GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1989

H	1 

HOUSE BILL 2329

Short Title:  Economic Development Funds.	(Public)
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Sponsors: Representatives H. Hunter; Barnhill, Blue, Burke, Church, Cooper, J. Crawford, Cunningham, Fitch, Gist, Green, Greenwood, Hackney, Hardaway, Jeralds, Kennedy, Lineberry, Michaux, Payne, and S. Thompson.
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Referred to:  Commerce.
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June 6, 1990

A BILL TO BE ENTITLED
AN ACT TO APPROPRIATE FUNDS TO PROMOTE THE DEVELOPMENT OF MINORITY, SMALL BUSINESSES AND OTHER COMMUNITY ECONOMIC DEVELOPMENT THROUGH THE SUPPORT OF COMMUNITY DEVELOPMENT CORPORATIONS.
The General Assembly of North Carolina enacts:
Section 1. (a)	There is appropriated from the General Fund to the Rural Economic Development Center, Inc., the sum of $650,000 for the 1990-91 fiscal year for grants to be disbursed to community development corporations which are incorporated under Chapter 55A of the General Statutes and which currently serve minority and underdeveloped communities.
(b)	The Rural Economic Development Center, Inc., shall make a written report by May 1, 1991, to the General Assembly on the use of the funds appropriated under subsection (a) of this section.
(c)	No funds appropriated under subsection (a) of this section shall be used for administrative expenses of the Rural Economic Development Center, and any interest earned on unexpended funds shall be used for grants pursuant to subsection (a) of this section.
Sec. 2.  This act shall become effective July 1, 1990.