HOUSE BILL 615
AN ACT TO CHANGE THE DISTRIBUTION OF PROFITS OF THE TRYON ABC BOARD.
The General Assembly of North Carolina enacts:
Section 1. Section 6 of Chapter 939 of the 1951 Session Laws, as amended by Chapter 429 of the 1971 Session Laws is rewritten to read:
"Sec. 6. The Town Board of Alcoholic Control on a quarterly basis shall, after retaining a sufficient and proper working capital and payment of salaries and expenses, retain not less than five percent (5%) nor more than twenty percent (20%) of the net profits to ensure adequate law enforcement. The remaining net profits shall be distributed as follows:
five percent (5%) to the Harmon Field Commission solely for capital improvement useful in its recreational activities.
The remaining net profits shall be distributed as follows:
seventy percent (70%) to the town for any lawful public purpose; thirty percent (30%) to the Harmon Field Commission for maintenance and current operations of its recreational activities and programs."
Sec. 2. This act shall become effective July 1, 1981.
In the General Assembly read three times and ratified, this the 1st day of May, 1981.