GENERAL ASSEMBLY OF NORTH CAROLINA
1993 SESSION

CHAPTER 444
HOUSE BILL 992

AN ACT TO MODIFY THE TYPES OF INDUSTRIAL DEVELOPMENT FOR WHICH THE INDUSTRIAL DEVELOPMENT FUND MAY BE USED.

The General Assembly of North Carolina enacts:

Section 1.  G.S. 143B-437A(a) reads as rewritten:
"(a)	There is created in the Department of Commerce the Industrial Development Fund to provide funds to assist the local government units of the most economically depressed counties in the State in creating jobs in qualified industries.  As used in this section, the term 'qualified industry' means the  manufacturing of goods or the processing of foods, raw materials, chemicals and process agents, goods in process, or finished products.  The Department of Commerce shall adopt rules providing for the administration of the program. Those rules shall include the following:
(1)	The funds shall be used for (i) installation of or purchases of equipment for qualified industries, (ii) structural repairs, improvements, or renovations of existing buildings to be used for expansion of qualified industries, (iii) construction of or improvements to new or existing water, sewer, gas, or electrical utility distribution lines or equipment for existing industrial buildings to be used for qualified industrial operations, or (iv) in the case of counties designated as severely distressed counties under G.S. 105-130.40(c) or G.S. 105-151.17(c) or units of local government within those counties, construction of or improvement to new or existing water, sewer, gas, or electrical utility distribution lines or equipment to serve new or proposed industrial buildings to be used for qualified industrial operations.  To be eligible for funding, the water, sewer, gas, or electrical utility lines or facilities shall be located on the site of the building or, if not located on the site, shall be directly related to the operation of the specific qualified industrial activity.  However, the Secretary of Commerce may use up to one hundred thousand dollars ($100,000) to provide emergency economic development assistance in any county which is documented to be experiencing a major economic dislocation.
(2)	The funds shall be used by the city and county governments for projects that will directly result in the creation of new jobs.  The funds shall be expended at a rate of two thousand four hundred dollars ($2,400) per new job created up to a maximum of two hundred fifty thousand dollars ($250,000) per project."
Sec. 2.  This act becomes effective July 1, 1993.
In the General Assembly read three times and ratified this the 22nd day of July, 1993.

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Dennis A. Wicker
President of the Senate

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Daniel Blue, Jr.
Speaker of the House of Representatives