South Carolina General Assembly
104th Session, 1981-1982

Bill 3446

                    Current Status

Bill Number:               3446
Ratification Number:       302
Act Number                 557
Introducing Body:          House
Subject:                   Relating to bond anticipation notes
                           issued by the School District of Marlboro
                           County
View additional legislative information at the LPITS web site.

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

(A557, R302, H3446)

AN ACT TO PROVIDE THAT BOND ANTICIPATION NOTES ISSUED BY THE SCHOOL DISTRICT OF MARLBORO COUNTY SHALL BE VALID OBLIGATIONS OF THE DISTRICT, TO PROVIDE FOR THE LEVY AND COLLECTION OF A TAX ON ALL TAXABLE PROPERTY IN THE DISTRICT SUFFICIENT TO PAY THE INTEREST ON SUCH BOND ANTICIPATION NOTES AND ALSO TO PAY THE PRINCIPAL AND INTEREST ON THE GENERAL OBLIGATION BONDS OF THE DISTRICT, AND TO AUTHORIZE THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE DISTRICT UP TO ITS CONSTITUTIONAL DEBT LIMIT FOR GENERAL SCHOOL PURPOSES AND FOR THE RETIREMENT OF BOND ANTICIPATION NOTES.

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

Bond anticipation notes

Section 1. (A) All bond anticipation notes which have been issued pursuant to law prior to the effective date of this act by the Marlboro County Board of Education are hereby validated and confirmed as being lawful obligations of the School District of Marlboro County.

(B) There shall be levied annually by the auditor of Marlboro County and collected by the treasurer of the county, in the same manner as county taxes, an ad valorem tax without limitation on all taxable property in the school district sufficient to pay the interest on these bond anticipation notes as this interest may become due until such time as the bond anticipation notes are retired pursuant to the issuance of general obligation bonds of the district or through other means.

(C) The Marlboro County Board of Education as the governing body of the School District of Marlboro County notwithstanding the fact that the board members on the effective date of this act are appointed is further empowered to issue without an election in the manner provided by law general obligation bonds of the district, up to the constitutional debt limit applicable to the district, for general school purposes and for the retirement of the bond anticipation notes of the district.

(D) There also shall be levied annually by the auditor of Marlboro County and collected by the treasurer of the county, in the same manner as county taxes, an ad valorem tax without limitation on all taxable property in the school district sufficient to pay the principal and interest on any general obligation bonds of the district issued pursuant to and as authorized by the provisions of this act.

Time effective

Section 2. This act shall take effect upon the approval by the Governor.