Current Status BillNumber: 608 Ratification Number: 76 Act Number: 273 Introducing Body: Senate Subject: Horry County Higher Education CommissionView additional legislative information at the LPITS web site.
(A273, R76, S608)
AN ACT TO AMEND ACT 114 OF 1959, AS AMENDED, RELATING TO THE HORRY COUNTY HIGHER EDUCATION COMMISSION, SO AS TO FURTHER PROVIDE FOR THE AUTHORIZED TAX LEVY FOR THE PAYMENT OF THE PRINCIPAL AND INTEREST OF CERTAIN GENERAL OBLIGATION BONDS OF THE COUNTY ISSUED FOR THE AUTHORIZED PURPOSES OF THE COMMISSION AND TO PROVIDE FOR THE USE OF ANY SURPLUS REMAINING AFTER PAYMENT OF THIS DEBT SERVICE.
Be it enacted by the General Assembly of the State of South Carolina:
Tax levy for bonds
SECTION 1. Section 3 of Act 114 of 1959, as last amended by Act 493 of 1973, is further amended to read:
"Section 3. Provision has been made for the issuance of general obligation bonds of Horry County to provide funds to the Commission to enable it to construct and equip a suitable building on a tract of land acquired by the Commission in Conway Township in Horry County. For the payment of these bonds, the full faith and credit of Horry County has been pledged, and there is required to be levied and collected by the auditor and treasurer of Horry County a tax ad valorem without limit as to rate, sufficient to provide for the payment of the principal and interest of the bonds. Without limiting the foregoing, the tax to be levied must in no event be less than one and four-tenths mills, and if any surplus remains from the proceeds of the tax after meeting the payment of the principal and interest on the bonds, the surplus, if any, must
be turned over to the Coastal Carolina Campus of the University of South Carolina under terms approved by the Commission."
Time effective
SECTION 2. This act takes effect upon approval by the Governor.
Approved the 29th day of April, 1987.