North Carolina § 105-554 Use of tax proceeds

North Carolina Statutes

§ 105-554 — Use of tax proceeds

North Carolina § 105-554

Ch. 105Taxation

Art. 50Regional Transit Authority Vehicle Rental Tax

Subch. IXMULTICOUNTY TAXES

This text of North Carolina § 105-554 (Use of tax proceeds) is published on Counsel Stack Legal Research, covering North Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.C. Gen. Stat. § 105-554 (2026).

Text

An Authority that levies a tax under this Article may use the proceeds of the tax for any purpose for which the Authority is authorized to use funds. An Authority shall use the tax proceeds to supplement and not to supplant or replace existing funds or other resources for public transportation systems. Authorized purposes for which an Authority may use funds include the following:

(1)Pledging funds in connection with the financing of a public transportation system or any part of a public transportation system.

(2)Paying a note, bond, or other obligation entered into by the Authority pursuant to Article 26 or Article 27 of Chapter 160A of the General Statutes. (1997-417, s. 3.)

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An Authority that levies a tax under this Article may use the proceeds of the tax for any purpose for which the Authority is authorized to use funds. An Authority shall use the tax proceeds to supplement and not to supplant or replace existing funds or other resources for public transportation systems. Authorized purposes for which an Authority may use funds include the following:
(1) Pledging funds in connection with the financing of a public transportation system or any part of a public transportation system.
(2) Paying a note, bond, or other obligation entered into by the Authority pursuant to Article 26 or Article 27 of Chapter 160A of the General Statutes. (1997-417, s. 3.)