A BILL TO BE ENTITLED
AN ACT to appropriate funds to the department of environment and natural resources to match local funds committed by topsail beach to be used for a critical beach renourishment project at topsail beach.
Whereas, the Town of Topsail Beach has been working with the Army Corps of Engineers to complete a storm damage prevention project that was scheduled to be implemented during the winter of 2007‑2008, but because of federal budget cuts has now been delayed until at least the winter of 2010‑2011, and possibly as late as 2015; and
Whereas, many sections of Topsail Beach are now threatened by long term erosion, a problem exacerbated by Hurricane Ophelia, and several properties on both the north and south ends of town will be lost in the next 3‑5 years even if there are no significant storm events; and 
Whereas, the tax base of Topsail's oceanfront is far too valuable to allow it to be lost. The oceanfront in Topsail Beach has an assessed value of approximately $125,000,000 and could easily top $300,000,000 after the next assessment. The front row alone currently generates close to $900,000 in annual tax revenue for Pender County and $385,000 in annual tax revenue for Topsail Beach; and 
Whereas, ordinarily with a federal project, the federal government pays 65%, the State pays 26.5%, and the local government pays 8.5%; but because of federal budget cuts there are no federal funds available; and
Whereas, the Town of Topsail Beach has determined that this project is so vital to its continued economic well‑being that the Town has committed to pay 70% of the project rather than the usual 8.5%; and 
Whereas, if federal budget cuts had not delayed the project the State would have paid at least 26.5% of the project costs; Now, therefore,
The General Assembly of North Carolina enacts:
SECTION 1.  There is appropriated from the General Fund to the Department of Environment and Natural Resources, Water Resources Division, the sum of one million five hundred thousand dollars ($1,500,000) for the 2006‑2007 fiscal year to be used to match seven million dollars ($7,000,000) in local funds provided by the Town of Topsail Beach for a beach renourishment project in November 2007.  It is the intent of the General Assembly to appropriate an additional one million five hundred thousand dollars ($1,500,000) for the 2007‑2008 fiscal year to assist with the cost of completing the beach renourishment project at Topsail Beach.
SECTION 2.  This act becomes effective July 1, 2006.