South Carolina General Assembly
116th Session, 2005-2006

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Indicates Matter Stricken
Indicates New Matter

S. 507

STATUS INFORMATION

Joint Resolution
Sponsors: Senator Thomas
Document Path: l:\council\bills\ggs\22948htc05.doc

Introduced in the Senate on February 17, 2005
Currently residing in the Senate Committee on Judiciary

Summary: Maximum millage that may be imposed to service general obligation debt

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   2/17/2005  Senate  Introduced and read first time SJ-4
   2/17/2005  Senate  Referred to Committee on Judiciary SJ-4
   2/25/2005  Senate  Referred to Subcommittee: Martin (ch), Malloy, Campsen, 
                        Williams

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

2/17/2005

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

A JOINT RESOLUTION

PROPOSING AN AMENDMENT TO SECTION 15, ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO THE BONDED INDEBTEDNESS OF SCHOOL DISTRICTS, SO AS TO PROVIDE A MAXIMUM MILLAGE THAT MAY BE IMPOSED TO SERVICE A SCHOOL DISTRICT'S GENERAL OBLIGATION DEBT, TO PROVIDE THE METHOD OF CALCULATING THIS LIMIT, TO ALLOW THE LIMIT TO BE EXCEEDED UPON REFERENDUM APPROVAL AND TO PROVIDE WHEN THIS LIMIT DOES NOT APPLY.

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

SECTION    1.    It is proposed that Section 15, Article X of the Constitution of this State be amended by adding a new subsection at the end to read:

"(9)    In addition to the assessed value limit imposed pursuant to this section on incurring general obligation debt, and applying only with respect to general obligation debt not authorized by referendum approval, there is a limitation on the total property tax millage that may be imposed by or for a school district to service general obligation debt as provided in this subsection. If the implementation of a countywide property tax assessment and equalization plan results in an increase in assessed value of taxable property in a school district exceeding the average annual increase in assessed value in the district over the four years preceding the implementation of the plan, then the millage allowed to be imposed for debt service in the school district until the next such plan is implemented is the average of annual millage imposed for general obligation debt service in the district for the duration of the preceding countywide plan reduced or 'rolled back' in the manner that the General Assembly provides by law to adjust millage to offset the increase in assessed value of taxable property in the district. Millage for general obligation debt service that exceeds the 'rolled back' millage may be imposed only if the additional millage is approved by a majority vote of the qualified electors of the school district voting in a referendum conducted in the manner as the referendum provided pursuant to subsection (5) of this section is conducted, mutatis mutandis."

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 on the ballot:

"Must Section 15, Article X of the Constitution of this State relating to the bonded indebtedness of school districts be amended so as to impose a limit on the property tax millage that may be imposed to service a school district's general obligation debt, determined equal to a 'rolled back' millage determined by adjusting or 'rolling back' the average property tax millage for school districts applicable during the most recently ended reassessment plan to reflect increased assessed value of taxable property in the school district over an average of annual increases in such value and make that 'rolled back' millage the maximum millage that may be imposed for debt service for the duration of the most recently implemented reassessment and equalization plan in all or any part of the school district, to provide that this 'rolled back' millage may be increased only upon referendum approval, and to provide that this millage limit does not apply to millage imposed to service general obligation debt incurred by a school district pursuant to a referendum approval?

Yes    []

No    []

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'."

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