South Carolina - Acts on Education Topics

An Act to Authorize the City Council of Greenville to Issue Bonds for the Purpose of Purchasing, Erecting, Improving, Repairing and Furnishing School Buildings for the Free Public Schools of the City of Greenville, and to Provide for the Interest Accruing Thereon.

December 19, 1887

Acts and Joint Resolutions of the General Assembly of South Carolina 1887, Pages 1028-1030.

Section 1. Be it enacted by the Senate and House of Representatives of the State of South Carolina, now met and sitting in General Assembly, and by the authority of the same, That tne Council of the City of Greenville shall have power, and are hereby authorized and required, to issue bonds of said city on or before the first day of February, 1888, to the amount of eighteen thousand dollars, for the purpose of purchasing two or more school house sites, with or without buildings, repairing school buildings, erecting new ones, furnishing same and improving the school grounds for the free public schools of the city of Greenville; said bonds to be issued in such denomination as said City Council may deem best, and to be payable twenty years from the date of said bonds, with interest payable semi-annually at the rate of not more than six per cent per annum, and the coupons for said interest when due to be receivable in payment of all taxes levied by or due to said city.

Sec. 2. That the said City Council shall turn over said bonds when issued to the Board of Trustees of the free public schools of the School District of the city of Greenville upon the execution and delivery to the said City Council by the said Board of Trustees of a good and sufficient bond, equal in amount to the amount of the bonds turned over, for the faithful keeping and administering of said bonds and the proceeds thereof, according to the terms of this Act.

Sec. 3. That the said Board of Trustees are authorized and empowered to sell or hypothecate said bonds: Provided, That they shall not sell or hypothecate said bonds for less than their par value; and until said bonds are sold or hypothecated, and if sold or hypothecated, the proceeds thereof shall be deposited in bank, to be drawn out only upon the order of said Board of Trustees, and countersigned by the Chairman and Treasurer.

Sec. 4. That the money arising from the sale or hypothecation of said bonds be used exclusively for the purposes set out in Section one of this Act, and to this end shall be expended under the direction and control of the said Board of Trustees; and should any of said bonds be not used by said Board of Trustees the same shall be returned to the said City Council, and by it cancelled.

Sec. 5. That the said Board of Trustees and their successors in office are authorized and empowered to take and hold in trust for said School District all necessary lands and tenements and personal property, whether by purchase, grant, devise, gift or bequest, and use and apply the same in the interest of their District and the welfare of their schools.

Sec. 6. That the said City Council shall semi-annually, at such time as they may fix and determine, pay the interest due on said bonds; and for this purpose the said City Council, in addition to the powers already conferred, shall be authorized and required annually to levy such tax upon the real and personal property assessed for taxation in said city as may be deemed necessary to pay the interest of the said bonds which may become due in each and every year, until the whole of said bonds shall be paid.

Sec. 7. That all Acts and parts of Acts inconsistent with the provisions of this Act be, and the same are hereby, repealed.

Sec. 8. That this Act shall take effect immediately after its approval by the Governor,

In the Senate House, the seventeenth day of December, one thousand eight hundred and eighty-seven.

William L. Mauldin, President of the Senate.
James Simons, Jr., Speaker of the House of Representatives.

Approved: December 19th, A.D. 1887.
John P. Richardson, Governor.

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