South Carolina - Acts on Education Topics

An Act to Authorize the Town Council of the Town of Union to Issue Bonds for the Purpose of Building, Furnishing and Equipping a School Building for the Public School of the Town of Union, and to Provide for the Payment of Same.

December 24, 1889

Acts and Joint Resolutions of the General Assembly of South Carolina 1889, Pages 603-605.

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 the Town Council of the town of Union shall have power, and are hereby authorized and required, on or before the first day of May, A. D. 1890, to issue bonds of said town to the amount of seven thousand dollars, for the purpose of building, furnishing and equipping a public school building, to be located in said town, said bonds to be issued in such denominations as said Town Council may deem best, and to be payable ten years from the date of said bonds, or at any time before the expiration of said ten years at the option of said Town Council, with interest payable annually at seven per centum per annum, and the coupons for said interest when due to be receivable in payment of all taxes levied by or due to said town.

Sec. 2. That the said Town Council shall turn over said bonds, when issued, to the Board of Trustees of the public school of the school district embracing the town of Union, upon the execution and delivery to the said Town 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 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 the Merchants' and Planters' National Bank, of Union, 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 shall be used exclusively for the purposes set forth in Section 1 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 Town Council, and by it canceled.

Sec. 5. That the said Town Council shall, annually, at such time as they may fix and determine, pay the interest due on said bonds; and for this purpose the said Town 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 town 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. 6. That for the purpose of retiring said bonds the said Town Council shall devote and set apart one thousand dollars of the revenues of said town in each and every year, and shall apply the same to the payment of said bonds, until the whole of said bonds shall be fully paid.

Sec. 7. That this Act shall take effect immediately after its approval.

Approved December 24th, A.D. 1889.

John P. Richardson, Governor.
William L. Mauldin, President of the Senate and Lt. Governor.
James Simons, Jr., Speaker of the House of Representatives.

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