AG 1997 03 17 - Laserfiche WebLink

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GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 1997 1 The form of the question to be presented on a ballot for a 2 special election concerning the extension of the taxes authorized 3 by this Article shall be: 4 [ ] FOR [ ] AGAINST 5 extension of current one percent (1%) local sales and use taxes 6 in addition to the two percent (2%) local sales and use taxes, to 7 be used only for public school capital Drojects. 8 If the majority of those voting in a referendum held pursuant 9 to this section vote for the extension of the tax, the board of 10 commissioners may, 11 additional ten years. 12 The expiration of by resolution, extend the tax for an a tax pursuant to this Article does not 13 affect the rights or liabilities of the State, a taxpayer, or. 14 another person arising under the expired tax; nor does it affect 15 the right to any refund or credit of a tax that would otherwise 16 have been available under the expired tax before its expiration." 17 Section 3. Chapter 105 of the General Statutes is 18 amended by adding a new Article to read: 19 "ARTICLE 8F. 20 "Local Government Excise Stamp Tax on Conveyances. 21 "~ 105-228.50. Pu£pose. 22 This Article gives the counties of this State an opportunity to 23 obtain a temporary source of revenue with which to meet their 24 public school construction needs. It provides all counties of 25 the State that are subject to this Article with authority to levy 26 a one percent (1%) land transfer tax. 27 "2 105-228.51. County election on adoption of tax. 28 (a) Resolution. -- The board of commissioners of a county may, 29 by resolution adopted by the affirmative vote of at least 30 four-fifths of the commissioners, direct the county board of 31 elections to conduct an advisory referendum on the question of 32 whether a temporary one percent (1%) excise tax on instruments 33 conveying interests in real property located in the county will 34 be levied in accordance with this Article. The election shall be 35 held on a date jointly agreed upon by the two boards, and shall 36 be held in accordance with the procedures of G.S. 163-287. 37 (b) Public Hearing. -- The board of commissioners shall hold a 38 public hearing on the question at least 30 days before the date 39 the election is to be held. At the hearing, the board shall 40 provide information on the public school buildinq capital 41 projects for which the tax revenue would be expected to be used, 42 the approximate cost of each project, the approximate savings 43 that could be realized by avoiding debt financing, and the fact 44 that the tax expires automatically after ten years. Page 4 97-LCX-117A