeal

Section 4. Act 639 of 1980 is repealed.

Time effective

Section 5. This act shall take effect upon the approval by the Governor.