37-27-65 - Boards of supervisors may issue bonds for agricultural high schools, and agricultural high school-junior colleges.
§ 37-27-65. Boards of supervisors may issue bonds for agricultural high schools, and agricultural high school-junior colleges.
The board of supervisors of any county which has resolved and determined to accept the terms of the law relative to the locating and establishment of agricultural schools or agricultural high school-junior colleges or which may hereafter so determine, may issue bonds upon the property of said county to aid in the building, equipment, and in any other way, the establishment and development of agricultural high schools or agricultural high school-junior colleges. Said bonds may be issued to an amount which, added to all its bonded indebtedness shall not exceed ten percent (10%) of the assessed value of the taxable property of the county appearing upon the assessment roll of the preceding year. Said bonds shall mature not later than twenty-five (25) years from the date of their issuance, and shall bear interest at such rate or rates as determined by the board of supervisors, provided that the bonds of any issue shall not bear a greater overall maximum interest rate to maturity than that allowed in Section 75-17-101, payable annually. Such bonds shall be payable after five (5) years, at the option of the county. Said bonds shall be lithographed or engraved, and printed in two (2) or more colors, to prevent counterfeiting, and shall be in sums of not less than One Hundred Dollars ($100.00) nor more than Two Thousand Dollars ($2,000.00) each. Said bonds shall be registered as they are issued, be numbered in regular series from one (1) upwards, and be signed by the president of the board of supervisors and countersigned by the clerk, who shall impress the seal upon each bond as it is issued. Every bond shall specify on its face the purpose for which it was issued, the total amount authorized to be issued, and each shall be made payable to bearer, and the bonds so issued shall not be sold for less than their face value.
When bonds are issued as provided in this section, the board of trustees of the agricultural high school or agricultural high school-junior college are hereby authorized and empowered to use such funds in repairing and equipping buildings already erected and used by such agricultural high school or agricultural high school-junior college, and also to use such funds in erecting and equipping new buildings for such institutions.
The supervisors shall levy annually a special tax to be used exclusively in paying the interest on such bonds, and in providing a sinking fund for their redemption. When a sufficient amount of such sinking fund shall have accumulated, the board of supervisors may loan such accumulation at a rate of interest of not less than six percent (6%) and on such terms and for such time not longer than within the date fixed for the maturity of such bonds, such loan to be secured on improved real estate at not exceeding one-half ( 1/2) its assessed value, and upon abstract of such real estate, as provided for the loan of funds arising from the sale or lease of sixteenth section land.
Notwithstanding the foregoing provisions of this section, bonds referred to hereinabove may be issued pursuant to the supplemental powers and authorizations conferred by the provisions of the Registered Bond Act, being Sections 31-21-1 through 31-21-7.
Sources: Codes, 1930, § 6686; 1942, § 6466; Laws, 1924, ch. 283; Laws, 1928, ch. 70; Laws, 1930, ch. 278; Laws, 1983, ch. 494, § 13; Laws, 1985, ch. 477, § 4, eff from and after passage (approved April 8, 1985).