Current Status Introducing Body:
HouseBill Number: 4782Ratification Number: 491Act Number: 615Primary Sponsor: GentryType of Legislation: GBSubject: Saluda County school district no. 1 trusteesDate Bill Passed both Bodies: May 21, 1992Computer Document Number: 436/12434.DWGovernor's Action: SDate of Governor's Action: Jun 01, 1992Introduced Date: Apr 22, 1992Last History Body: ------Last History Date: Oct 07, 1992Last History Type: Act No. 615Scope of Legislation: StatewideAll Sponsors: GentryType of Legislation: General Bill
Bill Body Date Action Description CMN ---- ------ ------------ ------------------------------ --- 4782 ------ Oct 07, 1992 Act No. 615 4782 ------ Jun 01, 1992 Signed by Governor 4782 ------ May 27, 1992 Ratified R 491 4782 Senate May 21, 1992 Read third time, enrolled for ratification 4782 Senate May 20, 1992 Read second time, unanimous consent for third reading on Thursday, May 21, 1992 4782 Senate Apr 29, 1992 Placed on Local and Uncontested Calendar without reference 4782 Senate Apr 29, 1992 Introduced, read first time 4782 House Apr 28, 1992 Read third time, sent to Senate 4782 House Apr 23, 1992 Read second time 4782 House Apr 22, 1992 Introduced, read first time, placed on Calendar without referenceView additional legislative information at the LPITS web site.
AN ACT TO AUTHORIZE THE BOARD OF TRUSTEES OF SALUDA COUNTY SCHOOL DISTRICT NO. 1, SOUTH CAROLINA, THE GOVERNING BODY OF THE SALUDA COUNTY SCHOOL DISTRICT NO. 1, SOUTH CAROLINA, TO ISSUE AND SELL GENERAL OBLIGATION BONDS OF THE SCHOOL DISTRICT IN AN AMOUNT NOT TO EXCEED FOUR HUNDRED THOUSAND DOLLARS ($400,000), 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:
SECTION 1. The General Assembly finds that funds in the amount of approximately four hundred thousand ($400,000) dollars must be raised by Saluda County School District No. 1, South Carolina, in order to defray the cost of certain capital improvements, to pay principal and interest on a presently outstanding bond anticipation note of the district, and pay certain costs of issuance associated therewith. The General Assembly further finds that said school district may avoid various other costs and charges associated with the public sale of general obligation bonds if it is authorized to proceed to sell such bonds through private sale.
General obligation bonds
SECTION 2. In order to raise funds for the purpose set forth in Section 1, the board of trustees of Saluda County School District No. 1, South Carolina, the governing body of the school district, is authorized to issue and sell general obligation bonds of the school district, either as a single issue or as several separate issues, without holding an election, in an aggregate principal amount not to exceed four hundred thousand dollars ($400,000).
Bonds to be dated
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.
SECTION 4. The board of trustees may, in its discretion, prescribe by resolution that the bonds may be issued with a provision permitting their prepayment before their stated maturity, at par and accrued interest.
SECTION 5. The bonds must be in the form of fully registered bonds upon conditions the board of trustees prescribes.
Bonds may be payable at various places
SECTION 6. The bonds may be made payable at places within or without the State, as prescribed by the board of trustees.
SECTION 7. The bonds must bear interest at a rate prescribed by the board of trustees.
Denomination of bonds
SECTION 8. The bonds must be in denominations and executed in a manner the board of trustees prescribes by resolution.
Price of bonds
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.
Full faith and credit pledged
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 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 and interest of the bonds.
SECTION 11. The principal of and interest on the bonds shall have the tax-exempt status prescribed by Section 12-1-60 of the Code of Laws of South Carolina, 1976.
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 of this act.
Additional powers and authorization
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.
No approval required to issue bonds by board
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 any public agency for any action taken pursuant to the authorizations of this act.
SECTION 15. This act takes effect upon approval by the Governor.
In the Senate House May 27, 1992.
Nick A. Theodore,
President of the Senate
David M. Beasley,
Speaker Pro Tempore of the
House of Representatives
Approved the 1st day of June, 1992.
Carroll A. Campbell, Jr.,
Printer's Date -- June 14, 1992 -- L.