GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION LAW 2000-36
The General Assembly of North Carolina enacts:
Section 1. Section 5.3 of the Charter of the Town of Badin, being Chapter 894, Session Laws of 1989, as rewritten by Section 1 of Chapter 827, Session Laws of 1991, reads as rewritten:
The Town Council may set an ad
valorem tax rate in excess of $.25 per $100 valuation only if the rate meets
both of the following conditions: (1) The
percentage increase in the rate from the previous year's rate does not exceed
the percentage increase in the Implicit GNP Price Deflator over the preceding
year. (2) The increase
in the rate does not exceed ten percent (10%) of the rate that applied in the
next preceding year.
The ad valorem tax rate set by the Town Council shall not exceed the previous year's rate by more than ten percent (10%)."
Section 2. This act is effective when it becomes law.
In the General Assembly read three times and ratified this the 30th day of June, 2000.
s/ Marc Basnight
President Pro Tempore of the Senate
s/ James B. Black
Speaker of the House of Representatives