A BILL TO BE ENTITLED
AN ACT to appropriate funds to the one North Carolina Fund to provide financial Assistance to Johnson and Wales University.
Whereas, Johnson and Wales University is a nonprofit, fully accredited four‑year university licensed under The University of North Carolina; and
Whereas, Johnson and Wales University was recruited by leaders of Charlotte and the State to consolidate its campuses located in Charleston, South Carolina, and Norfolk, Virginia, and, as a result, moved those campuses to Charlotte; and
Whereas, as part of the effort to recruit Johnson and Wales University, the leadership of the General Assembly committed to grant $10,000,000 to Johnson and Wales University over a period of five years to assist in the building of the infrastructure of the University; and
Whereas, in reliance on that commitment by the General Assembly leadership, Johnson and Wales University moved the campuses of Charleston and Norfolk to Charlotte; and
Whereas, the development of the new campus in North Carolina has been a true partnership among State officials, business leaders, and Johnson and Wales University; and
Whereas, Johnson and Wales University is in its third year of operation with more than 2,500 students, one‑half of whom are citizens of North Carolina; and
Whereas, Johnson and Wales University has invested over $100,000,000, has created almost 200 new jobs, including 190 full‑time faculty, and has generated over $100,000,000 annually in the State's economy; and
Whereas, the General Assembly leadership has kept its commitment the past four years by appropriating $1,000,000 of the $10,000,000 each year, thereby leaving a balance of $6,000,000 on the commitment; and
Whereas, currently in the fifth year of the commitment, Johnson and Wales University needs to expand its campus to serve its students and needs the balance of the $6,000,000 to accomplish the expansion; Now, therefore,
The General Assembly of North Carolina enacts:
SECTION 1.  There is appropriated from the General Fund to the One North Carolina Fund created under G.S. 143B‑437.71 the sum of six million dollars ($6,000,000) for the 2007‑2008 fiscal year. Notwithstanding the provisions of G.S. 143B‑437.71, the Department of Commerce shall allocate the funds appropriated in this act to the One North Carolina Fund to Johnson and Wales University in Charlotte, a nonprofit educational institution, for the purpose of providing financial assistance to the University.
SECTION 2.  This act becomes effective July 1, 2007.