Current Status Bill Number:765 Type of Legislation:Joint Resolution JR Introducing Body:Senate Introduced Date:19970520 Primary Sponsor:Ravenel All Sponsors:Ravenel Drafted Document Number:gjk\20727sd.97 Companion Bill Number:4119 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Tax Increment Financing Act for Counties, Political Subdivisions
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
Senate 19970520 Introduced, read first time, 06 SF
referred to Committee
View additional legislative information at the LPITS web site.
PROPOSING AN AMENDMENT TO SECTION 14 , ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO INDEBTEDNESS PAYABLE FROM REVENUE-PRODUCING PROJECTS AND FROM SPECIAL SOURCES, SO AS TO AUTHORIZE THE GENERAL ASSEMBLY TO PROVIDE BY LAW FOR THE INCURRANCE OF INDEBTEDNESS BY COUNTIES FOR REDEVELOPMENT PURPOSES AND TO PROVIDE FOR THE DEBT SERVICE OF SUCH INDEBTEDNESS TO BE PROVIDED FROM THE ADDED INCREMENT OF TAX REVENUES TO RESULT FROM THE PROJECT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. It is proposed that Section 14(10), Article X of the Constitution of this State be amended to read:
"(10) Indebtedness payable solely from a revenue-producing project or from a special source, which source does not involve revenues from any tax or license, may be issued upon such terms and conditions as the General Assembly may prescribe by general law; provided, that the General Assembly may authorize by general law that indebtedness for the purpose of redevelopment within incorporated municipalities and counties may be incurred, and that the debt service of such indebtedness be provided from the added increments of tax revenues to result from any such project. Any and all indebtedness incurred pursuant to the provisions of this subsection shall contain a statement on the face thereof specifying the sources from which payment is to be made and shall state that the full faith, credit, and taxing powers are not pledged therefor."
SECTION 2. The proposed amendment must be submitted to the qualified electors at the next general election for representatives. Ballots must be provided at the various voting precincts with the following words printed or written on the ballot:
"Shall Section 14, Article X of the Constitution of this State, relating to indebtedness payable from revenue-producing projects and from special sources, be amended so as to provide that the General Assembly may provide by general law for counties to incur indebtedness for the purpose of redevelopment and to provide that the debt service for such indebtedness be provided from the added increments of tax revenues to result from such project?
Those voting in favor of the question shall deposit a ballot with a check or cross mark in the square after the word 'Yes', and those voting against the question shall deposit a ballot with a check or cross mark in the square after the word 'No'."