Current Status Introducing Body:House Bill Number:4712 Ratification Number:401 Act Number:612 Primary Sponsor:Ross Type of Legislation:GB Subject:Oconee County school district trustees, bond issuance Date Bill Passed both Bodies:Apr 21, 1992 Computer Document Number:CYY/19082.SD Governor's Action:S Date of Governor's Action:May 04, 1992 Introduced Date:Apr 09, 1992 Last History Body:------ Last History Date:Oct 07, 1992 Last History Type:Act No. 612 Scope of Legislation:Statewide All Sponsors:Ross T.C. Alexander Type of Legislation:General Bill
Bill Body Date Action Description CMN
---- ------ ------------ ------------------------------ ---
4712 ------ Oct 07, 1992 Act No. 612
4712 ------ May 04, 1992 Signed by Governor
4712 ------ Apr 28, 1992 Ratified R 401
4712 Senate Apr 21, 1992 Read third time, enrolled for
ratification
4712 Senate Apr 20, 1992 Read second time
4712 Senate Apr 16, 1992 Unanimous consent for second
and third reading on the next
two consecutive Legislative
days
4712 Senate Apr 16, 1992 Introduced, read first time,
placed on Local and
Uncontested Calendar without
reference
4712 House Apr 15, 1992 Read third time, sent to
Senate
4712 House Apr 14, 1992 Read second time
4712 House Apr 09, 1992 Introduced, read first time,
placed on Calendar without
reference
View additional legislative information at the LPITS web site.
(R401, H4712)
AN ACT TO AUTHORIZE THE BOARD OF TRUSTEES OF THE SCHOOL DISTRICT OF OCONEE COUNTY TO ISSUE GENERAL OBLIGATION BONDS OF THE DISTRICT IN AN AMOUNT NOT EXCEEDING ONE MILLION DOLLARS BUT IN NO EVENT TO EXCEED ITS CONSTITUTIONAL DEBT LIMIT FOR CERTAIN PURPOSES, TO PRESCRIBE THE CONDITIONS UNDER WHICH THE BONDS MAY BE ISSUED AND THE PURPOSES FOR WHICH THE PROCEEDS MAY BE EXPENDED, AND TO MAKE PROVISIONS FOR THE PAYMENT OF BONDS.
Be it enacted by the General Assembly of the State of South Carolina:
Findings
SECTION 1. The General Assembly finds that the School District of Oconee County, in the current 1991-92 fiscal year, will experience a revenue shortfall due to a deficit in fiscal year 1991-92. There presently exists no statutory authorization for the school district to incur bonded indebtedness to fund an operating deficit. There also exists a need in the district for capital improvements and other expenditures. The General Assembly has determined to authorize the board of trustees of the school district to issue general obligation bonds of the school district for these purposes 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.
Bonds authorized
SECTION 2. For the purpose of funding this deficit and for other necessary school purposes, the board is authorized to issue, without an election, general obligation bonds of the school district in an amount not exceeding one million dollars but in no event to exceed the constitutional debt limitation applicable to the school district.
Mature
SECTION 3. All bonds issued pursuant to this act shall mature in series or installments as the board prescribes, but in no event to exceed a period of seven years.
Redemption
SECTION 4. Any bonds issued pursuant to this act may be issued with a provision for their redemption prior to their maturity at par and accrued interest, plus a redemption premium as may be prescribed by the board, but no bond is redeemable before maturity unless it contains a statement to that effect. In the proceedings authorizing the issuance of the bonds, provisions must be made specifying the manner of call and the notice of call that must be given.
Form
SECTION 5. The bonds issued pursuant to this act may be in the form of negotiable coupon bonds payable to the bearer or 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. Except when issued in registered form, all bonds issued pursuant to this act have all attributes of negotiable instruments under the Uniform Commercial Code.
Denomination
SECTION 6. 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.
Interest
SECTION 7. Bonds issued pursuant to this act shall bear interest at a rate determined by the board.
Execution
SECTION 8. The bonds and the coupons to be attached to the bonds, if any, must be executed in a manner as the board prescribes by resolution.
Sale
SECTION 9. 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 public or private sale upon the terms prescribed by the board.
Sinking Fund
SECTION 10. For the payment of the 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 therefore, the full faith, credit, and taxing power of the school district must be irrevocably pledged, and there must be levied annually by the auditor of Oconee County, and collected by the treasurer of Oconee 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 therefore.
Tax exempt
SECTION 11. The principal of and interest on bonds issued pursuant to this act have the tax exempt status prescribed by Section 12-1-60 of the 1976 Code.
Proceeds
SECTION 12. The proceeds derived from the sale of any bonds issued pursuant to this act must be paid to the treasurer of Oconee County, to be deposited in the Bond Account Fund for the school district and must be expended and made use of by the board as follows:
(1) any accrued interest must be applied to the payment of the first installment of interest to become due on the bonds;
(2) any premium must be applied to the payment of the first installment of principal of the bonds;
(3) the remaining proceeds must be used to defray the cost of issuing bonds authorized by this act and to fund the deficit of the school district, to fund a portion of the deficit, or for other authorized purposes.
Powers and authorizations
SECTION 13. 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.
No elections or approval required
SECTION 14. No elections prescribed as a condition precedent to the issuance of the bonds and no action other than that prescribed in this act need to be taken to effect the issuance of the bonds nor is the board required to obtain the approval of any other public agency for any action taken pursuant to the authorizations by this act other than that prescribed in this act.
Borrowing
SECTION 15. Pending the issuance of the bonds authorized by this act, the board may borrow funds for the purpose of funding the deficit, funding a portion of the deficit, or for other authorized purposes, and evidence that borrowing by the issuance of general obligation bond anticipation notes. The board may utilize the provisions of Sections 11-17-10 to 11-17-120 of the 1976 Code for that purpose.
Time effective
SECTION 16. This act takes effect upon approval by the Governor.
In the Senate House April 28, 1992.
Nick A. Theodore,
President of the Senate
Robert J. Sheheen,
Speaker of the House of
Representatives
Approved the 4th day of May, 1992.
Carroll A. Campbell, Jr.,
Governor
Printer's Date -- May 20, 1992 -- L.