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(c! For purposes of determiuing the nuwber of fiscal years in <br /> which one-bail percent [I/2~} sales and use taxes levied under <br /> this Article have been in effect in a municipality, these taxes <br /> are considered t~ be in effect only from the effective date of <br /> the lewy of these taxes and are considered to be in effect for a <br /> full fiscal year during the first year in which these taxes were <br /> in effect, regardless of the number of months in that year in <br /> which th~ taxes were actually in effect. <br /> (d} A municipality say expend part of all of the revenue <br /> restricted for water and sewage capital needs pursuant to <br /> subsection {a} in the fiscal year in which the revesue is <br /> received, or the municipality say place part or all of this <br /> reweuue in a capital reserve fuud and shall specifically identify <br /> this revenue in accordance with Chapter ]59 of the General <br /> Statutes. <br /> {e) &n au/horization received by a municipality under G.S. <br /> ]05-087(c) to use all or part of its tag revenue for any lawful <br /> purpose, which is still in effect during any period during which <br /> revenues are received under this Article shall, to the extent and <br /> duration of its applicability, also app!y to the usc of revenues <br /> received under this article." <br /> sec. 2. G.$. 105-~86 and 105-~93 are each a=ende~ by <br /> deleting the words "and use" from their catch lines. <br /> Sec. 3. ~his act is effectiv~ upon ratification. <br /> In the General ~ssembly read three times and ratified, <br /> this the 7th day of July, 1986.. <br /> <br /> ROBERT B. JORDAN Ill <br /> ~obert B..~ordan <br /> President of the SeDate <br /> <br /> L,SI'C~ B. RAMSEY <br /> [iston E. Ransey <br /> Speaker of the House of Representatives <br /> <br />U)us~ ~ill 1502 5 <br /> <br /> <br />