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Committee approves ordinance creating capital planning fund to clarify debt-service use
Summary
Committee approved an ordinance to create a capital planning fund (formerly the debt service fund) and clarify that funds, built from extra debt service millage, may be used to pay debt service or unexpected debt service costs; the change was characterized as for taxation purposes.
County staff described a proposed amendment to Chapter 2, Article 5, section 2-70.6 of the Horry County code to create a capital planning fund and clarify permitted uses. The presenter said the capital planning fund is built from extra debt service millage "but it's not pledged to any specific bonds" and the county will levy enough each year "to cover debt service separately."
The ordinance clarifies that funds may be used to pay debt service or unexpected debt service costs and that the change is tied to taxation purposes. Committee members asked clarifying questions about the purpose of the change; staff explained it is primarily for taxation and fund-structure clarity. The committee moved, seconded and approved the ordinance as presented.
