Current Status BillNumber: 473 Ratification Number: 100 Act Number: 247 Introducing Body: Senate Subject: Hampton County, may issue bonds-conditionsView additional legislative information at the LPITS web site.
(A247, R100, S473)
AN ACT TO PROVIDE THE CONDITIONS UNDER WHICH THE AUTHORITIES OF ANY OPERATING SCHOOL UNIT IN HAMPTON COUNTY MAY ISSUE GENERAL OBLIGATION BONDS AND TO PROVIDE FOR THE MATURITY OF SUCH BONDS.
Be it enacted by the General Assembly of the State of South Carolina:
Definitions
SECTION 1. As used in this act, the terms "authorities", "operating school unit", "capital improvements" and "county board" shall be defined in the manner provided by Section 59-71-20 of the 1976 Code.
May issue bonds-conditions
SECTION 2. Notwithstanding any other provision of law:
(A) The authorities of any operating school unit in Hampton County may issue general obligation bonds of such operating school unit for the purpose of defraying the cost of capital improvements to any amount not exceeding the constitutional debt limitation applicable to such operating school unit, if:
(1) The election required by Article 1, Chapter 71 of Title 59 of the 1976 Code as a condition precedent to the issuance of bonds results favorably thereto;
(2) The bonds are issued within five years following the holding of the election;
(3) The county board wherein such operating school unit is located, if there is such, shall give its approval to the issuance of such bonds.
(B) Such general obligation bonds of operating school units in Hampton County shall mature in such annual series or installments as the authorities shall provide, except that:
(1) The first maturing bonds shall mature within three years from the date as of which they may be issued;
(2) Not less than three per cent of the aggregate of the issue shall mature in any year;
(3) No bond shall mature later than thirty years from the date as of which it may be issued.
The provisions of this subsection (B) shall not prevent the authorities from issuing the aggregate of the bonds authorized by the election held pursuant to Article 1, Chapter 71 of Title 59 of the 1976 Code on one or more occasions as two or more issues.
Other provisions to remain applicable
SECTION 3. All other provisions of law, including the provisions of Chapter 71 of Title 59 of the 1976 Code, relating to the issuance of general obligation school bonds shall apply to the issuance of such bonds in Hampton County except as may be otherwise provided by this act.
Time effective
SECTION 4. This act shall take effect upon approval by the Governor.
Approved the 20th day of May, 1981.