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Indicates Matter Stricken
Indicates New Matter
Indicates Matter Stricken
Indicates New Matter
May 20, 2004
S. Printed 5/20/04--H.
Read the first time April 15, 2004.
TO AMEND SECTION 31-12-100, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DISSOLUTION OF A MILITARY FACILITIES REDEVELOPMENT AUTHORITY, SO AS TO PROVIDE THAT AN ADOPTED REDEVELOPMENT PLAN AND TAX INCREMENT FINANCE OBLIGATIONS ADOPTED PURSUANT TO THE PLAN REMAIN IN PLACE UPON THE DISSOLUTION OF THE AUTHORITY UNTIL ADOPTION OF A MUNICIPAL ORDINANCE FINALLY DISSOLVING THE TAX ALLOCATION FUND AND TERMINATING THE REDEVELOPMENT PROJECT AREA; TO AMEND SECTION 31-12-210, AS AMENDED, RELATING TO THE ISSUANCE OF OBLIGATIONS FOR A MILITARY FACILITIES REDEVELOPMENT PROJECT BY A MUNICIPALITY, SO AS TO PROVIDE THAT THE OBLIGATIONS MAY BE ISSUED WITHIN FIFTEEN YEARS OF THE MUNICIPALITY'S CONCURRENCE IN THE REDEVELOPMENT PLAN; TO AMEND SECTION 31-12-270, AS AMENDED, RELATING TO THE ADOPTION OF AN ORDINANCE BY A MUNICIPALITY CONCURRING IN THE MILITARY FACILITIES REDEVELOPMENT PLAN, SO AS TO PROVIDE FOR THE TIME PERIOD BY WHICH AN ORDINANCE MUST BE ADOPTED IN WHICH THE TAX ALLOCATION FUND IS DISSOLVED AND THE REDEVELOPMENT PROJECT AREA'S DESIGNATION IS TERMINATED; TO AMEND SECTION 31-12-290, AS AMENDED, RELATING TO THE TAX ALLOCATION FUND AND THE CARRY FORWARD OF UNEXPENDED FUNDS, SO AS TO PROVIDE THAT FUNDS CARRIED FORWARD MAY BE USED ON MILITARY FACILITIES REDEVELOPMENT PROJECT COSTS; AND TO AMEND SECTION 31-12-300, AS AMENDED, RELATING TO THE CERTIFICATION OF THE TOTAL INITIAL EQUALIZED ASSESSED VALUE OF TAXABLE PROPERTY WITHIN A MILITARY FACILITIES REDEVELOPMENT PROJECT AREA, SO AS TO PROVIDE FOR TIME PERIODS BY WHICH THE VALUE MUST BE DETERMINED AND TO REQUIRE COOPERATION AMONG OFFICIALS IN MAKING THAT DETERMINATION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 31-12-100 of the 1976 Code, as last amended by Act 421 of 1998, is further amended by adding:
"(E) If tax increment finance obligations have been issued previously by a municipality upon request of an authority, the authority's tax increment finance district continues in existence upon dissolution of the authority pursuant to this section until the adoption by the municipality of the ordinance required by Section 31-12-270(C) finally dissolving the tax allocation fund and terminating the designation of the redevelopment project area for all tax increment finance obligations that may be issued by the municipality during the period for issuance described in Section 31-12-210(F). That period for issuance of obligations is not affected by the dissolution of the authority and, until the adoption of the ordinance required by Section 31-12-270(C), the municipality shall hold and exercise all powers with regard to adoption, amendment, implementation, and administration of redevelopment plans and the tax increment finance district, and issuance, amendment, implementation, and administration of tax increment finance obligations that might have been held and exercised by the dissolved authority."
SECTION 2. Section 31-12-210(F) of the 1976 Code is amended to read:
"(F) The obligations must be issued
within not later than fifteen years of the creation of the tax increment finance district in accordance with Section 31-12-200 after the adoption of an ordinance by the municipality pursuant to Section 31-12-280 concurring in an authority's redevelopment plan."
SECTION 3. Section 31-12-270(C) of the 1976 Code, as last amended by Act 421 of 1998, is further amended to read:
"(C) Upon the payment of all redevelopment project costs, retirement of all obligations of a municipality issued
under pursuant to this chapter, and the distribution of any surplus monies pursuant to this section, at least fifteen years having passed since the creation of the tax increment finance district pursuant to Section 31-12-200 with the fifteen-year period for issuance of obligations as provided in Section 31-12-210(F) having passed, the municipality must shall adopt an ordinance dissolving the tax allocation fund for the project redevelopment area and terminating the designation of the redevelopment project area as a redevelopment project area for purposes of this chapter. After that, the rates of the taxing districts must be extended and taxes levied, collected, and distributed in the manner applicable in the absence of the adoption of a redevelopment plan and the issuance of obligations under pursuant to this chapter."
SECTION 4. Section 31-12-290 of the 1976 Code, as last amended by Act 421 of 1998, is further amended to read:
"Section 31-12-290. During the existence of the special tax allocation fund created pursuant to this chapter, funds not otherwise expended may be carried forward from year to year to be applied to future years' obligations and redevelopment costs and are not surplus funds subject to distribution
under pursuant to the provisions of Section 31-12-270 Sections 31-12-200 through 31-12-320 unless determined otherwise by resolution of the authority."
SECTION 5. Section 31-12-300(A)(2) of the 1976 Code, as last amended by Act 421 of 1998, is further amended to read:
"(2) the total equalized assessed value of all taxable real property within the redevelopment project area as of the date of the creation of the authority pursuant to Section 31-12-200, or the date the properties were scheduled for disposal by final action of the federal government in the case of properties added after the date of creation of the authority, and certifying the amount as the 'total initial equalized assessed value' of the taxable real property within the redevelopment project area. Another official required by law to ascertain the amount of the equalized assessed value of all taxable property within the district shall cooperate and assist the county auditor in making this determination."
SECTION 6. This act takes effect upon approval by the Governor.
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