South Carolina Code 59-146-50. Maximum principal amount of state school facilities bonds; expiration of authority to issue bonds
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Terms Used In South Carolina Code 59-146-50
- Department: means the State Department of Education. See South Carolina Code 59-146-30
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- School district: means a public body corporate and politic operating as a school district under the provisions of Chapter 17 of Title 59. See South Carolina Code 59-146-30
- School facilities: means only those facilities defined as 'school facilities' in § 59-144-30. See South Carolina Code 59-146-30
- State school facilities bonds: means general obligation bonds of the State of South Carolina issued under the authority of this chapter. See South Carolina Code 59-146-30
The maximum principal amount of state school facilities bonds that may be issued pursuant to this chapter shall not exceed seven hundred fifty million dollars except that this limitation shall not apply to any state school facilities bonds issued for the purpose of refunding prior issues of state school facilities bonds. The General Assembly directs the Department of Education to allocate seven hundred fifty million dollars pursuant to § 59-144-100 and to inform each school district of its individual allocation. Further, it is the intent of the General Assembly that not more than two hundred fifty million dollars of state school facilities bonds shall be issued in fiscal year 1999-2000, except that no bonds issued in fiscal year 1999-2000 may be released until after January 1, 2000. The authority to issue bonds under this chapter shall expire four years from the effective date of this chapter. The four-year limitation, however, does not apply to bonds issued to retire bond anticipation notes.