South Carolina General Assembly
110th Session, 1993-1994

Bill 4978


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Introducing Body:               House
Bill Number:                    4978
Primary Sponsor:                Simrill
Committee Number:               30
Type of Legislation:            GB
Subject:                        Special source revenue bonds,
                                redevelopment project
Residing Body:                  House
Current Committee:              Ways and Means
Computer Document Number:       PT/1131DW.94
Introduced Date:                19940324
Last History Body:              House
Last History Date:              19940324
Last History Type:              Introduced, read first time,
                                referred to Committee
Scope of Legislation:           Statewide
All Sponsors:                   Simrill
Type of Legislation:            General Bill



History


Bill  Body    Date          Action Description              CMN  Leg Involved
----  ------  ------------  ------------------------------  ---  ------------
4978  House   19940324      Introduced, read first time,    30
                            referred to Committee

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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND SECTION 4-29-68, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO SPECIAL SOURCE REVENUE BONDS, SO AS TO CLARIFY THAT REVENUES RECEIVED AND RETAINED BY A COUNTY, MUNICIPALITY, OR SPECIAL PURPOSE DISTRICT FROM A PAYMENT IN LIEU OF TAXES PURSUANT TO THE PROVISIONS OF SECTION 4-1-170, 4-29-60, OR 4-29-67 AND THESE REVENUES ARE DERIVED IN WHOLE OR IN PART FROM A REDEVELOPMENT PROJECT AREA ESTABLISHED PURSUANT TO CHAPTER 6, TITLE 31, SHALL ALLOCATE THE REVENUES IN ACCORDANCE WITH THE ORDINANCE OF THE MUNICIPALITY ADOPTED PURSUANT TO THE PROVISIONS OF SECTION 31-6-70 AS IF THESE REVENUES REMAINED AD VALOREM TAXES, PROVIDE THAT ALL TAXES COLLECTED IN THE REDEVELOPMENT PROJECT AREA NOT SUBJECT TO THE ORDINANCE OF THE MUNICIPALITY ADOPTED PURSUANT TO SECTION 31-6-70 BECOME PAYMENTS IN LIEU OF TAXES AND THE PORTION COLLECTED BY THE MUNICIPALITY MAY BE PLEDGED TO SECURE SPECIAL SOURCE REVENUE BONDS.

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

SECTION 1. Section 4-29-68 of the 1976 Code, as last amended by Act 123 of 1993, is further amended by adding:

"(F) A county, municipality, or special purpose district that receives and retains revenues from a payment in lieu of taxes pursuant to Section 4-1-170, 4-29-60, or 4-29-67 in which these revenues are derived in whole or in part from a redevelopment project area established pursuant to Title 31, Chapter 6 shall allocate these revenues in accordance with the ordinance of the municipality adopted pursuant to Section 31-6-70 as if these revenues remained ad valorem taxes. All taxes collected in the redevelopment project area which are not subject to the ordinance of the municipality adopted pursuant to Section 31-6-70 become payments in lieu of taxes and the portion collected by the municipality may be pledged to secure special source revenue bonds issued by the municipality pursuant to Section 4-1-175 or this section."

SECTION 2. This act takes effect upon approval by the Governor.

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