South Carolina General Assembly
107th Session, 1987-1988

Bill 4019

                    Current Status

Bill Number:               4019
Ratification Number:       480
Act Number                 752
Introducing Body:          House
Subject:                   Authorize the Board of Trustees of
                           Abbeville County School District No. 60 to
                           issue and sell a general obligation bond
View additional legislative information at the LPITS web site.

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

(A752, R480, H4019)

AN ACT TO AUTHORIZE THE BOARD OF TRUSTEES OF ABBEVILLE COUNTY SCHOOL DISTRICT NO. 60 TO ISSUE AND SELL A GENERAL OBLIGATION BOND OF THE SCHOOL DISTRICT IN AN AMOUNT NOT TO EXCEED SIX HUNDRED THOUSAND DOLLARS, TO PRESCRIBE THE CONDITIONS UNDER WHICH THE BOND MUST BE ISSUED AND THE PURPOSE FOR WHICH THE PROCEEDS MUST BE EXPENDED, AND TO PROVIDE FOR THE PAYMENT OF THE BOND.

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

Findings

SECTION 1. The General Assembly finds that, in order to meet the cost of operating Abbeville County School District No. 60 (the school district) during that portion of fiscal year 1987-88 prior to the time ad valorem taxes are received, the board of trustees of the school district issued a tax anticipation note in the principal amount of six hundred thousand dollars. The note is dated July 22, 1987, is payable on April 15, 1988, and bears interest at the rate of five and nineteen one-hundreths percent per annum. Receipts from the collections of ad valorem taxes are presently not available to pay the principal and interest due on this note and, thus, funds must be raised in order to meet the payments.

Bond issue authorized

SECTION 2. In order to raise funds for the purpose described in Section 1, the board of trustees of the school district may issue and sell a general obligation bond of the school district, without the necessity of holding an election, in an amount not to exceed six hundred thousand dollars.

Maturity

SECTION 3. The bond issued and sold pursuant to this act must be dated April 15, 1988, and must mature on March 1, 1989.

Prepayment

SECTION 4. The bond must be issued with a provision permitting its prepayment prior to its stated maturity, at par and accrued interest.

Form

SECTION 5. The bond must be in the form of a fully registered bond upon conditions as the board of trustees may prescribe.

Where payable

SECTION 6. The bond must be made payable at places, within or without the State, as the board of trustees provides.

Interest

SECTION 7. The bond must bear interest at a rate prescribed by the board of trustees.

Denomination

SECTION 8. The bond must be in a denomination and executed in a manner as the board of trustees prescribes by resolution.

Sale

SECTION 9. The bond must be sold at a price of not less than par and accrued interest to the date of its delivery. It may be sold at private sale and without advertisement, if, not less than seven days prior to its delivery, notice of intention to sell the bond at private sale is given by publication in a newspaper of general circulation in the school district. The notice must set forth the purchaser, the purchase price, interest rate, and maturity date of the bond.

Payment

SECTION 10. For the payment of the principal and interest thereof, the full faith, credit, and taxing power of the school district is irrevocably pledged, and there must be levied annually by the auditor of Abbeville County, and collected by the treasurer of Abbeville 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 bond.

Tax exempt

SECTION 11. The principal and interest of the bond must have the tax-exempt status prescribed by Section 12-1-60, Code of Laws of South Carolina, 1976.

Use of proceeds

SECTION 12. The proceeds derived from the sale of the bond issued under the provisions of this act must be paid to the treasurer of Abbeville County and used to pay the principal due on the tax anticipation note more fully described in Section 1 of this act.

Powers additional

SECTION 13. The powers and the authorizations 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 availed of pursuant to action taken at a regular or special meeting of the board of trustees.

No further action of approval required

SECTION 14. No action other than that prescribed in this act must be taken to effect the issuance of the bond authorized in this act, nor is the board of trustees required to obtain the approval of a public agency for an action taken pursuant to the authorizations of this act.

Time effective

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