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9 <br /> this Act may be recovered in a civil action in the nature of debt <br /> including an award of reasonable attorney fees as part of costs. <br /> Section 5. The Orange County Board of Commissioners, after <br /> consultation with the municipalities, shall establish annually at the time <br /> of the adoption of the annual budget an amount of tax to be paid per square <br /> foot of dwelling space and per square foot of commercial building enclosed <br /> flood space. Different tax rates may be established for different types of <br /> commercial construction and for dwelling units containing a different <br /> number of bedrooms. <br /> Section 6. As soon as reasonably practicable after the close of each <br /> quarter of the fiscal year, Orange County shall distribute to Chapel Hill , <br /> Carrboro, and Hillsborough 75% of the revenues received by the county based <br /> upon development that has taken place within each respective municipality's <br /> corporate limits, extra-territorial planning jurisdiction, and transition <br /> area(s), as established in joint planning agreements. <br /> Section 7. Whenever the sale of real property located in Orange County <br /> involves new construction, the seller shall prepare and sign, and the buyer <br /> shall receive and sign, a disclosure statement. This disclosure statement <br /> shall fully and completely disclose that the owner of the property at the <br /> time an occupancy permit is issued for the new construction or, if no <br /> occupancy permit is obtained, the date such new construction is occupied, <br /> may be subject to an excise tax on the impact of land development. If a <br /> seller fails to make such a disclosure and the buyer suffers injury as a <br /> .result of the seller's failure to disclose, the seller shall be liable to <br /> the buyer to the extent of buyer's injury. <br /> Section 8. The following local acts, which authorize Orange County, <br /> Chapel Hill , Carrboro and Hillsborough to establish development impact <br /> fees, are repealed, effective on the date on which an ordinance is enacted <br /> pursuant to this act: <br /> Section 9. This Act shall apply only to Orange County and the <br /> municipalities located therein. <br /> Section 10. This Act shall become effective upon adoption. <br />