A BILL TO BE ENTITLED
AN ACT to require any municipality annexing territory in new hanover county to hold new hanover county harmless with respect to sales tax revenue.
The General Assembly of North Carolina enacts:
SECTION 1.  A municipality in New Hanover County that annexes property on or after July 1, 2009, must hold the county harmless from a reduction in sales tax distribution under Subchapter VIII of Chapter 105 of the General Statutes. Revenues initially allocated under this subchapter to a municipality that annexes property on or after this date must be redistributed to New Hanover County. The amount that must be redistributed by the municipality to the county is the amount of revenue it received less the amount of revenue it would have received based upon the municipality's boundaries as of June 30, 2009.
SECTION 2.  This act applies only to New Hanover County.
SECTION 3.  This act becomes effective July 1, 2009, and applies to annexations on or after that date.