South Carolina General Assembly
107th Session, 1987-1988

Bill 1497

                    Current Status

Bill Number:               1497
Ratification Number:       685
Act Number                 783
Introducing Body:          Senate
Subject:                   Newberry County Board of Education, to
                           issue and sell general obligation bonds
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A783, R685, S1497)

AN ACT TO AUTHORIZE THE NEWBERRY COUNTY BOARD OF EDUCATION, THE GOVERNING BODY OF THE SCHOOL DISTRICT OF NEWBERRY COUNTY, TO ISSUE AND SELL GENERAL OBLIGATION BONDS OF THE SCHOOL DISTRICT IN AN AMOUNT NOT TO EXCEED THREE HUNDRED THOUSAND DOLLARS, TO PRESCRIBE THE CONDITIONS UNDER WHICH THE BONDS MAY BE ISSUED AND THE PURPOSE FOR WHICH THE PROCEEDS MAY BE EXPENDED, AND TO PROVIDE FOR THE PAYMENT OF THE BONDS.

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

Operational costs

SECTION 1. The General Assembly finds that funds in the amount of approximately three hundred thousand dollars must be raised in order to meet operational costs of the school district of Newberry County during fiscal year 1987-88.

Authorization for general obligation bonds

SECTION 2. In order to raise funds for the purpose in Section 1, the Newberry County Board of Education, the governing body of the school district, is authorized to issue and sell general obligation bonds of the school district, without holding an election, in an amount not to exceed three hundred thousand dollars.

Date of issue; maturity

SECTION 3. The bonds issued and sold pursuant to this act must be dated as of the date that the Board of Education prescribes by resolution and must mature no later than one year from their date of issue.

Prepayment

SECTION 4. The bonds must be issued with a provision permitting their prepayment before their stated maturity, at par and accrued interest.

Form; conditions

SECTION 5. The bonds must be in the form of fully registered bonds upon conditions the Board of Education prescribes.

Payment

SECTION 6. The bonds must be made payable at places, within or without the State, the Board of Education provides.

Interest rate

SECTION 7. The bonds must bear interest at a rate prescribed by the Board of Education.

Denominations; execution

SECTION 8. The bonds must be in denominations and executed in a manner the Board of Education prescribes by resolution.

Sale

SECTION 9. The bonds must be sold at a price of not less than par and accrued interest to the date of their respective deliveries. They may be sold at private sale and without advertisement, if, not less than seven days before their delivery, notice of intention to sell the bonds at private sale is given by publication in a newspaper of general circulation in the school district. The notice must set forth the purchaser, purchase price, interest rate, and maturity date of the bonds.

Principal; interest

SECTION 10. For the payment of the principal and interest of the bonds, the full faith, credit, and taxing power of the school district must be irrevocably pledged, and there must be levied annually by the auditor of Newberry County and collected by the treasurer of Newberry County, in the same manner as county taxes are levied and collected, on all taxable property in the school district, a tax sufficient to pay the principal and interest of the bonds.

Tax exemption

SECTION 11. The principal and interest of the bonds have the tax-exempt status prescribed by Section 12-1-60 of the Code of Laws of South Carolina, 1976.

Proceeds

SECTION 12. Proceeds which are derived from the sale of the bonds issued under the provisions of this act must be paid to the treasurer of Newberry County and used for the purpose provided in Section 1 of this act.

Powers; authorizations

SECTION 13. The powers and the authorizations conferred by this act upon the Board of Education are in addition to all other powers and authorizations previously vested in the Board of Education and may be used pursuant to action taken at any regular or special meeting of the Board of Education.

Effectuate the issuance

SECTION 14. No action other than that prescribed in this act need be taken to effect the issuance

of the authorized bonds. The Board of Education is not required to obtain the approval of any public agency for any action taken pursuant to the authorizations of this act.

Time effective

SECTION 15. This act takes effect upon approval by the Governor.