TITLE
Title
ARTICLE 46 1/4 CENT SALES TAX PROCESS FOR THE PURPOSE OF SUPPORTING SCHOOL CONSTRUCTION NEEDS
end
SPONSOR
Sponsor
Mark Payne
end
RESOLUTION
Resolution
RESOLUTION OF INTENT FOR
BY APPROVING REFERENDUM ON ONE-QUARTER CENT (1/4¢)
COUNTY SALES AND USE TAX
WHEREAS, the Guilford Board of Commissioners has considered alternative revenue sources to pay for anticipated school capital construction needs, as outlined in the Joint Board of Education and Guilford County Board of Commissioners facilities and construction assessment, with facilities needs identified in the $2 billion range; and
WHEREAS, the cost of such necessary school construction could require a significant increase to the county’s existing ad valorem tax rate and could burden property owners in Guilford County; and
WHEREAS, the provisions of North Carolina General Statute §163-287 and §105-537 authorize county boards of commissioners to levy a one-quarter cent (¼¢) county sales and use tax, contingent on an advisory referendum in which the majority of those casting ballots voted for the levy of the tax; and
WHEREAS, from the proceeds of the one-quarter cent (¼¢) local sales and use tax, the County would receive approximately $19 million annually in additional revenue; and
WHEREAS, the levy of a one-quarter cent (¼¢) sales and use tax would provide a much-needed revenue source for the anticipated debt service for the proposed school construction bonds, enabling the County to carry out the recommendations in the School Facility Needs Assessment, and
WHEREAS, the NC General Assembly is currently considering the authority of a one-half cent (½¢) county sales and use tax, contingent on an advisory referendum in which the majority of those casting ballots vote in favor for the levy of the tax; and
WHEREAS, the passage of the one-quarter cent (¼¢) county sales and use tax, would help to prevent significant increases in the property tax burden on homeowners and local busin...
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