AG 1998 01 20 - Laserfiche WebLink

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