S 0905 General Bill, By Campsen, Elliott, Cromer, Ceips and Bryant

Similar(H 4561)
 A BILL TO ENACT THE "BEACHFRONT FINANCE ACT" BY AMENDING CHAPTER 1, TITLE 6 OF
 THE 1976 CODE, BY ADDING SECTION 6-1-580, RELATING TO THE LOCAL ACCOMMODATIONS
 TAX, TO PROVIDE THAT A COUNTY OR MUNICIPALITY MAY ISSUE BONDS TO FINANCE THE
 COST OF CONTROLLING AND REPAIRING WATERFRONT EROSION, BY AMENDING SECTION
 6-4-15, RELATING TO THE STATE ACCOMMODATIONS TAX, TO PROVIDE THAT A
 MUNICIPALITY OR COUNTY MAY ISSUE BONDS TO FINANCE THE COST OF CONTROLLING AND
 REPAIRING WATERFRONT EROSION, BY AMENDING SECTION 6-4-20(B), RELATING TO THE
 STATE ACCOMMODATIONS TAX, TO PROVIDE THAT THE STATE TREASURER SHALL NOT
 WITHHOLD ACCOMMODATION TAX FUNDS FROM A LOCAL GOVERNMENT THAT COLLECTS FOUR
 HUNDRED THOUSAND DOLLARS OR MORE IF THE LOCAL GOVERNMENT HAS WITHIN ITS
 BOUNDARIES A BEACH THAT IS RANKED AMONG THE MOST AT-RISK BEACHES IN THE STATE
 BY THE OFFICE OF OCEAN AND COASTAL RESOURCE MANAGEMENT, TO PROVIDE THAT A
 LOCAL GOVERNMENT WITH ONE OF THE MOST AT-RISK BEACHES WITHIN ITS BOUNDARIES
 MAY ISSUE A BEACH RENOURISHMENT BOND OR MAY USE THE FUNDS RETAINED FOR THE
 PURPOSE OF CONTROLLING OR REPAIRING WATERFRONT EROSION, AND BY AMENDING
 CHAPTER 40 OF TITLE 48, RELATING TO THE BEACH RESTORATION AND IMPROVEMENT
 TRUST ACT, BY ADDING SECTION 48-40-70, TO REQUIRE THE OFFICE OF OCEAN AND
 COASTAL RESOURCE MANAGEMENT TO RANK THE MOST AT-RISK BEACHES IN THE STATE IN
 ITS ANNUAL STATE OF THE BEACHES REPORT.

   12/12/07  Senate Prefiled
   12/12/07  Senate Referred to Committee on Finance
   01/08/08  Senate Introduced and read first time SJ-57
   01/08/08  Senate Referred to Committee on Finance SJ-57
   01/08/08         Scrivener's error corrected
   01/18/08         Scrivener's error corrected
   02/06/08  Senate Committee report: Favorable with amendment Finance
   02/07/08         Scrivener's error corrected
   02/13/08  Senate Committee Amendment Adopted SJ-30
   02/13/08  Senate Amended SJ-30
   02/13/08  Senate Read second time SJ-30
   03/26/08  Senate Read third time and sent to House SJ-19
   03/27/08  House  Introduced and read first time HJ-6
   03/27/08  House  Referred to Committee on Ways and Means HJ-7

Indicates Matter Stricken

Indicates New Matter

COMMITTEE AMENDMENT ADOPTED AND AMENDED

February 13, 2008

S. 905

Introduced by Senators Campsen, Elliott, Cromer, Ceips and Bryant

S. Printed 2/13/08--S.

Read the first time January 8, 2008.

TO ENACT THE "BEACHFRONT FINANCE ACT" BY AMENDING CHAPTER 1, TITLE 6 OF THE 1976 CODE, BY ADDING SECTION 6-1-580, RELATING TO THE LOCAL ACCOMMODATIONS TAX, TO PROVIDE THAT A COUNTY OR MUNICIPALITY MAY ISSUE BONDS TO FINANCE THE COST OF CONTROLLING AND REPAIRING WATERFRONT EROSION, BY AMENDING SECTION 6-4-15, RELATING TO THE STATE ACCOMMODATIONS TAX, TO PROVIDE THAT A MUNICIPALITY OR COUNTY MAY ISSUE BONDS TO FINANCE THE COST OF CONTROLLING AND REPAIRING WATERFRONT EROSION, BY AMENDING SECTION 6-4-20(B), RELATING TO THE STATE ACCOMMODATIONS TAX, TO PROVIDE THAT THE STATE TREASURER SHALL NOT WITHHOLD ACCOMMODATION TAX FUNDS FROM A LOCAL GOVERNMENT THAT COLLECTS FOUR HUNDRED THOUSAND DOLLARS OR MORE IF THE LOCAL GOVERNMENT HAS WITHIN ITS BOUNDARIES A BEACH THAT IS RANKED AMONG THE MOST AT-RISK BEACHES IN THE STATE BY THE OFFICE OF OCEAN AND COASTAL RESOURCE MANAGEMENT, TO PROVIDE THAT A LOCAL GOVERNMENT WITH ONE OF THE MOST AT-RISK BEACHES WITHIN ITS BOUNDARIES MAY ISSUE A BEACH RENOURISHMENT BOND OR MAY USE THE FUNDS RETAINED FOR THE PURPOSE OF CONTROLLING OR REPAIRING WATERFRONT EROSION, AND BY AMENDING CHAPTER 40 OF TITLE 48, RELATING TO THE BEACH RESTORATION AND IMPROVEMENT TRUST ACT, BY ADDING SECTION 48-40-70, TO REQUIRE THE OFFICE OF OCEAN AND COASTAL RESOURCE MANAGEMENT TO RANK THE MOST AT-RISK BEACHES IN THE STATE IN ITS ANNUAL STATE OF THE BEACHES REPORT.

Amend Title To Conform

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    This act may be referred to as the "Beachfront Finance Act".

SECTION    2.    Chapter 1, Title 6 of the 1976 Code is amended by adding:

"Section 6-1-580.    Notwithstanding any other provision of this title, any county or municipality is authorized to issue bonds, pursuant to Article X, Section 14(10) of the Constitution of this State, utilizing the procedures of Section 4-29-68, Section 6-17-10 et seq., or Section 6-21-10 et seq., to secure obligations to finance all or a portion of the cost of controlling and repairing waterfront erosion. As security for the bonds, any county or municipality may pledge the proceeds of the local accommodations fees and local hospitality fees imposed in this chapter."

SECTION    3.    Section 6-4-15 of the 1976 Code is amended to read:

"Section 6-4-15.    A municipality or county may issue bonds, enter into other financial obligations, or create reserves to secure obligations to finance all or a portion of the cost of constructing facilities for civic activities, the arts, and cultural events which fulfill the purpose of this chapter, and for controlling and repairing waterfront erosion. The annual debt service of indebtedness incurred to finance the facilities or lease payments for the use of the facilities may be provided from the funds received by a municipality or county from the accommodations tax in an amount not to exceed the amount received by the municipality or county after deduction of the accommodations tax funds dedicated to the general fund and the advertising and promotion fund. However, none of the revenue received by a municipality or county from the accommodations tax may be used to retire outstanding bonded indebtedness unless accommodations tax revenue was obligated for that purpose when the debt was incurred. Fees allocated pursuant to Section 6-4-10(3) must be allocated to a special fund and used only for advertising and promotion of tourism to develop and increase tourist attendance through the generation of publicity, and not used to pledge as security for bonds and to retire bonds."

SECTION    4.    This act takes effect upon approval by the Governor.