Senate Bill 312 Summary

• Authorizes the City of Roanoke Rapids to levy a one percent (1%) local sales and use tax, subject to voter approval by referendum.

• Proceeds from the tax can only be used to repay tax increment financing bonds issued for construction of the Roanoke Rapids Theatre (formerly known as the Randy Parton Theatre).

• The tax is administered under existing Article 39 procedures of Chapter 105 of the General Statutes, with monthly distributions of collected funds to the municipality.

• The tax automatically expires upon repayment of the designated tax increment financing bonds, though this does not affect existing taxpayer refund rights or municipal liabilities.

• The referendum ballot question must specify the one percent tax rate and identify the project for which debt repayment is intended.