South Carolina General Assembly
109th Session, 1991-1992

Bill 4712


                    Current Status

Introducing Body:               House
Bill Number:                    4712
Ratification Number:            401
Act Number:                     612
Primary Sponsor:                Ross
Type of Legislation:            GB
Subject:                        Oconee County school district
                                trustees, bond issuance
Date Bill Passed both Bodies:   Apr 21, 1992
Computer Document Number:       CYY/19082.SD
Governor's Action:              S
Date of Governor's Action:      May 04, 1992
Introduced Date:                Apr 09, 1992
Last History Body:              ------
Last History Date:              Oct 07, 1992
Last History Type:              Act No. 612
Scope of Legislation:           Statewide
All Sponsors:                   Ross
                                T.C. Alexander
Type of Legislation:            General Bill

History


 Bill  Body    Date          Action Description              CMN
 ----  ------  ------------  ------------------------------  ---
 4712  ------  Oct 07, 1992  Act No. 612
 4712  ------  May 04, 1992  Signed by Governor
 4712  ------  Apr 28, 1992  Ratified R 401
 4712  Senate  Apr 21, 1992  Read third time, enrolled for
                             ratification
 4712  Senate  Apr 20, 1992  Read second time
 4712  Senate  Apr 16, 1992  Unanimous consent for second
                             and third reading on the next
                             two consecutive Legislative
                             days
 4712  Senate  Apr 16, 1992  Introduced, read first time,
                             placed on Local and
                             Uncontested Calendar without
                             reference
 4712  House   Apr 15, 1992  Read third time, sent to
                             Senate
 4712  House   Apr 14, 1992  Read second time
 4712  House   Apr 09, 1992  Introduced, read first time,
                             placed on Calendar without
                             reference

View additional legislative information at the LPITS web site.


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(R401, H4712)

AN ACT TO AUTHORIZE THE BOARD OF TRUSTEES OF THE SCHOOL DISTRICT OF OCONEE COUNTY TO ISSUE GENERAL OBLIGATION BONDS OF THE DISTRICT IN AN AMOUNT NOT EXCEEDING ONE MILLION DOLLARS BUT IN NO EVENT TO EXCEED ITS CONSTITUTIONAL DEBT LIMIT FOR CERTAIN PURPOSES, TO PRESCRIBE THE CONDITIONS UNDER WHICH THE BONDS MAY BE ISSUED AND THE PURPOSES FOR WHICH THE PROCEEDS MAY BE EXPENDED, AND TO MAKE PROVISIONS FOR THE PAYMENT OF BONDS.

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

Findings

SECTION 1. The General Assembly finds that the School District of Oconee County, in the current 1991-92 fiscal year, will experience a revenue shortfall due to a deficit in fiscal year 1991-92. There presently exists no statutory authorization for the school district to incur bonded indebtedness to fund an operating deficit. There also exists a need in the district for capital improvements and other expenditures. The General Assembly has determined to authorize the board of trustees of the school district to issue general obligation bonds of the school district for these purposes to the extent permitted under the constitutional debt limit applicable to the school district under Section 15 of Article X of the Constitution of this State.

Bonds authorized

SECTION 2. For the purpose of funding this deficit and for other necessary school purposes, the board is authorized to issue, without an election, general obligation bonds of the school district in an amount not exceeding one million dollars but in no event to exceed the constitutional debt limitation applicable to the school district.

Mature

SECTION 3. All bonds issued pursuant to this act shall mature in series or installments as the board prescribes, but in no event to exceed a period of seven years.

Redemption

SECTION 4. Any bonds issued pursuant to this act may be issued with a provision for their redemption prior to their maturity at par and accrued interest, plus a redemption premium as may be prescribed by the board, but no bond is redeemable before maturity unless it contains a statement to that effect. In the proceedings authorizing the issuance of the bonds, provisions must be made specifying the manner of call and the notice of call that must be given.

Form

SECTION 5. The bonds issued pursuant to this act may be in the form of negotiable coupon bonds payable to the bearer or in the form of fully registered bonds or notes payable to or upon the order of the registered owner, upon conditions as the board may prescribe. Except when issued in registered form, all bonds issued pursuant to this act have all attributes of negotiable instruments under the Uniform Commercial Code.

Denomination

SECTION 6. The bonds issued pursuant to this act must be in a denomination and must be made payable at a place, within or without the State, as the board prescribes.

Interest

SECTION 7. Bonds issued pursuant to this act shall bear interest at a rate determined by the board.

Execution

SECTION 8. The bonds and the coupons to be attached to the bonds, if any, must be executed in a manner as the board prescribes by resolution.

Sale

SECTION 9. Bonds issued pursuant to this act must be sold at a price of not less than par and accrued interest to the date of their respective deliveries. Bonds authorized by this act may be sold at public or private sale upon the terms prescribed by the board.

Sinking Fund

SECTION 10. For the payment of the principal of and interest on all bonds issued pursuant to this act, as they respectively mature, and for the creation of a sinking fund as may be necessary therefore, 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 Oconee County, and collected by the treasurer of Oconee County, in the same manner as county taxes are levied and collected, a tax without limit on all taxable property in the school district sufficient to pay the principal of and interest on the bonds as they respectively mature and to create a sinking fund as may be necessary therefore.

Tax exempt

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

Proceeds

SECTION 12. The proceeds derived from the sale of any bonds issued pursuant to this act must be paid to the treasurer of Oconee County, to be deposited in the Bond Account Fund for the school district and must be expended and made use of by the board as follows:

(1) any accrued interest must be applied to the payment of the first installment of interest to become due on the bonds;

(2) any premium must be applied to the payment of the first installment of principal of the bonds;

(3) the remaining proceeds must be used to defray the cost of issuing bonds authorized by this act and to fund the deficit of the school district, to fund a portion of the deficit, or for other authorized purposes.

Powers and authorizations

SECTION 13. The powers and authorizations conferred upon the board by this act are in addition to all other powers and authorizations previously vested in the board and may be availed of pursuant to action taken at any regular or special meeting of the board by a resolution to take effect immediately upon its adoption.

No elections or approval required

SECTION 14. No elections prescribed as a condition precedent to the issuance of the bonds and no action other than that prescribed in this act need to be taken to effect the issuance of the bonds nor is the board required to obtain the approval of any other public agency for any action taken pursuant to the authorizations by this act other than that prescribed in this act.

Borrowing

SECTION 15. Pending the issuance of the bonds authorized by this act, the board may borrow funds for the purpose of funding the deficit, funding a portion of the deficit, or for other authorized purposes, and evidence that borrowing by the issuance of general obligation bond anticipation notes. The board may utilize the provisions of Sections 11-17-10 to 11-17-120 of the 1976 Code for that purpose.

Time effective

SECTION 16. This act takes effect upon approval by the Governor.

In the Senate House April 28, 1992.

Nick A. Theodore,

President of the Senate

Robert J. Sheheen,

Speaker of the House of

Representatives

Approved the 4th day of May, 1992.

Carroll A. Campbell, Jr.,

Governor

Printer's Date -- May 20, 1992 -- L.

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