Quirk v. Campbell

This is a taxpayer suit challenging the constitutionality of S.C. Code Ann. § 4-29-67 (Supp. 1989), an amendment to the Industrial Revenue Bond Act (Act) 1 allowing a negotiated “fee in lieu of taxes” for projects involving an initial investment of at least $85 million. The Circuit Court upheld the amendment.

We affirm.

I. BACKGROUND

A. THE INDUSTRIAL REVENUE BOND ACT

The Act authorizes counties and municipalities to sell or lease certain manufacturing and commercial projects to a qualifying industry, financed by issuance of bonds payable from project revenues. Prior to 1988, all project leases…