GENERAL ASSEMBLY OF NORTH CAROLINA
1993 SESSION
CHAPTER 50
The General Assembly of North Carolina enacts:
Section 1. Section 1 of Chapter 1098 of the 1949 Session Laws as amended by Chapter 91 of the 1991 Session Laws reads as rewritten:
"Section 1. That the Wake County Board of
Alcoholic Control is hereby authorized and directed to shall allocate
and pay over quarterly to all of the municipal corporations located in Wake
County, according to the relative proportions hereinafter prescribed, a gross
sum not less than twenty-seven per cent percent (27%) of the
amount of the net profits resulting from the operation of all alcoholic
beverage control stores operated by the Wake County Board of Alcoholic Control,
and the said amount equal to twenty-seven per cent percent (27%)
of the net profits resulting from the operation of all alcoholic beverage
control stores operated by the Wake County Board of Alcoholic Control shall be
allocated, prorated, and paid quarterly to each of the respective incorporated
municipalities located within Wake County according to the percentage ratio
that the assessed valuations for ad valorem tax purposes within each such municipality
bears to the total assessed valuations for ad valorem tax purposes within all
of the said municipalities for each calendar year within which each fiscal
year begins, municipalities, according to the ad valorem tax records
of the respective municipalities, as certified under oath to the Wake County
Board of Alcoholic Control by the Wake County Assessor; Assessor.
This certification shall be based on the ad valorem tax values available to the
assessor as of June 30 of the year preceding the certification. and the The
funds paid to the various municipalities pursuant to the provisions of this
Act may be appropriated and expended by each such such municipality for
any lawful public purpose as authorized and directed by its
governing body."
Sec. 2. This act is effective upon ratification.
In the General Assembly read three times and ratified this the 18th day of May, 1993.
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Dennis A. Wicker
President of the Senate
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Daniel Blue, Jr.
Speaker of the House of Representatives