2002 - 05-20-02 Regular Meeting - Laserfiche WebLink

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G 31- b or IS PILE 877 COUNTY OF LEE STATE OF NORTH CAROLINA RESOLUTION LEVYING THE THIRD ONE-HALF (1/2¢) LOCAL GOVERNMENT SALES AND USE TAX AND PRESCRIBING THE METHOD OF DIS'T'RIBUTION OF THE PROCEEDS WITHIN LEE COUNTY 'WHEREAS, the General Assembly has authorized the Lee County Board of Commissioners to levy a one-half percent (1/2%) local sales and use tax by enacting N.C. Gen. Stat. § 105-517(b) in Section 34.14(a) of Session Law 2001-424; and, WHEREAS, the Lee County Board of Commissioners held the public hearing on the issue of adopting this resolution on May 20, 2002, as required by N.C. Gen. Stat. § 105-517(b) and proper public notice of the Board's intent to consider this resolution was provided as required by N.C. Gen. Stat. § 105-517(b); and, WHEREAS, the General Assembly levied a one-half percent (1/2%) state sales tax effective October 16, 2001 by enacting Section 34.14(a) of Session Law 2001-424, and this tax expires July 1, 2003, the same day the sales and use tax levied hereby becomes effective, and as a result the Board's action herein will not result in an increased sales and use tax for the consumer; and, WHEREAS, as of July 1, 2003, Lee County will lose $1,629,734.00 in funds made available by the State of North Carolina to replace revenue lost because of legislative action: (1) to repeal sales taxes imposed on purchases made with Food Stamps; (2) to repeal property taxes imposed on inventories held by manufacturers, retailers and wholesalers; (3) to repeal taxes on intangible personal property; and, (4) to reduce taxes levied on residential property owned by low-income elderly taxpayers; and WHEREAS, the Lee County Board of Commissioners hereby finds that, particularly in light of the circumstances cited herein, the levy of The Third One-Half Cent (1/2¢) Local Government Sales and Use Tax is necessary to adequately finance the operations of the county and the cities and towns herein. NOW, TI IEREFORE, I3E IT RESOLVED by the Lee County Board of Commissioners: (1) There is hereby imposed and levied within Lee County The Third One-half Cent (1/2e) Local Government Sales and Use Tax authorized by Section 34.14(a) of Session Law 2001-424 and codified as Article 44 of Chapter 105 of the General Statutes of North Carolina. The tax hereby imposed and levied shall apply to the same extent and be subject to the same limitations as are set forth in said Session Law 2001-424. (2) Collection of the tax by the North Carolina Secretary of Revenue, and liability e, shall begin and continue on and after the first day of July, 2003. Herbert A. I lincks, Chairman Lee County Board of Commissioners