§ 105-462. Local units entitled to benefits; prerequisite for payments. - North Carolina Statutes

§105‑462.  Local units entitled to benefits; prerequisite for payments.

Any local governments withinthe State in which the Authority now or may hereafter own property or carry onan operation shall be entitled to the benefits arising under this Subchapter:Provided, however, that no payment shall be made to them by the Treasurer ofthe State of North Carolina until such time as such local governments shallhave certified to the Department of Revenue and the  Treasurer of the State ofNorth Carolina the average annual tax loss it has sustained by the taking ofsaid property for the two years immediately preceding the taking thereof:Provided, further, that in the event of any disagreement between said localgovernments and the Treasurer of the State of North Carolina as to such annualtax loss, then the same shall be determined by the Department of Revenue, andits decision thereon shall be final. (1941, c. 85, s. 5; 1973, c.476, s. 193.)