GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1991

H	1 

HOUSE BILL 187*

Short Title:  Economic Development Funds.	(Public)
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Sponsors: Representatives Diamont, Brubaker, N. J. Crawford, Easterling, Fletcher, H. Hunter, Payne, Redwine; Bowman, Culp, DeVane, Ethridge, Fitch, Fussell, Gottovi, Green, Grimmer, Holt, Sam Hunt, Kahl, Lineberry, Luebke.
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Referred to:  Appropriations.
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February 28, 1991

A BILL TO BE ENTITLED
AN ACT TO APPROPRIATE FUNDS TO THE CENTER FOR COMMUNITY SELF-HELP TO FURTHER A STATEWIDE ECONOMIC DEVELOPMENT PROGRAM.
The General Assembly of North Carolina enacts:
Section 1.  There is appropriated from the General Fund to the Center for Community Self-Help the sum of $6,000,000 for the 1991-92 fiscal year to further a statewide program of lending to small businesses and other economic development projects in rural and other depressed or disadvantaged communities throughout North Carolina, provided these funds are matched on the basis of $1.00 of funds from the Center for Community Self-Help or its affiliates for every $1.00 of State funds.  The appropriation shall be equally allocated among the eastern, central, and western regions of North Carolina.  Loans or loan guarantees made under the program shall be conditioned on the unavailability of loans for the same purposes from private lenders upon reasonably equivalent terms and conditions.  Payments of principal shall be available for further loans.
Sec. 2.  The Center for Community Self-Help shall submit, within 180 days after the close of its fiscal year, audited financial statements to the State Auditor.  All records pertaining to the use of State funds shall be made available to the State Auditor upon request.  The Center for Community Self-Help shall make quarterly reports on the use of State funds to the State Auditor, in form and format prescribed by the State Auditor or his designee.  The Center for Community Self-Help shall make a written report by May 1 of each year for the next three years to the General Assembly on the use of the funds appropriated by this act.
Sec. 3.  The Center for Community Self-Help shall report to the Joint Legislative Commission on Governmental Operations, the House and Senate Appropriations Committees on Natural and Economic Resources, and the Department of Economic and Community Development on a quarterly basis for the next three years.
Sec. 4.  The Office of the State Auditor may conduct an annual end-of-year audit of the revolving fund for economic development lending created by this appropriation for each year of the life of the revolving fund.
Sec. 5.  If the Center for Community Self-Help dissolves, the corporation shall transfer the remaining assets of the revolving fund to the State and shall refrain from disposing of the revolving fund assets without approval of the State Treasurer.
Sec. 6.  The Office of State Budget and Management shall disburse this appropriation within 15 working days of the receipt of a request for the funds from the Center for Community Self-Help.  The request shall include a commitment of the matching funds by the Center for Community Self-Help or its affiliates.
Sec. 7.  This act becomes effective July 1, 1991.