GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1991

S	2 

SENATE BILL 1040*
Second Edition Engrossed 6/16/92

Short Title:  Badin Tax Limit Modification.	(Local)
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Sponsors: Senators Plyler and Conder.
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Referred to:  Finance.
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June 1, 1992

A BILL TO BE ENTITLED
AN ACT TO MODIFY THE MAXIMUM TAX LIMIT FOR THE TOWN OF BADIN AND CHANGE THE METHOD OF CALCULATING LIMITS ON INCREASES.
The General Assembly of North Carolina enacts:
Section 1.  Section 5.3 of the Charter of the Town of Badin, being Chapter 894, Session Laws of 1989, reads as rewritten:
"Sec. 5.3.  An ad valorem tax rate in excess of $.25 per $100 valuation may only be established if the increase in the rate from the previous year does not exceed (1)	the annual increase in the Implicit GNP Price Deflator over the preceding year or (2) ten per cent of the rate for the next preceding year, whichever is less. "
Sec. 2.  This act is effective upon ratification.