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0 0 <br />BOOK 22 PAGE 26 <br />RESOLUTION IN SUPPORT OF PASSAGE OF LOCAL OPTION SALES TAX <br />TO FUND LEE COUNTY PUBLIC SCHOOL'S CAPITAL NEEDS <br />WHEREAS, the North Carolina General Assembly granted the Lee County Board of <br />Commissioners the authority to place before the voters, of the County for their approval, the <br />imposition of a local option sales and use tax of one-quarter percent (0.25%) in addition to all <br />other sales and use taxes now in effect and/or Real property transfer tax at the rate of up to four <br />tenths of one percent (4%)_ and <br />WHEREAS, the additional local option sales and use tax revenue is estimated, by the Lee <br />Countv Board of Commissioners, to fund a debt capacity of thirty eight million dollars <br />($38,000.000) from this revenue source: and <br />WHEREAS, the real property transfer tax is estimated, by the Lee County <br />Commissioners, to fund an estimated debt capacity of twenty five million dollars ($25,000,000) <br />from this revenue source: and <br />WHEREAS, the Sanford Area Association of Realtors will not support the real property <br />transfer tax as it places an unfair burden on property owners: and <br />WHEREAS. the Sanford Area Association of Realtors supports the additional one- <br />quarter percent (025%) local option sales and use tax as a fair and equitable tax for the revenue <br />source for the Public Schools capital needs; and <br />NOW, THEREFORE, BE IT RESOLVED, that the Sanford Area Association of Realtors <br />supports the following: <br />I. The Lee Countv Commissioners removal from the ballot the real property land <br />transfer tax: and <br />2. The Lee County Commissioners call for a referendum on May 6, 2008 for the local <br />option sales tax of Y4%: and <br />3. That. if approved by the voters of Lee County, the Lee County Board of <br />Commissioners implement immediately the issuance of Certification of Participation <br />Bonds to fund the current capital needs of Lee County Schools, and <br />4. This Resolution is effective upon its adoption. and a copy hereof shall be forwarded <br />to the Lee County Board of Commissioners. <br />Adopted this I" day of February, 2008. <br />Cindy Ammoi s President <br />ATTEST: <br />OLL <br />v Mide.Secretarv, <br />