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06 ! <br /> GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 1985 <br /> (3) Securing indebtedness; or <br /> 2 (4) Recording a transfer in which no consideration -was '• <br /> 3 paid or is due the transferor by the transferee. <br /> In addition, this tax does not apply to conveyances of an <br /> 5 interest in real property by operation of law, by will, or by <br /> 6 intestacy. . <br /> 7 (c) Collection. . A tax levied under this act is payable <br /> 8 by the transferor of the interest to the Dare County Tax <br /> 9 Collector. , This tax must be paid at the tax collectors's office <br /> 10 before the instrument conveying the interest is recorded. . The <br /> 11 tax collector shall stamp or otherwise mark each instrument <br /> 12 subject to the tax to indicate that the tax has been paid. . The <br /> 13 Dare County Register of Deeds may not accept for recordation an <br /> lh instrument subject to a tax levied under this act unless the <br /> 15 instrument bears the tax collector's mark indicating that the tax -- <br /> 16 has been paid. . <br /> 17 <br /> (d) Use of tax revenue. . The proceeds of a tax levied <br /> 18 under this act shall be placed in a special Capital Reserve Fund <br /> 19 in the general fund of Dare County. . Revenue in this Fund may be <br /> 20 used by the county only for capital expenditures for the <br /> 21 following: courts, jails and detention facilities, emergency <br /> 22 medical services, libraries, recreation, education, <br /> 23 . administration, water, sewage, health, and social services. . <br /> 24 (e) Penalties. A person who knowingly fails to pay a <br /> 25 tax levied under this act, who knowingly aids another to fail to <br /> 26 pay a tax levied under this act, or who, to avoid paying part or <br /> 27 all of the tax due under this act, knowingly misstates the total e, <br /> 28 consideration for an interest conveyed is guilty of a misdemeanor <br /> 2 <br /> Senate Bill 90 <br />