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PDF versionSECTION 1. That Hollow Rock-Bruceton Special School District in Carroll County, Tennessee, as created by Chapter 317 of the 1927 Private Acts of Tennessee, is hereby authorized from time to time to borrow money and issue its negotiable bonds therefor in the aggregate principal amount of not exceeding two hundred thousand dollars ($200,000.00) for the purpose of constructing, improving and equipping school buildings and additions thereto for said School District, together with the purchase of necessary sites in connection therewith. Said bonds shall bear interest at such rate or rates not exceeding six per cent (6%) per annum, payable annually or semiannually, shall mature serially or otherwise in not exceeding thirty (30) years after date thereof and shall be subject to such terms of redemption with or without premium, as may be provided by Resolution of the members of the Special School District Board. Said bonds shall be in such form and of such denominations and shall be sold in such manner as the members of said Special School District Board may provide by Resolution, but in no event shall such bonds be sold for less than par and accrued interest. The Special School District Board is authorized and empowered to do and perform all acts which may be necessary or desirable in connection with the issuance and sale of said bonds. Said bonds shall be signed by the Chairman of said Special School District Board and attested by the Secretary of said Board, and the coupons attached thereto shall be signed by the facsimile signature of said officials.
SECTION 2. That for the purpose of paying the principal of and interest and any redemption premium on the school bonds herein authorized there is hereby levied a continuing tax of seventy-five cents (75¢) on each one hundred dollars ($100.00) worth of taxable property in said Hollow Rock-Bruceton Special School District, beginning with the year 1968 and continuing until said bonds have been paid in full as to both principal and interest. Said taxes shall be annually extended and collected by the County officials of Carroll County in the manner provided by the general law for the extension and collection of county taxes and shall constitute a lien on the property against which they are levied with like force and effect as do county taxes. The proceeds of said taxes, as collected, shall be placed in a special fund and shall be used solely for the purpose of paying principal of and interest and redemption premiums on the school bonds herein authorized.
SECTION 3. That the bonds herein authorized shall be exempt from all state, county and municipal taxation in the State of Tennessee.
SECTION 4. That the bonds herein authorized shall not be issued until the issuance thereof has been ordered by a majority of the qualified voters of said district voting in an election called for such purpose by the Election Commissioners of Carroll County. The Election shall be held at the same time that the August, 1968 General Election is held for the County of Carroll, or in the event there is a general election held in Carroll County, Tennessee, prior to the August, 1968 general election, then the election may be held at this time, in either event, such election shall be held in the same manner and by the same officials as general elections are required to be held in Carroll County and notice thereof shall be given at least twenty (20) days prior to the date of said election by publication of an appropriate notice not less than one time in a newspaper of general circulation in such district. At such election the ballot shall state briefly the maximum amount of bonds to be authorized and the purpose for which such bonds are to be authorized and shall contain the words "for the issuance of bonds" and "against the issuance of bonds". Opposite each of said phrases shall be a hollow square and the elector shall indicate his vote "for the issuance of bonds" or "against the issuance of bonds" by inserting a mark in the square opposite the appropriate phrase. The Election Commission of Carroll County shall canvass the returns of such election and determine and declare in writing the results thereof. Such declaration shall constitute conclusive evidence of the results of said election. This Act shall have no effect unless the proposition to issue said bonds shall have been approved by a simple majority of the voters residing in the area embraced within the Hollow Rock-Bruceton Special School District voting in said election. But upon such approval of said proposition, this Act shall be deemed to have been approved by said voters and shall be in full force and effect. The Election Commission of Carroll County shall certify the approval or non-approval of this Act to the Secretary of State and to the Board of Education of the Hollow Rock-Bruceton Special School District. The qualification of voters shall be that as provided by the general election laws of this State.
SECTION 5. That all laws or parts thereof in conflict herewith are to the extent of such conflict hereby repealed.
SECTION 6. That the provisions of this Act are hereby declared to be severable. If any of its sections, provisions, exceptions, sentences, clauses, phrases or parts be held unconstitutional or void, the remainder of this Act shall continue in full force and effect it being the legislative intention now hereby expressed and declared, that this Act would have been adopted even if such unconstitutional or void matter had not been included therein.
SECTION 7. That this Act shall take effect upon its passage, the public welfare requiring it.
Passed: February 26, 1968.