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TO PROVIDE FOR THE MANNER IN WHICH CERTAIN REVENUES DERIVED FROM FEE IN LIEU OF TAX PAYMENTS FOR PROPERTY WITHIN THE BERKELEY COUNTY SCHOOL DISTRICT AND WITHIN THE BOUNDARIES OF A MULTICOUNTY INDUSTRIAL OR BUSINESS PARK MUST BE DISTRIBUTED FOR SCHOOL OPERATIONAL AND DEBT PURPOSES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. For all property within the geographical boundaries of the Berkeley County School District and within a multicounty industrial or business park, the amount of revenue from a payment in lieu of taxes equal to the property taxes levied by or on behalf of the Berkeley County School District, for each of the school operations tax and the school bond debt service tax, must be paid or credited to the Berkeley County School District to be used exclusively for the purposes of the Berkeley County School District for which the tax establishing the amount of revenue was levied.
SECTION 2. This act takes effect upon approval by the Governor.
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