South Carolina - Acts on Education Topics

An Act to Enable and Authorize School District No. 26, Embracing the City of Orangeburg, to Issue Bonds for the Purpose of Purchasing Grounds and Erecting a Public School Building, and to Provide for the Interest Accruing Thereon.

December 18, 1893

Acts and Joint Resolutions of the General Assembly of South Carolina 1893, Pages 672-674.

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 School District No. 26, embracing the city of Orangeburg, in the County of Orangeburg, is hereby authorized and required to issue coupon bonds to the amount of fifteen thousand dollars for the purpose of purchasing grounds and erecting, building, furnishing and equipping a public school building thereon, to be located in said school district: Provided, That a majority of the qualified electors of said school district voting shall be in favor of such issue as may be expressed at an election hereafter to be held for that purpose.

Sec. 2. That the Trustees of said school district are hereby required to give ten days previous notice in one or more of the newspapers published in said school district of the time and place of such election, appoint the managers, prescribe the form of ballots, receive the returns and declare the result.

Sec. 3. That said school district is hereby declared a body corporate, for the purpose of executing and issuing said bonds and other powers herein given in case their issue be authorized by said election. The said bonds shall be issued in such denominations as the Trustees of said school district shall deem best, and shall be payable twenty years from the date of their issue, with interest payable annually, at a rate not to exceed seven per cent per annum. The said bonds shall be signed by the Chairman of the Board of Trustees of said school district and countersigned by its Secretary, and their coupons shall be received in payment of any taxes in said school district, and said bonds shall constitute a first lien on all the property bought and improved from the proceeds of the sale thereof. The said bonds shall be exempt from taxation for State, County or municipal purposes.

Sec. 4. That for the purpose of paying the interest accruing on said bonds and the principal when due, the Auditor of Orangeburg County, or such other officer as may be charged with the assessment of taxes, shall levy annually such tax on all the taxable real and personal property in said school district as will raise a sum sufficient for said purposes, and the amount so levied shall be collected by the Treasurer of Orangeburg County, as State and County taxes are collected, to be held and applied by him solely to the payment of the said interest or principal, if any be due, and shall be used for no other purpose whatsoever.

Sec. 5. That the said Board of Trustees are authorized and empowered to sell or hypothecate said bonds at their par value, and shall deposit all moneys coming to them from such sales or hypothecation in bank to the credit of said Board, to be drawn on checks signed by a majority of said Board, and they shall use the said moneys exclusively for the purposes set out in Section 1 of this Act, and should any of said bonds be not used they shall be cancelled by the said Board of Trustees.

Sec. 6. This Act shall take effect immediately upon its approval.

Approved: December 18th, A.D. 1893.

Benjamin R. Tillman, Governor.
Eugene B. Gary, Lt. Governor and President of the Senate.
Ira B. Jones, Speaker of the House of Representatives.

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