South Carolina General Assembly
117th Session, 2007-2008

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Bill 524


Indicates Matter Stricken
Indicates New Matter


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

A BILL

TO AMEND SECTION 6-1-760 OF THE 1976 CODE, RELATING TO REVENUE BONDS, TO PROVIDE THAT THE PROCEEDS OF ACCOMMODATIONS FEES, HOSPITALITY FEES, AND STATE ACCOMMODATIONS FEES MAY BE PLEDGED AS SECURITY.

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

SECTION    1.    Section 6-1-760 of the 1976 Code is amended to read:

"Section 6-1-760.    Notwithstanding any provision of this article, any ordinance enacted by county or municipality prior to March 15, 1997, imposing an accommodations fee which does not exceed the three percent maximum cumulative rate prescribed in Section 6-1-540, is calculated upon a base consistent with Section 6-1-510(1), and the revenue from which is used for the purposes enumerated in Section 6-1-530, remains authorized and effective after the effective date of this section. and the enacting 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., for the purposes enumerated in Section 6-1-530, to pledge as security for such bonds and to retire such debt using bonds with the proceeds of such an accommodations fee ordinance accommodations fees imposed under Article 5 of this chapter, hospitality fees imposed under this chapter, state accommodations fees allocated pursuant to Section 6-4-5 et seq., or any combination thereof, and the pledge of such other non-tax revenues as may be available for those purposes."

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

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