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A150, R105, H3945
STATUS INFORMATION
General Bill
Sponsors: Rep. G. Brown
Document Path: l:\council\bills\bbm\9744cm03.doc
Introduced in the House on April 8, 2003
Introduced in the Senate on April 10, 2003
Passed by the General Assembly on May 22, 2003
Became law without Governor's signature, June 4, 2003
Summary: Lee County School District Board of Trustees authorized to issue and sell bonds; conditions and purposes for provided
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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4/8/2003 House Introduced, read first time, placed on calendar without
reference HJ-81
4/9/2003 House Read second time HJ-33
4/10/2003 House Read third time and sent to Senate HJ-13
4/10/2003 Senate Intd. & placed on local & uncontested cal. w/o
reference SJ-3
5/21/2003 Senate Read second time SJ-19
5/22/2003 Senate Read third time and enrolled SJ-20
5/28/2003 Ratified R 105
6/4/2003 Became law without Governor's signature
6/19/2003 Copies available
6/19/2003 Effective date 06/04/03
10/23/2003 Act No. 150
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
(A150, R105, H3945)
AN ACT TO AUTHORIZE THE BOARD OF TRUSTEES FOR THE SCHOOL DISTRICT OF LEE COUNTY TO ISSUE GENERAL OBLIGATION BONDS OF THE DISTRICT UP TO ITS CONSTITUTIONAL DEBT LIMIT TO FUND AN OPERATING DEFICIT AND CURRENT OPERATING EXPENDITURES; TO PRESCRIBE THE CONDITIONS UNDER WHICH THE BONDS MAY BE ISSUED AND THE PURPOSES FOR WHICH THE PROCEEDS MAY BE EXPENDED; AND TO MAKE PROVISION FOR THE PAYMENT OF THE BONDS.
Be it enacted by the General Assembly of the State of South Carolina:
School District of Lee County
SECTION 1. The General Assembly finds that the School District of Lee County, in fiscal year 2002-2003, experienced a revenue shortfall and, in the current fiscal year, shall experience a revenue shortfall. Presently statutory authorization does not exist for the school district to incur bonded indebtedness to fund an operating deficit or to fund current operating expenditures. The General Assembly has determined to authorize the Board of Trustees for the school district to issue general obligation bonds of the school district to fund the deficit and operating expenditures 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.
School District of Lee County
SECTION 2. For the purpose of funding the 2002-2003 deficit of the school district and for the purpose of paying operating expenses for fiscal year 2003-2004, the school district may issue general obligation bonds in an amount, as is on the occasion of the issuance of the bonds pursuant to the authorization of this act, within the constitutional debt limitation applicable to the school district.
Bond issuances
SECTION 3. The Board of Trustees for the School District of Lee County must approve bond issuances.
Issuance of bonds
SECTION 4. All bonds issued pursuant to this act must mature in annual series or installments as the board prescribes.
Issuance of bonds
SECTION 5. Bonds issued pursuant to this act may be issued with a provision for their redemption before their maturity at par and accrued interest, plus a redemption premium as may be prescribed by the board, but a bond is not redeemable before maturity, unless it contains a statement to that effect. In the proceedings authorizing the issuance of the bonds, provision must be made specifying the manner of call and the notice of call must be given.
Issuance of bonds
SECTION 6. The bonds issued pursuant to this act may be 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.
Issuance of bonds
SECTION 7. 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.
Issuance of bonds
SECTION 8. Bonds issued pursuant to this act must bear interest at a rate or rates determined by the board within the limitations provided by law.
Execution of bonds
SECTION 9. The bonds must be executed in a manner as the board prescribes by resolution.
Sale of bonds
SECTION 10. 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 private or public sale upon the terms prescribed by the board.
Payment of principal and interest on bonds
SECTION 11. For the payment of 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 for it, the full faith, credit, and taxing power of the school district must be irrevocably pledged, and there may be levied annually by the Auditor of Lee County, and collected by the Treasurer of Lee 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 for it.
Tax-exempt status of bonds
SECTION 12. The principal of and interest on bonds issued pursuant to this act have the tax-exempt status prescribed by Section 12-2-50 of the 1976 Code.
Disposition of proceeds from sale of bonds
SECTION 13. The proceeds derived from the sale of bonds issued pursuant to this act must be paid to the Treasurer of Lee County, to be deposited in a bond account fund for the school district, and must be expended and made use of by the board as follows:
(a) accrued interest must be applied to the payment of the first installment of interest to become due on the bonds;
(b) premiums must be applied to the payment of the first installment of principal on the bonds;
(c) the remaining proceeds must be used to defray the cost of issuing bonds authorized by this act and to fund the operating deficit for fiscal year 2002-2003 and to pay operating expenses for fiscal year 2003-2004;
(d) if a balance remains, it must be held by the Treasurer of Lee County in a special fund and used to effect the retirement of bonds.
Powers of the board
SECTION 14. 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.
Elections
SECTION 15. Elections prescribed as a condition precedent to the issuance of the bonds, and action other than that prescribed in this act need not be taken to effect the issuance of the bonds or are required to obtain the approval of another public agency to action taken pursuant to the authorizations by this act except the board prescribed by Section 3.
Time effective
SECTION 16. This act takes effect upon approval by the Governor.
Ratified the 28th day of May, 2003.
Became law without the signature of the Governor -- 6/4/03.
This web page was last updated on Monday, December 7, 2009 at 10:33 A.M.