GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION LAW 2001-211
AN ACT TO PERMIT COMMUNITY COLLEGES TO GRANT SECURITY INTERESTS TO FEDERAL AGENCIES.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 115D-58.1 reads as rewritten:
"§ 115D-58.1. Federal contracts and grants.
The board of trustees of any institution may apply for and
accept grants from the federal government or any agency thereof, in order to
carry out the institution's mission. In exercising this authority, the board of
trustees may enter into and carry out contracts with the federal government or
any agency thereof, may agree to and comply with any lawful and reasonable
condition attached to such a grant, grant including, in the case of a
grant from the Economic Development Administration, the granting of a security
interest to the Economic Development Administration in any real property or
equipment purchased with the grant, limiting the sale or use of the real
property or equipment as prescribed by regulations of the Economic Development
Administration, and may make expenditures from any funds so granted. The
State Board of Community Colleges shall adopt rules and regulations governing
the application for and the acceptance of grants under this section."
SECTION 2. S.L. 1988-907 is repealed.
SECTION 3. S.L. 1991-616 is repealed.
SECTION 4. This act is effective when it becomes law.
In the General Assembly read three times and ratified this the 5th day of June, 2001.
s/ Beverly E. Perdue
President of the Senate
s/ James B. Black
Speaker of the House of Representatives
s/ Michael F. Easley
Governor
Approved 1:52 p.m. this 15th day of June, 2001