A county, municipality, or special purpose district that receives and retains revenues from a payment in lieu of taxes may use a portion of the revenues for the purposes outlined in Section 4-29-68 without the requirements of issuing special source revenue bonds or complying with Section 4-29-68(A)(4) by providing a credit against or payment derived from the fee due from a sponsor.
S.C. Code Ann. § 12-44-70
Use of revenues
Known as the Fee in Lieu of Tax Simplification Act
The act spans §§ 12–12 (18 sections).
1997 Act No. 149, SECTION 1; 2003 Act No. 69, SECTION 3.AAA.1, eff January 1, 2003; 2007 Act No. 116, SECTION 7.G, eff June 28, 2007.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.