South Carolina - Acts on Education Topics

An Act Authorizing the Barnwell Graded School District to Issue Bonds for the Purpose of Purchasing and Procuring Grounds and Buildings for the Public Schools, and to Provide for the Payment Thereof.

February 17, 1900

Acts and Joint Resolutions of the General Assembly of South Carolina 1900, Pages 511-512.

Section 1. Be it enacted by the General Assembly of the State of South Carolina, That the Barnwell Graded School District, in the County of Barnwell, is hereby authorized and required to issue coupon bonds to the amount of five thousand dollars for the purpose of purchasing grounds and buildings, and erecting, furnishing and equipping public school buildings therein, to be located in the town of Barnwell, in the said school district: Provided, That a majority of the qualified electors of the 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 order such election, and 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 ballot, receive the returns and declare the result.

Sec. 3. That the 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 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 shall constitute a first lien on all property bought and improved from the proceeds of the sale thereof. The said bonds shall be exempt from taxation for State, county and municipal purposes.

Sec. 4. That for the purpose of paying the interest accruing on said bonds, and the principal when due, the Auditor of Barnwell County, or such other officers as may be charged with the levy and assessment of taxes, shall levy annually such tax on all the taxable real and personal property in said school district as will yield a sum sufficient for said purposes, and the amount so levied shall be collected by the Treasurer of Barnwell County, as State, county and school 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; and all sums of money derived from the profits from the Dispensary or licenses from the sale of liquors, which may be apportioned to the said school district after the said bonds have been issued, shall be held as a sinking fund to be applied to the payment of said bonds at maturity.

Sec. 5. That the said Board of Trustees are authorized and empowered to sell and hypothecate said bonds: Provided, None shall be sold below their par value, and shall deposit all moneys arising from such sales or hypothecations in bank to the credit of said Board, to be drawn on orders signed by the Chairman and Secretary of the said Board, and by one of the members of the said Board chosen for that purpose, as now provided in the charter of the said school district, in drawing funds from the County Treasurer for current expenses, and they shall use the moneys exclusively for the purposes set forth in section 1 of this Act.

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

Approved the 17th Day of February, A.D. 1900.

Miles B. McSweeney, Governor.
Robert B. Scarborough, Lt. Governor and President of the Senate.
Frank Boyd Gary, Speaker of the House

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