"But the safety of the people of America against dangers from foreign force depends not only on their forbearing to give just causes of war to other nations, but also on their placing and continuing themselves in such a situation as not to invite hostility or insult; for it need not be observed that there are pretended as well as just causes of war."
--John Jay, Federalist No. 4
========================================================= DRAFT RESOLUTION FOR DISCUSSION AND COLLABORATION
§ 1 Definitions §1(A) Gold Material - All bullion, coin, shot, or bulk material (not to include formed clothing jewelry and artwork) in 22k and 24k gold in exchange by mass of elemental Au
§1(B) Silver Material - All bullion, coin, shot, or bulk material (not to include formed clothing jewelry and artwork) from .90 and .999 purity in exchange by mass of elemental Ag
§1(C) Registered Specie - (see MT/UT listing and process. Allow new specie to register upon certification ie: KITCO bullion)
§1(D) State Money - Any Tender Silver, Tender Gold, or Registered Specie
§1(E) Federal Money - Federal Reserve Notes and US Dollar Currency and Certificates.
§ 2 Use As Tender Authorized TENDER ALLOWED: State Money shall be considered legal tender within the State of North Carolina. The purchase or exchange of State Money shall not be taxed.
§ 3 Exchange with US Dollars§3(A) Exchanging State Money for US Dollars 1. State Money may be exchanged to the NC State Treasury for US Dollars, or to a private enterprise that will provide the service at the defined exchange rate.
2. Assessing of handling fees is allowed for private exchanges.
§3(B) Exchanging US Dollars For State Money 1. The NC State Treasury will to it's best ability in the market of supply and demand, produce State Money in exchange for US Dollars.1a. This activity may be franchised to the private market for a license/fee/something
1b. The release of State Money in exchange for US Dollars will be considered for Intrastate commercial purposes, and restrictions may be placed on it's export.
§3(C) Vendor Exchanges 1. US Dollars may be rendered at the exchange rate in change for purchases made in State Money by sellers if agreed to by both the buyer and the seller.
§3(D) Vendor Acceptance 1. This act shall not compel any seller to accept Registered Specie or State Money, except as agreed to beforehand by contract.
2. Vendors may elect to only accept Registered Specie in lieu of State Money or Federal Money.
3. Retirement Investment plans and 401k etc may only accept registered specie. &c (See "taxation" below) or Federal Money.
§ 3.1 Exchange rate is the Current Median of 168- by 24-hour Moving Average Spot Price.
§ 4 Taxation. (copied from Utah Bill, unadjusted for NC Statute) 59-28-601. Capital Gains Tax Inapplicable. In no case shall the acquisition, sale or use of Registered Specie within the course and scope of Utah Intrastate Commerce subject any Utah Taxpayer to any tax liability whatsoever for any actual or alleged gain realized from fluctuations in the exchange rate between Registered Specie and any other currency, medium of exchange or legal tender.
59-28-602. Sales/Use Tax Exemptions. As provided in U.C.A. § 59-12-104(50)-(51), no sales or use taxes shall apply to the the sale or purchase of Registered Specie within the course and scope of Utah Intrastate Commerce. Moreover, no sales tax shall be assessed on transactions between or among Utah Intrastate Commerce Cooperatives and Utah Intrastate Cooperative Members.
59-28-603. Property Tax Exemption. Pursuant to U.C.A. § 59-2-1114(1), all Utah Taxpayer tangible personal property within the fiduciary care, custody and control of any Utah Intrastate Commerce Cooperative shall be exempt from any and all property taxation.59-28-604. Consolidated Tax Filings by Utah Intrastate Commerce Cooperatives. All Utah Intrastate Commerce Cooperatives shall be entitled pursuant to U.C.A. §
59-7-401 et seq. to file a water’s edge combined report as well as a federal consolidated report in lieu of separate tax returns filed by any such cooperative’s Utah Intrastate Cooperative Members which shall be exempt from obtaining a tax Identification number separate and apart from the tax identification number of the cooperative under which they operate
§ 5 Monetary Fraud and Investigations Unit Added §5(A) Adds an office to the SBI with a single position, to manage the investigations of monetary fraud, plus access to existing investigative resources.
§5(B) Authorizes The Investigative Office
§5(C) Funds The Investigative Office (Receipt Supported?)
§ 6 Funding The Service and Exchange§6(A) Receipt Supported?
§ 7 State Money May Not Be Confiscated Except As The Proceeds From A Convicted Crime
Via Dave
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