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§115C-513 ART :16. T.X_X SI'PPI.EMENT.~ F~)R SCH,)()L.$ §115C-513 The board of commissioners of each county shall have the ret~eren- dura conducted by the board of elections of'its county. After issuance of the approved b,mds, the merged school admin- istrative unit shall make timely payments of principal and interest on the bonds after receipt of notification of/ts debt service obligation pursuant to G.S. t59-.35. The provisions of G.S. 159-.36 govern a failure by the merged school administrative unit to levy taxes or otherwise provide for payment of' the debt. Bonds, notes, and refunding bonds issued under this section shall be exempt from all State. county, and municipal taxation and assessment, direct or indirect, general or special, whether imposed for the purpose of general revenue or otherwise, excluding inherit- ance and gift taxes, income taxes on the gain from the transfer of bonds, notes, and refunding bonds, and franchise taxes. The interest on bonds, notes, and refunding bonds is not subject to taxation as income. Article 9 of the North Carolina Uniform Commercial Code, Chap- ter 25 of the General Statutes, does not apply to any security interest created in connection with the issuance of bonds under this section. lc) Tax. -- Ifa majority of the qualified voters ora merged school administrative unit voting on the question approve the issuance of bonds and levy of a tax as provided in this section, the board of education of the merged school administrative unit may levy a tax on all property having a situs in the merged school administrative unit for the purpose of retiring bonds issued by the unit under this section. Taxes levied pursuant to this section may be levied prior to the issuance of notes or bonds. The authority of a merged school administrative unit to levy a tax pursuant to this section terminates after all of the related notes, bonds, and refunding bonds are discharged or paid. Before April 15 of each year. the tax assessor of each county in which the merged school administrative unit is located shall certify to the superintendent of schools an estimate of the total assessed value of property in the county subject to taxation on behalf of the merged school administrative unit pursuant to this Article. The board of education of the merged school administrative unit. in the budget it submits to each board of county commissioners, shall set the rate of ad valorem tax it levies as a tax under this section. The levy under this section shall be at the rate necessary to provide for payment of interest on and principal of outstanding notes, bonds, and refunding bonds issued by the merged school administrative unit. Each county in which the merged school administrative unit is located shall compute and collect this tax in the same manner that county taxes are collected. The tax shall be shown separately on the tax receipts for the fiscal yeah Collections shall be remitted to the merged school administrative unit within [0 days after the close of each calendar month. Partial payments shall be proportionally divided between the county collecting the tax and the merged school administrative unit. The board of commissioners of each county collecting the tax levied under this section may, in its discretion, deduct from the proceeds of the tax the actual additional cost to the county of computing, billing, and collecting the tax. ( 1991, c. 325, s. 3; 1995, c. 46, s. 4.~ 413 79