according to the law of this State and based on the assessed value of all taxable property in the district minus that bonded indebtedness of each of the present school districts made a part of the district that was includable against the constitutional debt limit of those present school districts. SECTION 6. (A) The Boards of Trustees of Sumter School Districts 2 and 17 may on or before July 1, 2011, issue, without an election, general obligation bonds of the respective school districts within the constitutional debt limitation applicable to the respective school districts for school operating purposes. Bonds issued pursuant to this section must be transferred to the consolidated district on July 1, 2011. (B) Bonds issued pursuant to this section mature on the dates the board prescribes. (C) Bonds issued pursuant to this section may be issued with a provision for their redemption prior to their maturity at par and accrued interest, plus a redemption premium as may be prescribed by the board, but no bond is redeemable before maturity, unless it contains a statement to that effect. In the proceedings authorizing the issuance of the bonds, provision must be made specifying the manner of call and the notice of call must be given. (D) Bonds issued pursuant to this section must be in the form of fully registered bonds or notes payable upon conditions as the board may prescribe. (E) Bonds issued pursuant to this section must be in a denomination and must be made payable at a place, within or without the State, as the board prescribes. (F) Bonds issued pursuant to this section bear interest at a rate or rates determined by the board. (G) Bonds must be executed in a manner as the board prescribes by resolution. (H) Bonds issued pursuant to this section must be sold at a price of not less than par and accrued interest, if any, to the date of their respective deliveries. Bonds authorized by this act may be sold at private or public sale upon the terms prescribed by the board. (I) For the payment of principal of and interest on all bonds issued pursuant to this section, as they respectively mature, and for the creation of a sinking fund as may be necessary therefor, the full faith, credit, and taxing power of the school district must be irrevocably pledged, and there may be levied annually by the Auditor of Sumter County, and collected by the Treasurer of
according to the law of this State and based on the assessed value of all taxable property in the district minus that bonded indebtedness of each of the present school districts made a part of the district that was includable against the constitutional debt limit of those present school districts. SECTION 6. (A) The Boards of Trustees of Sumter School Districts 2 and 17 may on or before July 1, 2011, issue, without an election, general obligation bonds of the respective school districts within the constitutional debt limitation applicable to the respective school districts for school operating purposes. Bonds issued pursuant to this section must be transferred to the consolidated district on July 1, 2011. (B) Bonds issued pursuant to this section mature on the dates the board prescribes. (C) Bonds issued pursuant to this section may be issued with a provision for their redemption prior to their maturity at par and accrued interest, plus a redemption premium as may be prescribed by the board, but no bond is redeemable before maturity, unless it contains a statement to that effect. In the proceedings authorizing the issuance of the bonds, provision must be made specifying the manner of call and the notice of call must be given. (D) Bonds issued pursuant to this section must be in the form of fully registered bonds or notes payable upon conditions as the board may prescribe. (E) Bonds issued pursuant to this section must be in a denomination and must be made payable at a place, within or without the State, as the board prescribes. (F) Bonds issued pursuant to this section bear interest at a rate or rates determined by the board. (G) Bonds must be executed in a manner as the board prescribes by resolution. (H) Bonds issued pursuant to this section must be sold at a price of not less than par and accrued interest, if any, to the date of their respective deliveries. Bonds authorized by this act may be sold at private or public sale upon the terms prescribed by the board. (I) For the payment of principal of and interest on all bonds issued pursuant to this section, as they respectively mature, and for the creation of a sinking fund as may be necessary therefor, the full faith, credit, and taxing power of the school district must be irrevocably pledged, and there may be levied annually by the Auditor of Sumter County, and collected by the Treasurer of
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