South Carolina Code of Laws
Chapter 12 - Redevelopment Of Federal Military Installations And Other Defense Sites
Section 31-12-280. Prerequisites to issuance of obligations.

(A) Before the issuance of obligations under this chapter, the municipality must set forth by way of ordinance the following:
(1) a copy of the redevelopment plan of the authority;
(2) a statement indicating the need for and proposed use of the proceeds of the obligations in relationship to the redevelopment plan;
(3) a list of all real property in the redevelopment project area; and
(4) a statement of the estimated impact of the redevelopment plan upon the revenues of all taxing districts in which a redevelopment project area is located.
(B) Before approving the issuance of obligations under this chapter, the governing body of the municipality must hold a public hearing on the redevelopment plan after published notice in a newspaper of general circulation in the county in which the tax increment finance district is located not less than fifteen days and not more than thirty days before the hearing. The notice must include:
(1) the time and place of the public hearing;
(2) a notification that all interested persons will be given an opportunity to be heard at the public hearing;
(3) a description of the redevelopment project area, the redevelopment plan, and the redevelopment project; and
(4) the maximum estimated term of obligations to be issued at that time.
(C) Not less than forty-five days before the date set for the public hearing, the municipality must give the same notice to all taxing districts of which taxable property is included in the redevelopment project area.
(D) Adoption of an ordinance approving the issuance of obligations under this chapter does not preclude amendments to the redevelopment plan of the authority and the proceeds of obligations issued may be applied to the implementation of the amended redevelopment plan.
HISTORY: 1994 Act No. 462, Section 1; 1998 Act No. 421, Section 1.

Structure South Carolina Code of Laws

South Carolina Code of Laws

Title 31 - Housing and Redevelopment

Chapter 12 - Redevelopment Of Federal Military Installations And Other Defense Sites

Section 31-12-10. Short title.

Section 31-12-20. Legislative findings.

Section 31-12-30. Definitions.

Section 31-12-40. Redevelopment authorities; creation; membership.

Section 31-12-50. Redevelopment authority members; terms of office; filling vacancies; removal; reimbursement of expenses.

Section 31-12-60. Officers; employees; quorum; personal liability of members; delegation of powers.

Section 31-12-70. Powers of redevelopment authority.

Section 31-12-80. Powers of public body acting in cooperation with redevelopment authority.

Section 31-12-90. Profits prohibited.

Section 31-12-100. Dissolution of redevelopment authority; tax increment finance districts.

Section 31-12-110. Authority is an "agency".

Section 31-12-120. Compliance with Consolidated Procurement Code.

Section 31-12-200. Property scheduled for disposal to constitute a tax increment finance district.

Section 31-12-210. Issuance of obligations for redevelopment project by municipality.

Section 31-12-250. Disposition of proceeds of obligations.

Section 31-12-260. Obligations exempt from taxation.

Section 31-12-270. Adoption of ordinance concurring in redevelopment plan; issuance of obligations; retirement of obligations; disposition of funds.

Section 31-12-280. Prerequisites to issuance of obligations.

Section 31-12-290. Special tax allocation fund; carrying forward of unexpended funds.

Section 31-12-300. Certification by county auditor; determination of value taxable property in project area.

Section 31-12-310. Disposition of revenues.

Section 31-12-320. Joint approval of redevelopment plan covering more than one municipality.