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Bill Number: 3036 Ratification Number: 243 Act Number 236 Introducing Body: House Subject: Roofs of Brockington Elementary and Timmonsville High
(A236, R243, H3036)
AN ACT TO AUTHORIZE THE BOARD OF TRUSTEES OF SCHOOL DISTRICT NO. 4 IN FLORENCE COUNTY TO BORROW NOT EXCEEDING TWO HUNDRED THOUSAND DOLLARS FOR THE PURPOSE OF REPAIRING OR REPLACING THE ROOFS OF BROCKINGTON ELEMENTARY AND TIMMONSVILLE HIGH SCHOOLS, 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:
Trustees may borrow
SECTION 1. The Board of Trustees of School District No. 4 in Florence County may borrow from the South Carolina Insurance Reserve Fund, not exceeding two hundred thousand dollars for the purpose of repairing or replacing the roofs of Brockington Elementary and Timmonsville High Schools in Florence School District No. 4. The loan must be secured by notes executed by a majority of the board of trustees of the district and shall bear interest as agreed to by the parties. The notes must be payable on dates determined by the board, not to exceed twenty years from the date of issuance.
Board may refinance
SECTION 2. The board of trustees may refinance any portion of the outstanding indebtedness due on the notes at any time and from time to time within the twenty year period by the issuance of new notes, but the new notes may not mature later than twenty years from the date of the original issuance.
Repayment of loan
SECTION 3. In order to provide for the repayment of the loan and interest thereon, there is levied an annual tax upon all of the taxable property of School District No. 4, sufficient to pay all interest and the notes as they become due. The principal and interest may be paid annually. When the loan is paid, the tax shall no longer be levied. It is the duty of the auditor of Florence 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 as other taxes are collected by law and to pay the principal and interest on the notes as they severally become due, according to their terms. The full faith and credit and taxing power of School District No. 4 are irrevocably pledged for the payment of the notes and interest.
Funds applied to payment
SECTION 4. The Board of Trustees of School District No. 4 may give consideration to applying to the payment of the amounts due on the 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, after January 1, 1984. When such funds are applied to the payment of the principal and interest, the tax authorized must be reduced accordingly.
Funds deposited with county treasurer
SECTION 5. The amount so borrowed must be deposited with the county treasurer of Florence County to the credit of Florence School District No. 4 to be expended upon warrants or orders of the proper school officials for the purposes mentioned in this act.
SECTION 6. This act shall take effect upon approval by the Governor.