S.C. Code § 58-25-60
The intended mechanism for raising the necessary local funds to support the operation of the authority must be set forth in the agreement provided for in Section 58-25-30. The declaration of intended sources of local funds does not preclude the use of other local, state, or federal sources which shall subsequently become available except for state highway construction funds which may not be used. The agreement may be amended specifically to recognize new sources. Local funds may be generated from the following source of revenue, notwithstanding other provisions of law. This source is not intended to be exclusive.
A vehicle registration fee may be levied by the governing bodies of the member cities and counties on the motor vehicles registered within the service area of the authority. If this mechanism is used, the amount of the vehicle registration fee must be set forth in the agreement. The authority shall request the members of the General Assembly representing its service area to approve increases in the registration fee. Unless these members of the General Assembly by majority vote approve the increase, no increases may be imposed. This registration fee must be added to the personal property tax notice collected as a part of the personal property tax and the fee rebated to the authority.
Property tax revenue must not be used to support operation of the authority unless the authority has been approved by referendum pursuant to Section 58-25-30. In areas with Regional Transportation Authorities in existence on the effective date of this act, a vehicle registration fee increase for the purpose of financing a Regional Transportation Authority must be approved in referendum by a majority of the electorate in the area to which the vehicle registration fee increase would apply.
S.C. Code § 58-25-60
Section 4 of 1985 Act No. 169, as amended by 1986 Act No. 508, Section 3, eff June 13, 1986, provides as follows:
"Any transportation authority formed under Chapter 25 of Title 58 of the 1976 Code prior to July 1, 1985, may continue to operate in accordance with the terms and conditions of that law. However, as the terms of appointees to the governing board expire, appointments and composition must be in accordance with the provisions of Section 58-25-40. If the authority desires to operate under the full terms and conditions of Chapter 25 of Title 58 with the exception of the exercise of taxing power, it shall comply with all procedures set forth in that chapter, except those in Sections 58-25-30, 58-25-60, 58-25-70, and 58-25-100. The authority shall keep books of account, which must be independently audited at least once in each calendar year. A copy of the audit report must be provided to the member municipalities and counties. The authority shall make an annual report of its activities to the member municipalities and counties. If the authority desires to operate under the full terms and conditions of that chapter, including the exercise of taxing power, it shall comply with all procedures set forth in that chapter."