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Indicates Matter Stricken
Indicates New Matter
Sponsors: Senators Campsen, Elliott, Cromer, Ceips and Bryant
Document Path: l:\s-res\gec\014reno.dag.doc
Companion/Similar bill(s): 4561
Introduced in the Senate on January 8, 2008
Introduced in the House on March 27, 2008
Last Amended on February 13, 2008
Currently residing in the House Committee on Ways and Means
Summary: Beachfront Finance Act
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 12/12/2007 Senate Prefiled 12/12/2007 Senate Referred to Committee on Finance 1/8/2008 Senate Introduced and read first time SJ-57 1/8/2008 Senate Referred to Committee on Finance SJ-57 1/8/2008 Scrivener's error corrected 1/18/2008 Scrivener's error corrected 2/6/2008 Senate Committee report: Favorable with amendment Finance 2/7/2008 Scrivener's error corrected 2/13/2008 Senate Committee Amendment Adopted SJ-30 2/13/2008 Senate Amended SJ-30 2/13/2008 Senate Read second time SJ-30 3/26/2008 Senate Read third time and sent to House SJ-19 3/27/2008 House Introduced and read first time HJ-6 3/27/2008 House Referred to Committee on Ways and Means HJ-7
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VERSIONS OF THIS BILL
Indicates Matter Stricken
Indicates New Matter
COMMITTEE AMENDMENT ADOPTED AND AMENDED
February 13, 2008
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.
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