South Carolina Code 31-12-210. Issuance of obligations for redevelopment project by municipality
(B) In the ordinance authorizing the issuance of the obligations the municipality may pledge all or any part of the funds in and to be deposited in the special tax allocation fund created pursuant to § 31-12-270 to the payment of the redevelopment project costs and obligations. A pledge of funds in the special tax allocation fund must provide for distribution to the taxing districts of monies not required for payment and securing of the obligations and the excess funds are surplus funds. In the event a municipality pledges only a portion of the monies in the special tax allocation fund for the payment of redevelopment project costs or obligations, any funds remaining in the special tax allocation fund after complying with the requirements of the pledge also are considered surplus funds. All surplus funds must be distributed annually to the taxing districts in the redevelopment project area by being paid by the municipality to the county treasurer of the county in which the municipality is located. The county treasurer immediately shall make distribution to the respective taxing districts in the same manner and proportion as the most recent distribution by the county treasurer to the affected districts of real property taxes from real property in the redevelopment project area.
Terms Used In South Carolina Code 31-12-210
- Authority: means a redevelopment authority created pursuant to § 31-12-40. See South Carolina Code 31-12-30
- Municipality: means an incorporated municipality of this State. See South Carolina Code 31-12-30
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Obligations: means bonds, notes, or other evidence of indebtedness issued by the municipality to carry out a redevelopment project or to refund outstanding obligations. See South Carolina Code 31-12-30
- Real property: includes all property assessed under authority of § 12-4-540 when the term is used in this chapter with regard to tax increment financing. See South Carolina Code 31-12-30
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Redevelopment plan: means the comprehensive program of the authority for redevelopment intended by the payment of redevelopment costs to redevelop properties scheduled for disposal which may tend to return properties to the tax rolls, replace lost jobs, and integrate the properties back into the community, enhancing the tax bases of the taxing districts which extend into the project redevelopment area and the economic health of the community in which it lies. See South Carolina Code 31-12-30
- Redevelopment project: means buildings, improvements, including street improvements, water, sewer and storm drainage facilities, parking facilities, and recreational facilities. See South Carolina Code 31-12-30
- Redevelopment project area: means an area within the incorporated area of a municipality and designated pursuant to § 31-12-200, which is not less in the aggregate than one and one-half acres. See South Carolina Code 31-12-30
- Redevelopment project costs: means and includes the total of all reasonable or necessary costs incurred or estimated to be incurred and any costs incidental to a redevelopment project. See South Carolina Code 31-12-30
- Taxing districts: means counties, incorporated municipalities, schools, special purpose districts, and any other municipal corporations or districts with the power to levy taxes. See South Carolina Code 31-12-30
- Trustee: A person or institution holding and administering property in trust.
(C) In addition to obligations secured by the special tax allocation fund, the municipality, with the concurrence of the authority evidenced by its resolution, may pledge for a period not greater than the term of the obligations toward payment of the obligations any part of the revenues remaining after payment of operation and maintenance, of all or part of any redevelopment project.
(D) The governing body of the municipality may provide that the obligations may:
(1) be issued in one or more series;
(2) bear a date or dates;
(3) mature at a time or times not exceeding thirty years from their respective dates;
(4) bear a rate or rates of interest as the governing body shall determine;
(5) be in a denomination or denominations;
(6) be in either coupon or registered form;
(7) carry registration and conversion privileges;
(8) be executed;
(9) be payable in a medium of payment, at a place or places;
(10) be subject to terms of redemption, with or without premium;
(11) be declared or become due before the maturity date;
(12) provide for the replacement of mutilated, destroyed, stolen, or lost bonds;
(13) be authenticated in a manner and upon compliance with conditions and
(14) contain other terms and covenants.
(E) If the governing body determines to sell obligations, the obligations must be sold at public or private sale in a manner and upon terms as the governing body considers best for the interests of the municipality.
(F) The obligations must be issued not later than fifteen years after the adoption of an ordinance by the municipality pursuant to § 31-12-280 concurring in an authority’s redevelopment plan.
(G) A certified copy of the ordinance authorizing the issuance of the obligations must be filed with the clerk of the governing body of each county and treasurer of each county in which any portion of the tax municipality is situated and constitutes the authority for the extension and collection of the taxes to be deposited in the special tax allocation fund.
(H) A municipality also may issue its obligations to refund in whole or in part obligations previously issued by the municipality under the authority of this chapter, whether at or before maturity, and all references in this chapter to "obligations" include these refunding obligations.
(I) The debt incurred by a municipality pursuant to this chapter is exclusive of any statutory limitation upon the indebtedness a taxing district may incur. All obligations issued pursuant to this chapter must contain a statement on the face of the obligation specifying the sources from which payment is to be made and must state that the full faith, credit, and taxing powers are not pledged for the obligations.
(J) The trustee or depositary under any indenture may be persons or corporations as the governing body designates, and may be nonresidents of South Carolina or incorporated under the laws of the United States or the laws of other states of the United States.