South Carolina General Assembly

115th Session, 2003-2004

A135, R51, H3600

STATUS INFORMATION

General Bill

Sponsors: Rep. Hayes

Document Path: l:\council\bills\bbm\9472sd03.doc

Introduced in the House on February 13, 2003

Introduced in the Senate on February 19, 2003

Passed by the General Assembly on March 27, 2003

Became law without Governor's signature, April 23, 2003

Summary: Dillon County School District 2, school bonds

HISTORY OF LEGISLATIVE ACTIONS

Date Body Action Description with journal page number

2/13/2003 House Introduced, read first time, placed on calendar without reference HJ2

2/18/2003 House Debate adjourned HJ11

2/18/2003 House Read second time HJ22

2/19/2003 House Read third time and sent to Senate HJ20

2/19/2003 Senate Intd.& placed on local & uncontested cal.w/o reference SJ13

3/26/2003 Senate Read second time SJ40

3/26/2003 Senate Unanimous consent for third reading on next legislative day SJ40

3/27/2003 Senate Read third time and enrolled SJ38

4/16/2003 Ratified R 51

4/23/2003 Became law without Governor's signature

5/1/2003 Copies available

5/1/2003 Effective date 04/23/03

10/23/2003 Act No.135

VERSIONS OF THIS BILL

2/13/2003

2/13/2003-A

2/19/2003

(A135, R51, H3600)

AN ACT TO AUTHORIZE THE BOARD OF TRUSTEES OF DILLON COUNTY SCHOOL DISTRICT 2 TO ISSUE AND SELL GENERAL OBLIGATION REFUNDING BONDS OF DILLON COUNTY SCHOOL DISTRICT 2 IN AN AMOUNT NOT TO EXCEED ONE MILLION ONE HUNDRED FORTY THOUSAND DOLLARS, TO PRESCRIBE THE CONDITIONS PURSUANT TO WHICH THE BONDS MAY BE ISSUED AND THE PURPOSES FOR WHICH THE PROCEEDS OF THE BONDS MAY BE EXPENDED, AND TO PROVIDE FOR THE PAYMENT OF THE BONDS.

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

Findings

SECTION 1. The General Assembly finds that a savings in debt service payments with regard to the original principal amount of $1,700,000.00 Dillon County Board of Education and School District 2 of Dillon County, South Carolina General Obligation Bonds of 1999 may be achieved by a refunding of the bonds at current interest rates. There is currently outstanding on the bonds the principal amount of $1,126,445.09 and the bonds may be called for redemption at any time without penalty.

Issuance and sale

SECTION 2. In order to raise funds for the purposes enumerated in Section 1, the Board of Trustees of Dillon County School District 2 may issue and sell general obligation refunding bonds of the Dillon County School District 2 in an amount not to exceed $1,140,000.00 without holding an election.

Maturity date

SECTION 3. The bonds issued and sold pursuant to this act must be dated as of the date that the Board of Trustees of Dillon County School District 2 prescribes by resolution and the bonds must have a final maturity date of no later than ten years from their date of issue.

Prepayment

SECTION 4. The Board of Trustees of Dillon County School District 2, in its discretion, may prescribe by resolution that the bonds issued pursuant to this act may be issued with a provision permitting their prepayment upon those terms as may be determined by the board of trustees.

Form

SECTION 5. All bonds issued pursuant to this act must be in the form of fully registered bonds upon conditions prescribed by the Board of Trustees of Dillon County School District 2.

Payable

SECTION 6. All bonds issued pursuant to this act may be payable at places within or without the State of South Carolina as prescribed by the Board of Trustees of Dillon County School District 2.

Interest

SECTION 7. All bonds issued pursuant to this act must bear interest at rates to be named by the Board of Trustees of Dillon County School District 2.

Denomination and execution

SECTION 8. All bonds issued pursuant to this act must be in denominations and executed in a manner prescribed by resolution of the Board of Trustees of Dillon County School District 2.

Sale

SECTION 9. All bonds issued pursuant to this act must be sold at a price of not less than par and accrued interest to date of their respective deliveries. Bonds sold pursuant to this act may be sold at private sale without advertisement if, not less than seven days before the delivery of the bonds, notice of intention to sell the bonds at private sale is given by publication in a newspaper of general circulation in Dillon County. The notice must set forth the purchaser, purchase price, interest rate, and final maturity date of the bonds.

Pledge

SECTION 10. For the payment of principal and interest on bonds issued pursuant to this act, the full faith, credit, and taxing power of Dillon County School District 2 must be pledged irrevocably, and there must be levied annually by the auditor of Dillon County and collected by the treasurer of Dillon County, in the same manner as county taxes are collected and levied, on all taxable property in Dillon County School District 2, a tax sufficient to pay the principal of and interest on the bonds, and to create a sinking fund as may be necessary.

Tax exempt

SECTION 11. The principal of and interest on all bonds issued pursuant to this act shall have the taxexempt status prescribed by Section 12250 of the 1976 Code.

Proceeds

SECTION 12. The proceeds of the bonds issued pursuant to this act must be used by Dillon County School District 2 in accordance with the purposes provided in Section 1 of this act. The proceeds of the bonds must be applied to the redemption of the outstanding principal amount of the original principal amount $1,700,000.00 Dillon County Board of Education and School District 2 of Dillon County, South Carolina General Obligation Bonds of 1999 plus accrued interest, as well as costs of issuance of the bonds of Dillon County School District 2 authorized by this act.

Powers

SECTION 13. The powers and authorizations conferred by this act upon the Board of Trustees of Dillon County School District 2 are in addition to all of the powers and authorizations previously vested in the board of trustees, and may be used pursuant to action taken at any regular or special meetings of the board of trustees.

No action required

SECTION 14. No action other than that prescribed in this act need be taken to effect the issuance of the bonds authorized by this act. The Board of Trustees of Dillon County School District 2 is not required to obtain the approval of any public agency for an action taken pursuant to the authorization of this act.

Time effective

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

Ratified the 16th day of April, 2003.

Became law without the signature of the Governor -- 4/23/03.

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