A BILL TO BE ENTITLED
AN ACT to reallocate funds remaining in the hurricane floyd fund at the end of the 2001‑2002 fiscal year to be used to replace funds withheld from local governments.
The General Assembly of North Carolina enacts:
SECTION 1.  In fiscal year 2001‑2002, the Governor again withheld ninety-five million dollars ($95,000,000) in inventory tax reimbursement funds plus one hundred fourteen million dollars ($114,000,000) in State‑shared taxes and the homestead reimbursement in order to balance the budget as of June 30, 2002.
SECTION 2.  Effective June 30, 2002, all unencumbered funds in the Hurricane Floyd Reserve Fund shall be reallocated to local governments to replace the shared revenues and local reimbursements that were withheld during the 2001‑2002 fiscal year.  Those funds shall be used to reimburse each local government the appropriate amount as provided by the following:
(1)	Beer and wine tax sharing, G.S. 105‑113.82.
(2)	Franchise gross receipts tax sharing, G.S. 105‑116.1.
(3)	Piped natural gas tax sharing, G.S. 105‑187.44.
(4)	Telecommunications tax sharing, G.S. 105‑164.44F, G.S. 105‑164.4.
(5)	Manufacturers' inventory reimbursement, G.S. 105‑275.1. 
(6)	Retailers' and wholesalers' inventory reimbursement, G.S. 105‑277.001.
(7)	Homestead exclusion reimbursement, G.S. 105‑277.1A.
SECTION 3.  If there are not sufficient funds in the Hurricane Floyd Reserve Fund to replace all of the funds that were withheld by the Governor, the funds shall be used to replace the categories in the order listed in Section 2 of this act.  If funds are available to replace part but not all of the withheld funds in the last category for which funds are available, then the funds shall be allocated among the local governments in proportion to the amount withheld from each in that category.
SECTION 4.  This act becomes effective June 30, 2002.