South Carolina General Assembly
115th Session, 2003-2004

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A134, R50, H3599

STATUS INFORMATION

General Bill
Sponsors: Rep. Hayes
Document Path: l:\council\bills\bbm\9471sd03.doc

Introduced in the House on February 13, 2003
Introduced in the Senate on February 19, 2003
Last Amended on February 19, 2003
Passed by the General Assembly on March 27, 2003
Became law without Governor's signature, April 23, 2003

Summary: Dillon County School District 3, school bonds

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   2/13/2003  House   Introduced, read first time, placed on calendar without 
                        reference HJ-2
   2/18/2003  House   Debate adjourned HJ-11
   2/18/2003  House   Read second time HJ-22
   2/19/2003  House   Amended HJ-19
   2/19/2003  House   Read third time and sent to Senate HJ-20
   2/19/2003  Senate  Intd. & placed on local & uncontested cal. w/o 
                        reference SJ-13
   3/26/2003  Senate  Read second time SJ-39
   3/26/2003  Senate  Unanimous consent for third reading on next legislative 
                        day SJ-39
   3/27/2003  Senate  Read third time and enrolled SJ-37
   4/16/2003          Ratified R 50
   4/23/2003          Became law without Governor's signature
    5/1/2003          Copies available
    5/1/2003          Effective date 04/23/03
  10/23/2003          Act No. 134

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

2/13/2003
2/13/2003-A
2/19/2003
2/19/2003-B

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

(A134, R50, H3599)

AN ACT TO AUTHORIZE THE BOARD OF TRUSTEES OF DILLON COUNTY SCHOOL DISTRICT 3 TO ISSUE AND SELL GENERAL OBLIGATION BONDS OF DILLON COUNTY SCHOOL DISTRICT 3 IN AN AMOUNT NOT TO EXCEED SEVEN HUNDRED THOUSAND DOLLARS, TO PRESCRIBE THE CONDITIONS PURSUANT TO WHICH THE BONDS MAY BE ISSUED AND THE PURPOSES FOR WHICH THE PROCEEDS OF THE BONDS 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:

Findings

SECTION    1.    The General Assembly finds that the amount of not exceeding $700,000.00 must be raised by Dillon School District 3 in fiscal year 2003 to defray a portion of the cost of construction of a new gymnasium at Latta High School.

Issuance and sale

SECTION    2.    In order to raise funds for the purposes enumerated in Section 1, the Board of Trustees of Dillon County School District 3 may issue and sell general obligation bonds of the Dillon County School District 3 in an amount not to exceed $700,000.00 without holding an election.

Maturity date

SECTION    3.    The bonds issued and sold pursuant to this act must be dated as of the date that the Board of Trustees of Dillon County School District 3 prescribes by resolution, and the bonds must have a final maturity date of no later than ten years from their date of issue.

Prepayment

SECTION    4.    The Board of Trustees of Dillon County School District 3, in its discretion, may prescribe by resolution that the bonds issued pursuant to this act may be issued with a provision permitting their prepayment upon those terms as may be determined by the board of trustees.

Form

SECTION    5.    All bonds issued pursuant to this act must be in the form of fully registered bonds upon conditions prescribed by the Board of Trustees of Dillon County School District 3.

Payable

SECTION    6.    All bonds issued pursuant to this act may be payable at places within or without the State of South Carolina as prescribed by the Board of Trustees of Dillon County School District 3.

Interest

SECTION    7.    All bonds issued pursuant to this act must bear interest at rates to be named by the Board of Trustees of Dillon County School District 3.

Denomination and execution

SECTION    8.    All bonds issued pursuant to this act must be in denominations and executed in a manner prescribed by resolution of the Board of Trustees of Dillon County School District 3.

Sale

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

Pledge

SECTION    10.    For the payment of principal and interest on bonds issued pursuant to this act, the full faith, credit, and taxing power of Dillon County School District 3 must be pledged irrevocably, and there must be levied annually by the auditor of Dillon County and collected by the treasurer of Dillon County, in the same manner as county taxes are collected and levied, on all taxable property in Dillon County School District 3, a tax sufficient to pay the principal of and interest on the bonds, and to create a sinking fund as may be necessary.

Tax exempt

SECTION    11.    The principal of and interest on all bonds issued pursuant to this act shall have the tax-exempt status prescribed by Section 12-2-50 of the 1976 Code.

Proceeds

SECTION    12.    The proceeds of the bonds issued by Dillon County School District 3 pursuant to this act must be paid to the treasurer of Dillon County and used for the purposes provided for in Section 1 of this act, as well as the costs of issuance of the bonds.

Powers

SECTION    13.    The powers and authorizations conferred by this act upon the Board of Trustees of Dillon County School District 3 are in addition to all of the powers and authorizations previously vested in the board of trustees, and may be used pursuant to action taken at any regular or special meetings of the board of trustees.

No action required

SECTION    14.    No action other than that prescribed in this act need be taken to effect the issuance of the bonds authorized by this act. The Board of Trustees of Dillon County School District 3 is not required to obtain the approval of any public agency for an action taken pursuant to the authorization of this act.

Time effective

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

Ratified the 16th day of April, 2003.

Became law without the signature of the Governor -- 4/23/03.

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This web page was last updated on Monday, December 7, 2009 at 10:27 A.M.