GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1993

H	1 

HOUSE BILL 152

Short Title:  Banner Elk Room Tax Uses.	(Local)
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Sponsors: Representatives Flaherty; and G. Thompson.
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Referred to:  Finance.
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February 15, 1993

A BILL TO BE ENTITLED
AN ACT TO MAKE TECHNICAL CHANGES REGARDING THE PURPOSES FOR WHICH BANNER ELK MAY USE ITS OCCUPANCY TAX PROCEEDS.
The General Assembly of North Carolina enacts:
Section 1.  Section 5 of Chapter 318 of the 1989 Session Laws reads as rewritten:
"Sec. 5.  Disposition of Taxes Collected.  For the purpose of this section, 'net proceeds' means gross proceeds less the direct costs for administrative and collection expenses not to exceed three percent (3%) of the amount collected, which shall be retained by the town.  The net proceeds shall be distributed to the town council.  The town council shall expend the funds distributed to it pursuant to this section as follows:
(1)	At least fifty percent (50%) to further the development of travel, tourism, conventions, and convention facilities in the town.
(2)	No more than fifty percent (50%) for sidewalks and public safety for the town."
Sec. 2.  This act becomes effective July 1, 1993.