Bill Summary for S 312 (2011-2012)

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Summary date: 

Mar 9 2011

Bill Information:

View NCGA Bill Details2011-2012 Session
Senate Bill 312 (Local) Filed Wednesday, March 9, 2011
TO AUTHORIZE THE CITY OF ROANOKE RAPIDS TO LEVY A ONE CENT LOCAL SALES AND USE TAX TO REPAY TAX INCREMENT FINANCING BONDS.
Intro. by Jones.

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Bill summary

Amends Chapter 105 to create a new Article 47 authorizing the city of Roanoke Rapids to levy, by referendum, a one cent municipal sales and use tax. Net proceeds of the tax shall be used only for repayment of tax increment financing bond debt incurred by the city. Provides for the expiration of the tax.