The county council hereby finds and determines that:
(1) The fiscal year of the county is July first to June thirtieth of each respective year:
(2) The county council normally levies ad valorem taxes on all taxable property to provide monies for the operation of the county government prior to, but to become effective on, July first of each year;
(3) Notices for the collection of ad valorem taxes on all taxable property in the county are normally mailed after September each year;
(4) Ad valorem taxes on personal property are payable without penalty on a staggered basis and ad valorem taxes on real property are payable without penalty on or before January fifteenth;
(5) The cost of conducting the operation of county government must be met prior to the last respective date on which payment of ad valorem taxes are payable without penalty;
(6) A substantial portion of ad valorem taxes are collected in the months of December and January;
(7) The county often finds that monies to pay for the operation of the county government, including its agencies and departments, are insufficient and it is necessary to interimly finance county government until the ad valorem taxes are collected;
(8) Article X, section 14, subsection 8 of the Constitution of the State of South Carolina, 1895, as amended (the "constitution") authorizes the several counties of the state to incur general obligation debt in anticipation of the collection of ad valorem taxes or licenses (tax anticipation notes);
(9) South Carolina Code 1976, section 11-27-40(5), authorizes all political subdivisions of the state to incur general obligation debt in anticipation of the collection of ad valorem taxes or licenses (tax anticipation notes) as permitted by subsection 8 of section 14 of new Article X, of the Constitution of the State of South Carolina, 1895, as amended;
(10) It is in the interest of the county to provide a procedure for borrowing in anticipation of the collection of ad valorem taxes under certain conditions.
(Code 1976, § 6-7001; Ord. No. 565-79, § 1, 7-25-79; Ord. No. 1518-86, § 1, 9-2-86)