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ORANGE COUNTY BOARD OF COMMISSIONERS <br /> A RESOLUTION LEVYING THE THIRD ONE-HALF CENT (112¢) <br /> LOCAL GOVERNMENT SALES AND USE TAX AND PRESCRIBING <br /> THE METHOD OF DISTRIBUTION OF THE PROCEEDS <br /> WITHIN ORANGE COUNTY <br /> WHEREAS, the General Assembly has authorized the Orange County Board of Commissioners to <br /> levy a one-half percent (1/2%) local sales and use tax by enacting N.C.G.S. 105-517(b) in Section <br /> 34.14(a) of Session Law 2001-424, as amended by S.L. 2002-123, "An Act to Accelerate the <br /> Additional One-half Cent (1/2¢) Local Option Sales and Use Tax and to Make Conforming and <br /> Technical Changes," and <br /> WHEREAS, the Orange County Board of Commissioners gave proper public notice of the Board's <br /> intent to consider this resolution, as required by Section 10 of S.L. 2002-123, and <br /> WHEREAS, Orange County has lost approximately $3,171,582 in funds made available by the State <br /> of North Carolina to replace revenue lost because of legislative action: (1) to repeal sales taxes <br /> imposed on purchases made with Food Stamps; (2) to repeal property taxes imposed on inventories <br /> held by manufacturers, retailers and wholesalers; (3) to repeal taxes on intangible personal property; <br /> and (4) to reduce taxes levied on residential property owned by low-income elderly taxpayers; and <br /> WHEREAS, the Orange County Board of Commissioners hereby finds that, particularly in light of the <br /> circumstances cited herein, the levy of"The Third One-Half Cent (1/2¢) Local Government Sales and <br /> Use Tax" is necessary to adequately finance the operations of the county and the cities and towns <br /> herein. <br /> NOW, THEREFORE, BE IT RESOLVED by the Orange County Board of Commissioners that: <br /> (1) There is hereby imposed and levied within Orange County the third one-half cent (1/2¢) Local <br /> Government Sales and Use Tax authorized by Section 34.14(a) of S.L. 2001-424, as amended by <br /> S.L. 2002-123, and codified as Article 44 of Chapter 105 of the General Statutes of North <br /> Carolina. The tax hereby imposed and levied shall apply to the same extent and be subject to the <br /> same limitations as are set forth in said S.L. 2001-424. <br /> (2) Collection of the tax by the North Carolina Secretary of Revenue, and liability therefore, shall <br /> begin and continue on and after the first day of December 2002. <br /> (3) The net proceeds of the tax levied herein shall be distributed by the Secretary of Revenue to <br /> Orange County as prescribed by N.C.G.S. 105-520. The amount distributed to Orange County <br /> shall be divided among the county and the municipalities herein in accordance with the method by <br /> which the one percent (1%) sales and use tax levied in Orange County, pursuant to Article 39 of <br /> General Statutes Chapter 105, are distributed. <br /> (4) This Resolution is effective upon its adoption, and a certified copy hereof shall be forwarded to the <br /> North Carolina Secretary of Revenue. <br /> Adopted this 15th day of October 2002. <br /> {, A <br /> `) <br /> Barry <br /> Jacoby, h <br /> Orange Cou Bo f Com issioners <br />