AG 2002 10 21 (Regular) - Laserfiche WebLink

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Attachment 'C' Resolution No. 2002- County of Cabarrus The State of North Carolina (October 21, 2002) RESOLUTION LEVYING THE THIRD ONE-HALF CENT (1/2¢) LOCAL GOVERNMENT SALES AND USE TAX AND PRESCRIBING THE METHOD OF DISTRIBUTION OF THE PROCEEDS WITHIN CABARRUS COUNTY WHEREAs, the General Assembly has authorized the Cabarrus County Board of Commissioners to levy a one-half percent (1/2%) local sales and use tax by enacting N.C.G.S. 105-517(b) in Section 34.14(a) of Session Law 2001-424, as amended by' S.L. 2002-123, "An Act to Accelerate the Additional One-half Cent (1/2¢) Local Option Sales and Use Tax and to Make Conforming and Technical Changes"; and WHEREAS, the Cabarrus County Board of Commissioners gave proper public notice of the Board's intent to consider this resolution, as required by Section 10 of S.L. 2002-123; and WHEREAS, Cabarrus County has lost $3,812,900 in funds made available by the State of North Carolina to replace revenue lost because of legislative action: (1) to repeal sales taxes imposed on purchases made with Food Stamps;. (2) to .repeal property taxes imposed on inventories held by manufacturers, retailers and wholesalers; (3) tO repeal taxes on intangible personal property; and (4) to reduce taxes levied on residential property owned by low-income elderly taxpayers; and WHEREAS,, the' municipalities in Cabarms County have lost the following amount of funds because of legislative action to eliminate reimbursement revenue: Concord - $1,670,988; Harrisburg - $33,235; Kannapolis, $708,139; Midland - $5,048; and Mount Pleasant - $21,991; and WHEREAS, the Cabarrus County Board of Commissioners hereby finds that, particularly in light of the circumstances cited, herein, the levy of "The Third One-Half Cent (1/2¢) Local Government Sales and Use Tax" is necessary to adequately finance the operations of the county and the cities and towns herein. NOW, THEREFORE, BE IT RESOLVED by the Cabarrus County Board of Commissioners that: