South Carolina - Acts on Education Topics

An Act to Authorize and Require the Town Council of Dillon, in Marion County, to Hold an Election for Permission, and if Said Election is Favorable to Issue Bonds to Procure Funds for the Erection of School Buildings for the Graded School.

December 17, 1894

Acts and Joint Resolutions of the General Assembly of South Carolina 1894, Pags 1054-1055.

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 Dillon be, and are hereby, authorized and required to order and have conducted an election in said town on the question of issuing the bonds hereinafter mentioned for the purpose of raising a fund for the erection of buildings for the graded school in said town; that such election shall be after such notice and within such hours and by such ballots and such management as said Town Council may deem proper; at which election all male residents of said town of the age of twenty-one years who own taxable real or personal property of the value of one hundred dollars shall be allowed to vote.

Sec. 2. That if the majority of ballots cast at such election be in favor of the issue of bonds, the Town Council of said town shall issue coupon bonds, in such denominations as may seem best, in the aggregate of three thousand dollars, said bonds to mature in twenty years, and to bear interest payable annually at a rate not to exceed eight per cent per annum, and the coupons for said interest, when due, shall be receivable in payment of all taxes levied by or due to said town.

Sec. 3. That the said Town Council are hereby authorized to negotiate and sell said bonds when issued, provided the same shall not be sold for less than par, and to expend the funds arising from such sales in the erection and equipment of suitable school buildings for the Dillon Graded School.

Sec. 4. That said Town Council are hereby authorized and required to levy and collect annually upon all taxable real and personal property within said town a sufficient sum of money to meet and to pay the annual interest due on said bonds at the time same shall be due; and also, at their discretion, to levy and collect, and to invest or to hold, a convenient sum annually as a sinking fund to meet and to pay the principal of said bonds at maturity, commencing to collect such sinking fund as long before maturity of said bonds as deemed advisable.

Sec. 5. That all Acts and parts of Acts inconsistent with this Act be, and are hereby, repealed.

Sec. 6. That this Act shall take effect immediately upon its approval.

Approved: December 17th, A.D. 1894.

John Gary Evans, Governor.
W.H. Timmerman, Lt. Governor and President of the Senate.
Ira B. Jones, Speaker of the House of Representatives.

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