GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2003
SESSION LAW 2004-103
HOUSE BILL 1700
AN ACT TO EXTEND THE SUNSET ON THE DURHAM CITY ADDITIONAL MUNICIPAL VEHICLE TAX AND CONCERNING THE PURPOSES FOR WHICH THOSE FUNDS MAY BE EXPENDED.
The General Assembly of North Carolina enacts:
SECTION 1. Section 4 of S.L. 2003-329 reads as rewritten:
"SECTION 4. Section 1 of this act is effective
when it becomes law and expires one year five years after that
date. The remainder of this act is effective when it becomes law."
SECTION 2. Section 3 of S.L. 2003-329 reads as rewritten:
"SECTION 3. This act applies to the City of
Durham only. Any funds generated by a tax of over five dollars ($5.00) under
Section 1 of this act shall be placed into a separate fund for public
transportation within the City of Durham and the principal shall not be spent.
The interest earned on those funds may be expended by the City of Durham solely
for the purpose of public transportation."
SECTION 3. This act is effective when it becomes law.
In the General Assembly read three times and ratified this the 15th day of July, 2004.
s/ Beverly E. Perdue
President of the Senate
s/ James B. Black
Speaker of the House of Representatives