BLAIR LEE III, Acting Governor

1177

1978.

[(2)] (3) The taxing authority, after the
public hearing has been held in accordance with the above
procedures, may adopt a resolution or ordinance levying a
property tax rate in excess of the constant yield tax rate.
If the resolution or ordinance adopting this tax rate is not
approved on the day of the public hearing, the day, time and
place at which the resolution or ordinance will be scheduled
for consideration and approval by the taxing authority shall
be announced at the public hearing.

SECTION 2.        AND BE IT FURTHER ENACTED, That any

contract or covenant entered into or imposed prior to the
effective date of the Act that requires a payment to be made
based upon the assessed value of a homestead property is not
affected by the provisions of § 14(b)(1)(II), (III) and (IV)
of Section 1. Such homestead property shall continue to be
assessed at current value less an allowance of 50 percent
for inflation for purposes of the contract or covenant For
purposes of such contract or covenant, the term assessed
value shall continue to mean 50 percent of current value.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act is
hereby declared to be an emergency measure and necessary for
the immediate preservation of the public health and safety
and having been passed by a yea and nay vote supported by
three—fifths of all the members elected to each of the two
Houses of the General Assembly, the same shall take effect
from the date of its passage.

SECTION 4. AND BE IT FURTHER ENACTED, That the Act
shall take effect on July 1, 1978, contingent upon the
taking effect of Chapter of the Acts of 1978 (House

Bill 1652/Senate Bill 1011) and upon the taking effect of

Chapter of the Acts of 1978 (House Bill 1252/Senate Bill

912) and upon the taking effect of Chapter __ of the Acts of

1978 (House Bill 1168/Senate Bill 731), and further

included in the budget for the 1978-1979 fiscal year, and if

either Chapter ___ or Chapter ___ does not become effective,

or if these funds are not appropriated, this Act shall be
null and void without the necessity of further action by the
general Assembly.

Approved May 2, 1978.

CHAPTER 176
(House Bill 1168)
AN ACT concerning