GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1991

S	3 

SENATE BILL 1040*
Second Edition Engrossed 6/16/92
House Committee Substitute Favorable 6/24/92

Short Title:  Badin Tax Limit Modification.	(Local)
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Sponsors:
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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.  The Town Council may set an ad valorem tax rate in excess of $.25 per $100 valuation only if the rate meets both of the following conditions:
(1)	The percentage increase in the rate from the previous year's rate does not exceed the percentage increase in the Implicit GNP Price Deflator over the preceding year.
(2)	The increase in the rate does not exceed ten percent (10%) of the rate that applied in the next preceding year.
."
Sec. 2.  This act is effective upon ratification.