GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 1997
SESSION LAW 1998-186
The General Assembly of North Carolina enacts:
Section 1. G.S. 105-487(a) reads as rewritten:
"(a) Except as provided in
subsection (c), forty percent (40%) of the revenue received by a county from
additional one-half percent (1/2%) sales and use taxes levied under this
Article during the first five fiscal years in which the additional taxes are in
effect in the county and thirty percent (30%) of the revenue received by a
county from these taxes in the next 10 23 fiscal years in which
the taxes are in effect in the county may be used by the county only for public
school capital outlay purposes as defined in G.S. 115C-426(f) or to
retire any indebtedness incurred by the county for these purposes."
Section 2. G.S. 105-502(a) reads as rewritten:
"(a) Sixty percent (60%)
of the revenue received by a county under this Article during the first 16 25
fiscal years in which the tax is in effect may be used by the county only
for public school capital outlay purposes as defined in G.S. 115C-426(f) or
to retire any indebtedness incurred by the county for these purposes during the
period beginning five years prior to the date the taxes took effect."
Section 3. This act becomes effective July 1, 1998.
In the General Assembly read three times and ratified this the 8th day of October, 1998.
s/ Dennis A. Wicker
President of the Senate
s/ Harold J. Brubaker
Speaker of the House of Representatives
s/ James B. Hunt, Jr.
Governor
Approved 9:17 a.m. this 16th day of October, 1998