48-8-148. Timing for imposition of tax following approval; termination of tax; maximum general obligation debt and combined rate of taxes; renewal prohibited.

1. (1)

   If the imposition of the tax is approved by referendum, the tax shall be imposed on the first day of the next succeeding calendar quarter which begins more than 80 days after the date of the election at which the tax was approved by the voters.#

2. (2)

   With respect to services that are regularly billed on a monthly basis, however, the resolution or ordinance imposing the tax shall become effective and the tax shall apply to the first regular billing period coinciding with or following the effective date specified in paragraph (1) of this subsection. A certified copy of the ordinance or resolution imposing the tax shall be forwarded to the commissioner to ensure it is received within five business days after certification of the election results.#

The tax shall cease to be imposed on the earliest of the following:#

1. (1)

   If the resolution or ordinance calling for the imposition of the tax provided for the issuance of general obligation debt and such debt is the subject of validation proceedings, as of the end of the first calendar quarter ending more than 80 days after the date on which a court of competent jurisdiction enters a final order denying validation of such debt; or#

2. (2)

   As of the end of the calendar quarter during which the commissioner determines that the tax raised revenues sufficient to provide to the qualified consolidated government net proceeds equal to or greater than the amount specified as the maximum amount of net proceeds to be raised by the tax.#

1. (1)

   In no event shall the principal amount of general obligation bonds issued under this part by a qualified consolidated government exceed $250 million.#

2. (2)

   No qualified consolidated government shall at any time impose more than a single 0.5 percent tax under this part.#

3. (3)

   In no event shall the tax authorized by this part be renewed or reauthorized. Each qualified consolidated government shall be limited to one imposition of the tax authorized by this part.#