GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1999

SESSION LAW 2000-36

SENATE BILL 1293

AN ACT TO MODIFY THE TAX LIMIT FOR THE TOWN OF BADIN.

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:

"Sec. 5.3.  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