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PROPOSING AN AMENDMENT TO SECTION 14, ARTICLE X, AS AMENDED, OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO BONDED INDEBTEDNESS OF POLITICAL SUBDIVISIONS, SO AS TO PROVIDE THAT ADDED INCREMENTAL TAX REVENUES RESULTING FROM REDEVELOPMENT PROJECTS TOGETHER WITH OTHER PUBLIC SOURCE FUNDS MAY BE PLEDGED BY A COUNTY OR MUNICIPALITY TO INCUR AND SERVICE INDEBTEDNESS TO PROVIDE DIRECT FUNDING TO PRIVATE INDIVIDUALS, CORPORATIONS, AND ENTITIES AS AN INCENTIVE TO DEVELOP OR IMPROVE AFFORDABLE HOUSING IN THAT JURISDICTION AS DEFINED BY LAW WHICH SHALL BE CONSIDERED A "PUBLIC PURPOSE" UNDER THIS ARTICLE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. It is proposed that Section 14(10), Article X, of the Constitution of this State, as last amended by Act 11 of 1999, be further amended to read:
"(10) Indebtedness payable solely from a revenue-producing project or from a special source, which source does not involve revenues from any tax or license, may be issued upon such terms and conditions as the General Assembly may prescribe by general law; provided, that the General Assembly may authorize by general law that indebtedness for the purpose of redevelopment within incorporated municipalities and counties may be incurred, and that the debt service of such indebtedness be provided from the added increments of tax revenues to result from any such project, and that these added incremental tax revenues resulting from redevelopment projects together with other public source funds may be pledged by a county or municipality to incur and service indebtedness to provide direct funding to private individuals, corporations, and entities as an incentive to develop or improve affordable housing in that jurisdiction as defined by law which shall be considered a 'public purpose' under this article. Any and all indebtedness incurred pursuant to the provisions of this subsection shall contain a statement on the face thereof specifying the sources from which payment is to be made and shall state that the full faith, credit, and taxing powers are not pledged therefor."
SECTION 2. The proposed amendment must be submitted to the qualified electors at the next general election for representatives. Ballots must be provided at the various voting precincts with the following words printed or written on the ballot:
"Must Section 14(10), Article X, of the Constitution of this State be amended so as to provide that added incremental tax revenues resulting from redevelopment projects together with other public source funds may be pledged by a county or municipality to incur and service indebtedness to provide direct funding to private individuals, corporations, and entities as an incentive to develop or improve affordable housing in that jurisdiction as defined by law which shall be considered a 'public purpose' under this article?
Those voting in favor of the question shall deposit a ballot with a check or cross mark in the square after the word 'Yes', and those voting against the question shall deposit a ballot with a check or cross mark in the square after the word 'No'."
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