A BILL TO BE ENTITLED
AN ACT to require the martin county board of education to convey the bear grass school property to the town of bear grass on a lease‑to‑purchase basis for specified consideration.
The General Assembly of North Carolina enacts:
SECTION 1.  The Martin County Board of Education shall, not later than 30 days after this act becomes effective, convey on a lease‑to‑purchase basis to the Town of Bear Grass at fair market value the real and personal property of the Bear Grass School being: Martin County Parcel I.D. # 0400883, Map/Code/Lot 5753‑59‑2841, physical address 6344 East Bear Grass Road, Williamston, North Carolina.  The consideration for the conveyance shall be the sum of forty‑five thousand dollars ($45,000) per year for 10 years as lease payments, the first installment payable within 30 days of the date this act becomes law, and the sum of one dollar ($1.00) for purchase at the end of the 10th year.
SECTION 2.  This act is effective when it becomes law.