GENERAL ASSEMBLY OF NORTH CAROLINA
1993 SESSION
CHAPTER 710
The General Assembly of North Carolina enacts:
Section 1. Section 5 of Chapter 722 of the 1965 Session Laws as amended by Chapter 120 of the 1975 Session Laws reads as rewritten:
"Sec. 5. The Board of Alcoholic Control shall pay,
quarterly, to the Town of Norwood not less than five percent (5%) and not more
than fifteen percent (15%) of the gross profits from the sale of alcoholic
beverages, and the Town of Norwood shall expend such funds for law enforcement
purposes. Out of net revenue, up to five per cent percent (5%)
may be expended for Alcoholic Education as to the effects of the use of
Alcoholic Beverages. Out of the net revenue remaining after the payment
of all costs and operating expenses and after retaining a sufficient working
capital, the Town of Norwood Board of Alcohol Control shall on a quarterly
basis pay fifty per cent (50%) eighty-five percent (85%) of the
net revenue to the general fund of the Town of Norwood, Norwood, of
which thirty-five percent (35%) shall be used for Economic Development, and
fifty per cent (50%) fifteen percent (15%) of the net revenue to
the general fund of Stanly County; provided, if Alcohol Control Stores are
established in the City of Albemarle then net proceeds shall be divided as
follows: The Town of Norwood Board of Alcohol shall on a quarterly basis
pay over eighty-five per cent (85%) of said net revenue to the general fund of
the Town of Norwood and fifteen per cent (15%) of the net revenue to the
general fund of Stanly County."
Sec. 2. This act is effective upon ratification.
In the General Assembly read three times and ratified this the 7th day of July, 1994.
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Dennis A. Wicker
President of the Senate
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Daniel Blue, Jr.
Speaker of the House of Representatives