Current StatusView additional legislative information at the LPITS web site.Bill Number: 2255 Ratification Number: 228 Act Number 160 Introducing Body: House Subject: Improvement districts within cities
(A160, R228, H2255)
AN ACT TO AMEND SECTION 5-37-40, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE ESTABLISHMENT OF IMPROVEMENT DISTRICTS WITHIN CITIES, SO AS TO REVISE THE PROCESS REQUIRED FOR CREATION OF A DISTRICT.
Be it enacted by the General Assembly of the State of South Carolina:
Creation of improvement districts within cities
SECTION 1. Section 5-37-40 of the 1976 Code is amended to read:
"Section 5-37-40. If the governing body finds that:
(i) improvements would be beneficial within a designated improvement district;
(ii) the improvements would preserve property values within the district;
(iii) in the absence of the improvements property values within the area would be likely to depreciate;
(iv) the general welfare and tax base of the city would be maintained by creation of an improvement district in the city; and
(v) it would be fair and equitable to finance all or part of the cost of the improvements by an assessment upon the real property within the district, the governing body may establish the area as an improvement district and implement and finance, in whole or in part, an improvement plan in the district in accordance with the provisions of this chapter. However, the governing body, prior to the enactment of the ordinance creating the improvement district, shall obtain written consent for the creation of the improvement district from a majority in number of the owners of real property within the district that is not exempt from taxation under the Internal Revenue Code and having an aggregate assessed value in excess of sixty-six percent of the assessed value of all real property within the improvement district that is not exempt from taxation under the Internal Revenue Code.
Time effective
SECTION 2. This act takes effect upon approval by the Governor.