AN ACT TO AUTHORIZE THE CITY OF ROANOKE RAPIDS TO LEVY A MUNICIPAL ONE PERCENT SALES AND USE TAX.
House committee substitute to the 1st edition makes the following changes.
Amends GS 105-541 to add to that ballot language that the 1% sales and use tax is to be used exclusively for the payment of debt service on debt incurred to finance the Roanoke Rapids Theatre (previously the act allowed the proceeds of the tax to provide for, when due, payments with respect to debt service or other obligation or means of supporting capital costs, together with any other related reserve requirements, for the Roanoke Rapids Theatre). Makes conforming changes. Deletes the provisions concerning the repeal of the tax and instead requires the Roanoke Rapids City Council, by resolution, to terminate the levy and imposition of the tax on the earlier of when the debt on the Roanoke Rapids Theatre has been paid or 15 years after the effective date of its levy. Makes the termination effective on the first day of a month and prohibits it from becoming effective until the end of the fiscal year in which the repeal resolution was adopted. Sets the authority of Roanoke Rapids to levy the tax to expire when the levy and imposition of the tax is terminated. Makes organizational changes to the act. Makes conforming changes to the act's long title.
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