H*2782(Rat #0112, Act #0242 of 1981)  General Bill, By H.C. Granger, 
P.T. Bradley, R.L. Cobb, S.H. Howard, B.E. Huff, T.M. Marchant, L. Phillips and 
Wilkins
 A Bill to amend Act 181 of 1971, as amended, relating to the issuance of
 general obligation bonds of the School District of Greenville County, so as to
 allow the School District of Greenville County to issue seven million dollars
 of general obligation debt during a calendar year and provide exceptions, to
 provide for the method of calculating the amount of bonds which may be issued
 in the event that bond anticipation notes are issued, and to extend the first
 maturity to four years, to decrease the minimum maturity to one percent and to
 extend the final maturity to thirty years.

   04/14/81  House  Introduced, read first time, placed on calendar
                     without reference HJ-1821
   04/16/81  House  Read second time HJ-1917
   04/21/81  House  Read third time and sent to Senate HJ-1940
   04/22/81  Senate  Intd. & placed on loc. & uncontested cal. w/o
                     reference SJ-7
   04/29/81  Senate Read second time SJ-5
   04/29/81  Senate Ordered to third reading with notice of amendments SJ-5
   04/30/81  Senate Read third time and enrolled SJ-20
   05/19/81  House  Ratified R 112 HJ-2467
   05/21/81         Signed By Governor
   05/21/81         Effective date 05/21/81
   05/21/81         Act No. 242
   06/02/81         Copies available

AN ACT TO AMEND ACT 181 OF 1971, AS AMENDED, RELATING TO THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE SCHOOL DISTRICT OF GREENVILLE COUNTY, SO AS TO ALLOW THE SCHOOL DISTRICT OF GREENVILLE COUNTY TO ISSUE SEVEN MILLION DOLLARS OF GENERAL OBLIGATION DEBT DURING A CALENDAR YEAR AND PROVIDE EXCEPTIONS, TO PROVIDE FOR THE METHOD OF CALCULATING THE AMOUNT OF BONDS WHICH MAY BE ISSUED IN THE EVENT THAT BOND ANTICIPATION NOTES ARE ISSUED, AND TO EXTEND THE FIRST MATURITY TO FOUR YEARS, TO DECREASE THE MINIMUM MATURITY TO ONE PERCENT AND TO EXTEND THE FINAL MATURITY TO THIRTY YEARS.

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

Issuance of bonds authorized

SECTION 1. Section 3 of Act 181 of 1971, as last amended by Act 267 of 1979, is further amended to read:

"Section 3. Not more than seven million dollars of bonds authorized pursuant to this act shall be issued in any single calendar year unless any issue which shall exceed seven million dollars plus all other issues of bonds issued during calendar year 1981 and years subsequent thereto shall average not more than seven million dollars per year. For the purpose of determining whether this condition shall be met, all issues of bonds of the school district issued pursuant to authorizations other than this act shall be disregarded. For the purpose of explaining the intent of this condition, let it be assumed that in each of the calendar years 1981 and 1982 the trustees shall have issued pursuant to this act four million dollars of bonds. Accordingly, in calendar year 1983, the trustees would be empowered to issue thirteen million dollars of bonds inasmuch as the average thus resulting from the three calendar years 1981, 1982 and 1983 would not be in excess of seven million dollars per year.

If in any calendar year bond anticipation notes shall be issued in lieu of bonds and thereafter in some succeeding calendar year bonds to retire such bond anticipation notes or an issue of refunding bond anticipation votes in lieu of the original issue of bond anticipation notes shall be issued, the bonds shall be deemed to have been issued in the calendar year in which the original bond anticipation notes were issued and the bonds when issued shall be chargeable against the limitation applicable to such calendar year and not the calendar year in which the bonds themselves are issued."

Maturity of bonds

SECTION 2. Section 4 of Act 181 of 1971 is amended to read:

"Section 4. All bonds issued pursuant to this act shall mature in such annual series or installments as the trustees shall prescribe, except that the first maturing bonds of any issue shall mature not later than four years from the date as of which they shall be issued; not less than one per cent of any issue shall mature in any year; and no bond shall mature later than thirty years from the date as of which it shall be issued. The authorizations granted by this act to issue bonds in accordance with its terms and conditions shall remain effective until this act shall be repealed or amended by subsequent legislative enactment."

Time effective

SECTION 3. This act shall take effect upon approval by the Governor.

Approved the 21st day of May, 1981.