|
443
<br />
<br />at least once weekly during the twenty (20) days preceding the last day of
<br />registration, and in addition shall direct that a notice of the referendum be
<br />posted upon the door of the Cabarrus County Courthouse. Said notice shall read
<br />substantially as follows:
<br />
<br /> NOTICE OF SPECIAL REFERENDUM
<br /> in the
<br />COUNTY OF CABARRUS, NORTH CAROLINA
<br />
<br /> A special referendum will be held throughout the County of Cabarrus, North
<br />Carolina, between 6:30 A.M, and 7:30 P.M., on Tuesday, February 24, 1998, at
<br />which there will be submitted to the qualified voters of said County the
<br />following question:
<br />
<br />Pursuant to the authority granted by Article I, Section 8, of the
<br />North Carolina Constitution, which provides, in part, that the
<br />people of the State shall not be taxed without their consent, SHALL
<br />the County of Cabarrus, by resolution of the Board of Commissioners
<br />of the County of Cabarrus, effective upon a date set forth in said
<br />Resolution, levy a temporary County real property transfer tax at
<br />the rate of One Dollar ($1.00) on each One Hundred Dollars ($100.00)
<br />of value or consideration, the proceeds of such levy to be used
<br />solely for public school capital projects and to provide funds,
<br />together with any other available funds, for erecting additional
<br />school buildings and other school plant facilities, replacing,
<br />remodeling, enlarging and reconstructing existing school buildings
<br />and other school plant facilities and acquiring any necessary land,
<br />rights-of-way and equipment therefor, in order to provide additional
<br />school facilities in said County to maintain the nine (9) months'
<br />school term as required by Section 2 of Article IX of the
<br />Constitution?
<br />
<br /> The question hereinabove set forth contains a statement of the purpose for
<br />which the local real property transfer tax is proposed to be levied.
<br /> If the levy of said tax is authorized and approved by the people of
<br />Cabarrus County, the tax shall become effective throughout the County on the date
<br />specified in a separate resolution of the County Board of Commissioners adopted
<br />subsequent to the referendum, but shall expire five (5) years after the effective
<br />date of its levy.
<br /> The said tax, levied on behalf of and with the consent of the people of
<br />Cabarrus County, pursuant to the Resolution of the Board of Commissioners
<br />authorized by the referendum, shall be paid by the purchaser of an interest in
<br />real property and shall apply to all instruments conveying an interest in real
<br />property in Cabarrus County except an instrument:
<br /> (1) Conveying an interest in real property from the United States, the
<br /> State, or a political subdivision of the State;
<br /> (2)Recording a lease for a term of ten (10) years or less, unless:
<br /> (a) The lease gives the lessee an option to renew the lease for a
<br /> period that, when added to the term of the lease, exceeds the
<br /> ten (10) year limitation; or
<br /> (b) The lease is for substantially the same property and is
<br /> between the same parties as a lease previously recorded, and
<br /> the term of the new lease, when added to that of the previous
<br /> lease, exceeds the ten (10) year limitation; or
<br /> (c) The lease requires or permits the property to be transferred
<br /> to the lessee for less than the fair market value of the
<br /> 'property;
<br /> (3) Securing indebtedness;
<br /> (4) Recording a transfer in which no consideration was paid or is due
<br /> the transferor by the transferee.
<br /> In addition, the said tax shall not apply to: (a) conveyances of an
<br />interest in real property by operation of law, by will, by intestacy, or by
<br />merger or consolidation; and (b) the first Twenty-Five Thousand Dollars
<br />($25,000.00) of the consideration paid for the purchase of a permanent residence
<br />owned and occupied by the purchaser within seven (7) calendar days of the filing
<br />of the transfer instrument.
<br /> For said referendum, the regular registration books for elections in the
<br />County of Cabarrus will be used and the registration books, process or records
<br />will continue to be open for the acceptance of registration applications and the
<br />registration of qualified persons from 8:00 A.M. until 5:00 P.M. on Monday
<br />through Friday, inclusive, of each week at the office of the Cabarrus County
<br />
<br />
<br />
|