A BILL TO BE ENTITLED
AN ACT appropriating funds to the seven regional economic development commissions, authorizing the regional economic development commissions to participate in the local government or state retirement systems, and changing the name of the global transpark development commission.
The General Assembly of North Carolina enacts:
SECTION 1.(a)  There is appropriated from the General Fund to the Department of Commerce the sum of one million seven hundred fifty thousand dollars ($1,750,000) for the 2005‑2006 fiscal year to be allocated to the seven regional economic development commissions.  From these funds, each regional economic development commission shall receive two hundred fifty thousand dollars ($250,000).  These funds shall be used by each commission to develop and implement a strategic economic development plan as provided in Section 13.6 of S.L. 2004‑124.  The funds appropriated in this subsection are distinct and separate from the funds appropriated in subsection (b) of this section.
SECTION 1.(b)  Funds appropriated to the Department of Commerce for the seven regional economic development commissions shall be allocated as follows:
(1)	First, the Department shall establish each Commission's allocation by determining the sum of allocations to each county that is a member of that Commission.  Each county's allocation shall be determined by dividing the county's enterprise factor by the sum of the enterprise factors for eligible counties and multiplying the resulting percentage by the amount of the appropriation.  As used in this subdivision, the term "enterprise factor" means a county's enterprise factor as calculated under G.S.105‑129.3; and
(2)	Next, the Department shall subtract from funds allocated to the Eastern North Carolina Regional Economic Development Commission, formerly known as the Global TransPark Development Commission, the sum of one hundred eighteen thousand one hundred twenty‑nine dollars ($118,129) in the 2005‑2006 fiscal year and the sum of one hundred eighteen thousand four hundred seventy‑seven dollars ($118,477) in the 2006‑2007 fiscal year, which sum represents the interest earnings in each fiscal year on the estimated balance of seven million five hundred thousand dollars ($7,500,000) appropriated to the Global TransPark Development Zone in Section 6 of Chapter 561 of the 1993 Session Laws; and
(3)	Next, the Department shall redistribute the sum of one hundred eighteen thousand one hundred twenty‑nine dollars ($118,129) in the 2005‑2006 fiscal year and the sum of one hundred eighteen thousand four hundred seventy‑seven dollars ($118,477) in the 2006‑2007 fiscal year to the seven regional economic development commissions.  Each Commission's share of this redistribution shall be determined according to the enterprise factor formula set out in subdivision (1) of this subsection.  This redistribution shall be in addition to each Commission's allocation determined under subdivision (1) of this subsection.
SECTION 2.  The seven regional economic development commissions may, at the discretion of each individual board of directors, participate in the local government retirement system, as provided in Article 3 of Chapter 128 of the General Statutes, or the State retirement system, as provided in Article 1 of Chapter 135 of the General Statutes.
SECTION 3.(a) G.S. 143B‑437.21(6)d. reads as rewritten:
"d.	The Eastern North Carolina Regional Economic Development Commission created in G.S. 158‑33."
SECTION 3.(b)  G.S. 158‑32(2) reads as rewritten:
"(2)	Commission. – The Eastern North Carolina Regional Economic Development Commission, the governing body of the Global TransPark Development Zone."
SECTION 3.(c)  G.S. 158‑33.1(b) reads as rewritten:
"(b)	Application. – The governing body of an eligible county may apply to participate in the Zone under this section by adopting a resolution to participate in the Zone.  The resolution must comply with all the requirements of G.S. 158‑33(a) and (b) except that it may be adopted at any time before October 1, 1994.  After adopting the resolution, the county shall file a certified copy of the resolution with the Eastern North Carolina Regional Economic Development Commission."
SECTION 3.(d)  The prefatory language of G.S. 158‑35(a) reads as rewritten:
"(a)	Commission Membership. – The governing body of the Zone is the Eastern North Carolina Regional Economic Development Commission. The members of the Commission must be residents of the Zone and shall be appointed as follows:".
SECTION 4.  This act is effective when it becomes law.