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Florence County extends loan to Town of Pamplico, authorizes additional $185,000
Summary
Council approved an additional $185,000 to the twelve-month loan to the Town of Pamplico—bringing the total to $395,000—to cover withheld local option sales taxes until the town's delinquent audit is resolved.
Florence County Council voted June 18 to add $185,000 to a previously approved twelve-month loan for the Town of Pamplico, making the total authorized loan $395,000.
County Administrator Kevin Yokim explained that the state treasurer's office has withheld the town's distributions, including local option sales taxes, because the town had not completed required audited financial statements; the town's monthly local option receipts are roughly $18,000. "The Town currently collects approximately $18,000 in local option sales taxes per month and needs this loan until the SC Treasurer's office resumes these payments," the minutes record. Councilman Rodgers moved approval and Councilman Dorriety seconded; the motion carried.
The loan would allow up to three draws (two of approximately $131,667 and a third of $131,666) and would be repaid from local option sales taxes when withheld funds are restored. The County Attorney has requested an Attorney General opinion on the applicability of Proviso 98.9 to withheld local option sales taxes.
