AN ACT to extend the sunset provision on the authority granted to counties and cities to use special assessments to address CRITICAL INFRASTRUCTURE NEEDS AND TO SHORTEN THE NUMBER OF ANNUAL INSTALLMENTS.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 153A‑210.1 reads as rewritten:
"§ 153A‑210.1.  Purpose; sunset.
(a)	Purpose. – This Article enables counties that face increased demands for infrastructure improvements as a result of rapid growth and development to issue revenue bonds payable from special assessments imposed under this Article on benefited property. This Article supplements the authority counties have in Article 9 of this Chapter. The provisions of Article 9 of this Chapter apply to this Article, to the extent they do not conflict with this Article.
(a1)	Purpose of Dam Repair. – The General Assembly finds that dam repair is a public purpose promoting flood control and public safety.
(b)	Sunset. – This Article expires July 1, 2020. For projects authorized in G.S. 153A‑210.2(a1), this Article expires July 1, 2019. The expiration does not affect the validity of assessments imposed or bonds issued or authorized under the provisions of this Article prior to the effective date of the expiration."
SECTION 2.  G.S. 160A‑239.1 reads as rewritten:
"§ 160A‑239.1.  Purpose; sunset.
(a)	Purpose. – This Article enables cities that face increased demands for infrastructure improvements as a result of rapid growth and development to issue revenue bonds payable from special assessments imposed under this Article on benefited property. This Article supplements the authority cities have in Article 10 of this Chapter. The provisions of Article 10 of this Chapter apply to this Article, to the extent they do not conflict with this Article.
(b)	Sunset. – This Article expires July 1, 2020. The expiration does not affect the validity of assessments imposed or bonds issued or authorized under the provisions of this Article prior to the effective date of the expiration."
SECTION 3.  G.S. 153A‑210.5 reads as rewritten:
"§ 153A‑210.5.  Payment of assessments by installments.
An assessment imposed under this Article is payable in annual installments. The board of commissioners must set the number of annual installments, which may not be more than 25. The installments are due on the date that property taxes are due."
SECTION 4.  G.S. 160A‑239.5 reads as rewritten:
"§ 160A‑239.5.  Payment of assessments by installments.
An assessment imposed under this Article is payable in annual installments. The city council must set the number of annual installments, which may not be more than 25. The installments are due on the date that property taxes are due."
SECTION 5.  This act becomes effective June 30, 2015, and applies to assessments made on or after July 1, 2015.
In the General Assembly read three times and ratified this the 25th day of June, 2015.

	s/	 Philip E. Berger
	 President Pro Tempore of the Senate

	s/	 Tim Moore
	 Speaker of the House of Representatives

	_____________________________________
		 Pat McCrory
	 Governor

Approved __________.m. this ______________ day of ___________________, 2015