GENERAL ASSEMBLY OF NORTH CAROLINA

1993 SESSION

 

 

CHAPTER 50

HOUSE BILL 808

 

AN ACT TO CHANGE THE PROCEDURE FOR CERTIFYING MUNICIPAL AD VALOREM TAX VALUATIONS IN WAKE COUNTY TO THE WAKE COUNTY BOARD OF ALCOHOLIC CONTROL FOR THE PURPOSE OF DISTRIBUTING PROCEEDS FROM THE SALES OF ALCOHOLIC BEVERAGES.

 

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