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Bill Number: 2348 Ratification Number: 20 Act Number 233 Introducing Body: House Subject: Board of Trustees of Latta School Dist. 3, Dillon
(A233, R20, H2348)
AN ACT TO AUTHORIZE THE BOARD OF TRUSTEES OF LATTA SCHOOL DISTRICT 3 OF DILLON COUNTY TO BORROW AN AMOUNT NOT TO EXCEED ONE HUNDRED THOUSAND DOLLARS TO BE USED TO RETIRE A LOAN FOR MONEY USED FOR SCHOOL CONSTRUCTION AT LATTA HIGH SCHOOL AND TO PROVIDE FOR THE PAYMENT OF THE LOAN.
Be it enacted by the General Assembly of the State of South Carolina:
School district may borrow money
SECTION 1. The Board of Trustees of Latta School District 3 of Dillon County may borrow an amount not exceeding one hundred thousand dollars from any bank or other lending agency at the lowest interest rate available to retire a loan for money used for school construction at Latta High School. The amount borrowed must 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 auditor of Dillon County shall levy and the treasurer shall collect an annual tax upon all of the taxable property of the district sufficient to retire the loan and the interest due thereon, and the entire proceeds of such levy must be applied to the payment of the note, inclusive of interest, in full, at which time the levy 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 the district are irrevocably pledged for the payment of the loan.
SECTION 3. This act shall take effect upon approval by the Governor.