True or False: The amount of debt municipalities may issue without a referendum is tied to the value of all taxable property.
Answer: True.
Article X, Section 14 of the South Carolina Constitution places a ceiling of 8% of the assessed value of the taxable property in the municipality on the amount of debt a municipality may issue. Municipalities may exceed the 8% limit with voter approval, as referendum debt does not count against the limit.
The Municipal Elected Officials Institute of Government offers the required course “Basic Budgeting and Municipal Finance” as an online, on-demand course. The next in-person courses are scheduled for February 2, 2022, the day following Hometown Legislative Action Day in Columbia.