AMEND AUTH FOR LOCAL SPECIAL OBLIGATION BONDS.

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View NCGA Bill Details2013-2014 Session
Senate Bill 322 (Public) Filed Wednesday, March 13, 2013
A BILL TO BE ENTITLED AN ACT TO AMEND THE REPEAL PROVISIONS OF THE LOCAL GOVERNMENT SALES AND USE TAXES FOR PUBLIC TRANSPORTATION AND TO AMEND THE AUTHORITY FOR UNITS OF LOCAL GOVERNMENT TO ISSUE SPECIAL OBLIGATION BONDS BY ADDING PUBLIC TRANSPORTATION FACILITIES AS A TYPE OF PROJECT THAT MAY BE FUNDED BY SUCH BONDS.
Intro. by Clodfelter.

Status: Ref To Com On Finance (Senate Action) (Mar 14 2013)

Bill History:

S 322

Bill Summaries:

  • Summary date: Mar 13 2013 - View Summary

    Amends GS 105-507.2 (Levy and collection of sales and use tax), by making conforming changes and adding new subsection GS 105-507.2(b), providing that, notwithstanding GS 105-473(d), no termination of taxes pledged to bonds issued by a unit of local government in the county and levied, imposed, and collected under this Article will be effective until the end of the fiscal year in which either the final payment or provision for final payment is made on the bonds outstanding on the date of the resolution adopted by the board of county commissioners, pursuant to GS 105-473(b).

    Amends GS 159I-30(g)(3) (Definitions), clarifying and adding to the definition of project to include public transportation facilities.