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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 31-6-65 SO AS TO PROVIDE THAT BEFORE A MUNICIPAL GOVERNING BODY MAY ESTABLISH A TAX INCREMENT FINANCING DISTRICT, THE QUALIFIED ELECTORS OF THAT MUNICIPALITY MUST FIRST APPROVE OF ITS ESTABLISHMENT IN A REFERENDUM CALLED FOR THIS PURPOSE BY THE MUNICIPAL GOVERNING BODY; AND BY ADDING SECTION 31-7-65 SO AS TO PROVIDE THAT BEFORE A COUNTY GOVERNING BODY MAY ESTABLISH A TAX INCREMENT FINANCING DISTRICT, THE QUALIFIED ELECTORS OF THAT COUNTY MUST FIRST APPROVE OF ITS ESTABLISHMENT IN A REFERENDUM CALLED FOR THIS PURPOSE BY THE COUNTY GOVERNING BODY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 6, Title 31 of the 1976 Code is amended by adding:
"Section 31-6-65. Before a municipal governing body may establish a tax increment financing district in the manner permitted by this chapter, the qualified electors of that municipality must first approve of its establishment in a referendum called for this purpose by the municipal governing body. If the results of the referendum are unfavorable, no subsequent referendum for that district or a substantially similar district may be held again for a period of two years thereafter."
SECTION 2. Chapter 7, Title 31 of the 1976 Code is amended by adding:
"Section 31-7-65. Before a county governing body may establish a tax increment financing district in the manner permitted by this chapter, the qualified electors of that county must first approve of its establishment in a referendum called for this purpose by the county governing body. If the results of the referendum are unfavorable, no subsequent referendum for that district or a substantially similar district may be held again for a period of two years thereafter."
SECTION 3. This act takes effect upon approval by the Governor.
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