Bill 858

                    Current Status

Bill Number:               858
Ratification Number:       368
Act Number                 562
Introducing Body:          Senate
Subject:                   Authorize the Board of Trustees of School
                           District No. 4 in Marion County to borrow
                           moneys for the purpose of constructing,
                           improving, and repairing schools and school
                           buildings

(A562, R368, S858)

AN ACT TO AUTHORIZE THE BOARD OF TRUSTEES OF SCHOOL DISTRICT NO. 4 IN MARION COUNTY TO BORROW NOT EXCEEDING TWO HUNDRED FIFTY THOUSAND DOLLARS FOR THE PURPOSE OF CONSTRUCTING, IMPROVING, AND REPAIRING SCHOOLS AND SCHOOL BUILDINGS IN THE DISTRICT, AND TO PROVIDE FOR THE METHOD OF PAYMENT OF THE LOAN AND INTEREST BY THE BOARD.

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

Board authorized to borrow money

Section 1. The Board of Trustees of School District No. 4 in Marion County is hereby authorized to borrow a sum of money, not exceeding two hundred fifty thousand dollars for the purpose of constructing, improving, or repairing schools and school buildings in Marion School District No. 4 of Marion County. The loan shall be secured by a note or notes to be executed by a majority of the board of trustees of the district and shall bear the least interest available from a bank doing business in Marion County. The note or notes shall be made payable at such date or dates as the board may determine, not to exceed twenty years from the date of issuance. Notice

Section 2. Prior to the issuance of such note or notes, notice shall be given to all of the banks in Marion County so as to permit them to purchase such note or notes, if they so desire.

Trustees may refinance indebtedness

Section 3. The board of trustees may refinance any portion of the outstanding indebtedness due on such note or notes at any time and from time to time within the twenty-year period by the issuance of new notes therefor; provided, such new notes shall mature not later than twenty years from the date of the original issuance.

Repayment of loan

Section 4. In order to provide for the repayment of such loan and interest thereon is levied an annual tax upon all of the taxable property of School District No. 4, sufficient to pay all interest may be paid annually. When the loan is paid the tax so levied for this purpose shall be no longer levied. It shall be the duty of the auditor of Marion County to levy the special tax annually on all of the taxable property of the school district, and the duty of the county treasurer to collect the tax so levied as other taxes are collected by law and to pay the principal and interest on the note or notes as the same severally become due, according to the terms thereof. The full faith and credit and taxing power of School District No. 4 are hereby irrevocably pledged for the payment of the notes and interest.

Application of funds

Section 5. The Board of Trustees of School District No. 4 shall give consideration to applying to the payment of the amounts due on the note or notes from time to time so much of the funds as may be made available to School District No. 4 by the State Department of Education, or any other agency of the State of South Carolina, after January 1, 1983. When such funds are so applied to the payment of the principal and interest any tax herein authorized to be levied shall be reduced accordingly.

Funds deposited

Section 6. The amount so borrowed shall be deposited with the county treasurer of Marion County to the credit of Marion School District No. 4 to be expended upon warrants or orders of the proper school officials for the purposes mentioned in this act.

Time effective

Section 7. This act shall take effect upon the approval by the Governor.