GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1995

S	1 

SENATE BILL 1342

Short Title:  Technological Development Authority Funds.	(Public)

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Sponsors: Senators Plexico; Jordan, Odom, Cochrane, Davis, Hoyle, Little, Martin of Pitt, Albertson, Blackmon, Kerr, McKoy, Hobbs, Cooper, Warren, Plyler, and Speed.

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Referred to:  Appropriations.

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May 27, 1996

A BILL TO BE ENTITLED
AN ACT TO APPROPRIATE FUNDS FOR THE NORTH CAROLINA TECHNOLOGICAL DEVELOPMENT AUTHORITY, INC.
The General Assembly of North Carolina enacts:
Section 1. There is appropriated from the General Fund to the North Carolina Technological Development Authority, Inc. (TDA), the sum of four million five hundred thousand dollars ($4,500,000) for the 1996-97 fiscal year to support the continued development of the North Carolina Technological Development Authority's statewide entrepreneurial infrastructure, capital formation, and research commercialization programs.  These funds shall be allocated as follows:
(1)	$2,500,000 for entrepreneurial support and infrastructure, including support of business incubators, capital formation initiatives, and research commercialization programs; and
(2)	$2,000,000 for matching funds for a federal investment in a TDA-sponsored venture capital program that targets businesses in distressed counties as defined in G.S. 105-130.40(c).
Sec. 2. G.S. 147-69.2(b) is amended by adding the following new subdivision to read:
"(12)	The State Treasurer may invest up to twenty-five million dollars ($25,000,000) of the Reserve Fund established under G.S. 96-5(f) in securities issued by the North Carolina Technological Development Authority, Inc., the proceeds from which are directed to support investment in venture capital funds."
Sec. 3. This act becomes effective July 1, 1996.