A BILL TO BE ENTITLED
AN ACT TO AUTHORIZE LOCAL GOVERNMENTS TO REDUCE PROPERTY TAXES AFTER JULY 1 AND BEFORE JANUARY 1 IF THEY RECEIVE UNANTICIPATED REVENUES.
The General Assembly of North Carolina enacts:
SECTION 1.  G.S. 159‑15 reads as rewritten:
"§ 159‑15.  Amendments to the budget ordinance.
Except as otherwise restricted by law, the governing board may amend the budget ordinance at any time after the ordinance's adoption in any manner, so long as the ordinance, as amended, continues to satisfy the requirements of G.S. 159‑8 and 159‑13. However, except as otherwise provided in this section, no amendment may increase or reduce a property tax levy or in any manner alter a property taxpayer's liability, unless the board is ordered to do so by a court of competent jurisdiction, or by a State agency having the power to compel the levy of taxes by the board.
If after July 1 the local government receives additional and unanticipated revenues, the governing body may, before January 1, amend the budget ordinance to reduce the property tax levy to account for the unanticipated revenues.
The governing board by appropriate resolution or ordinance may authorize the budget officer to transfer moneys from one appropriation to another within the same fund subject to such limitations and procedures as it may prescribe. Any such transfers shall be reported to the governing board at its next regular meeting and shall be entered in the minutes."
SECTION 2.  This act becomes effective July 1, 2002.