Printer-friendly version
PDF versionCOMPILER'S NOTE: Unlike previous acts, the district is referred to throughout this act as "Hollow Rock Bruceton Special School District" without the use of a hyphen.
SECTION 1. Hollow Rock Bruceton Special School District in Carroll County as created by Chapter 317 of the Private Acts of Tennessee of 1927, as amended, is hereby authorized from time to time to borrow money and issue its negotiable bonds therefor in the aggregate principal amount of not exceeding one million one hundred thousand dollars ($1,100,000.00) for the purpose of constructing, improving and equipping school buildings and additions thereto for said School District. These bonds shall bear interest at such rate or rates not exceeding six and one half percent (6 1/2%) per annum, payable annually or semi-annually, 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. The bonds shall be in such form and of such denominations and shall be sold in such manner as the members of the 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. The bonds shall be signed by the chairman of the Special School District Board and attested by the Secretary of the Board, and the coupons attached thereto shall be signed by the facsimile signature of both officials.
SECTION 2. 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 one dollar and eighty-five cents ($1.85) on each one hundred dollars ($100.00) worth of taxable property in the Hollow Rock Bruceton Special School District, beginning with the year 1977 and continuing until these bonds have been paid in full as to both principal and interest. The taxes shall be annually extended and collected by the county officials of Carroll County in the manner provided by and 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 these 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 premium on the school bonds herein authorized.
SECTION 3. The bonds herein authorized shall be exempt from all state, county, and municipal taxation in Tennessee.
SECTION 4. The bonds herein authorized shall not be issued until the issuance thereof has been ordered by a simple majority of the qualified voters of the special school district voting in an election called for that purpose by the County Election Commission of Carroll County. 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. Within thirty (30) days after this Act becomes a law, the County Election Commission of Carroll County shall call an election. Notice thereof shall be given not less than twenty (20) days, nor more than thirty (30) days, prior to that date of the election by publication of an appropriate notice not less than one (1) time in a newspaper of general circulation in the district. At the 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 provisions "For the issuance of bonds" and "Against the issuance of bonds". Opposite each of these provisions shall be a hollow square and the elector shall indicate his vote "For the issuance of bonds" or "Against the issuance of bonds" by a inserting a mark in the square opposite the appropriate provision. The County Election Commission of Carroll County shall canvass the returns of the election and determine and declare in writing the results thereof. This declaration shall constitute conclusive evidence of the election. This Act shall have no effect unless the proposition to issue the 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 the election. Upon approval of the proposition, this Act shall be deemed to have been approved by the voters and shall be in full force and effect. The County 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 Tennessee. All laws applicable to general elections shall apply to the determination of the approval or rejection of this Act. The cost of the election shall be paid by the Hollow Rock Bruceton Special School District.
SECTION 5. All laws or parts thereof in conflict herewith are to the extent of such conflict hereby repealed.
SECTION 6. 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. For the purpose of approving this Act as provided in Section 4, it shall take effect upon becoming a law, the public welfare requiring it. For all other purposes, it shall take effect upon being approved as provided in Section 4.
Passed: April 6, 1977.