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Bill Number: 2727 Ratification Number: 92 Act Number 53 Introducing Body: House Subject: Piedmont Sewer, Light and Fire District of Anderson and Greenville
(A53, R92, H2727)
AN ACT TO AMEND ACT 389 OF 1955, AS AMENDED, RELATING TO THE PIEDMONT SEWER, LIGHT AND FIRE DISTRICT OF ANDERSON AND GREENVILLE COUNTIES, SO AS TO INCREASE THE AMOUNT WHICH MAY BE BORROWED IN ANTICIPATION OF TAXES FROM ONE HUNDRED THOUSAND DOLLARS TO ONE HUNDRED FIFTY THOUSAND DOLLARS.
Be it enacted by the General Assembly of the State of South Carolina:
District may borrow
SECTION 1. Item (j) of the unnumbered subparagraph in Section 3 of Act 389 of 1955, which was added by Section 4 of Act 1839 of 1972, is amended to read:
"(j) Borrow in anticipation of taxes in amounts, on terms and for periods as the commission deems most beneficial for the district, but at no time may the total outstanding principal of the loans provided for in this item exceed one hundred fifty thousand dollars. The indebtedness shall be evidenced by a note or notes issued by the members of the commission, the Treasurer of Anderson County, and the Treasurer of Greenville County. The full faith, credit, and taxing power of Piedmont Sewer, Light and Fire District of Anderson and Greenville Counties are irrevocably pledged for the payment of such indebtedness."
SECTION 2. This act shall take effect upon approval by the Governor.