South Carolina General Assembly
108th Session, 1989-1990

Bill 4916

                    Current Status

Bill Number:               4916
Ratification Number:       509
Act Number                 739
Introducing Body:          House
Subject:                   Saluda County School District 1 bond
                           anticipation note
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A739, R509, H4916)

AN ACT TO AUTHORIZE THE BOARD OF TRUSTEES OF SALUDA COUNTY SCHOOL DISTRICT 1, ITS GOVERNING BODY, TO ISSUE AND SELL GENERAL OBLIGATION BONDS OF THE SCHOOL DISTRICT IN AN AMOUNT NOT TO EXCEED ONE HUNDRED NINETY-THREE 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:

Saluda County School District 1 bond anticipation note

SECTION 1. The General Assembly finds funds in the amount of approximately one hundred ninety-three thousand dollars must be raised in order to refund a bond anticipation note of Saluda County School District 1 during fiscal year 1990-91.

General obligation bonds

SECTION 2. In order to raise funds for the purpose of Section 1, the Board of Trustees of Saluda County School District 1, its governing body, may issue and sell general obligation bonds of the school district without holding an election in an amount not to exceed one hundred ninety-three thousand dollars.

Date and maturity of bonds

SECTION 3. The bonds issued and sold pursuant to this act must be dated as of the date that the board of trustees prescribes by resolution and must mature no later than eight years from their date of issue.

Prepayment

SECTION 4. The board of trustees, in its discretion, may prescribe by resolution that the bonds may be issued with a provision permitting their prepayment before their stated maturity, at par and accrued interest.

Fully registered

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

Payable

SECTION 6. The bonds may be made payable at places within or without the State as prescribed by the board of trustees.

Interest

SECTION 7. The bonds must bear interest at a rate prescribed by the board of trustees.

Denominations and execution

SECTION 8. The bonds must be in denominations and executed in a manner the board of trustees 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.

Payment

SECTION 10. For the payment of the principal of and interest on the bonds, the full faith, credit, and taxing power of the school district must be pledged irrevocably, and there must be levied annually by the auditor of Saluda County and collected by the treasurer of Saluda 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 of and interest on the bonds.

Tax exempt

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

Use of 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 Saluda County and used for the purpose provided in Section 1.

Board of trustees powers

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

Issuance effected

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 trustees is not required to obtain the approval of a public agency for an action taken pursuant to the authorizations of this act.

Time effective

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

Approved the 25th day of April, 1990.