GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2005
SESSION LAW 2005-364
SENATE BILL 606
AN ACT to amend the powers of the global transpark development commission and to change the name of the Global TransPark Development Zone to north CAROLINA'S Eastern Region.
The General Assembly of North Carolina enacts:
SECTION 1. Article 4 of Chapter 158 of the General Statutes reads as rewritten:
"Global TransPark Development Zone.North
Carolina's Eastern Region.
"§ 158-30. Title.
This Article shall be known as the 'Global TransPark
Development Zone 'North Carolina's Eastern Region Act'.
"§ 158-31. Purpose.
The purpose of this Article is to allow the following
counties, which have the potential to derive direct economic benefits from the
North Carolina Global TransPark, to create a special economic development
district, to be known as the Global TransPark Development Zone:North
Carolina's Eastern Region: Carteret, Craven, Duplin, Edgecombe, Greene,
Jones, Lenoir, Nash, Onslow, Pamlico, Pitt, Wayne, and Wilson.
The purpose of North Carolina's Eastern Region the
Global TransPark Development Zone is to promote the development of the
North Carolina Global TransPark and to promote and encourage economic
development within the territorial jurisdiction of the Zone Region by
fostering or sponsoring development projects to provide land, buildings,
facilities, programs, information and data systems, and infrastructure
requirements for business and industry in the North Carolina Global TransPark
outside of the Global TransPark Complex, and elsewhere in the Zone.Region.
"§ 158-32. Definitions.
The following definitions apply in this Article:
(1) Authority. - The North
Carolina Air Cargo Airport Global TransPark Authority created
under Chapter 63A of the General Statutes, doing business as the North
Carolina Global TransPark Authority.Statutes.
(2) Commission. - The
Global TransParkNorth Carolina's Eastern Region Development Commission,
the governing body of the Global TransPark Development Zone.North
Carolina's Eastern Region.
(3) Global TransPark Complex. - The approximately four to six thousand acre site designated by the Authority for a cargo airport and related facilities in Lenoir County. The site will contain a modern airport large enough to handle the largest aircraft and will be dedicated to the rapid movement of freight and passengers by air with intermodal connecting links with rail, highway, and water transportation facilities.
(4) North Carolina Global TransPark. - A large area surrounding and including the Global TransPark Complex, which will contain commercial and industrial sites providing attractive locations for business and industry of differing sizes and varying kinds.
(4a) Region. - North Carolina's Eastern Region, an economic development district created pursuant to this Article.
(5) Unit of local government. - A local subdivision or unit of government or a local public corporate entity, including any type of special district or public authority.
(6) Zone. - The
Global TransPark Development Zone, an economic development district created
pursuant to this Article.
"§ 158-33. Creation of Global TransPark Development Zone.
(a) Resolution to Create Zone.Region.
- Any three or more of the counties listed in G.S. 158-31 may create the
Global TransPark Development ZoneNorth Carolina's Eastern Region as
provided in this section. In order to create the Zone,Region, the
governing bodies of the counties creating the Zone Region must
first adopt, on or before October 1, 1993, substantially similar resolutions
stating their intent to organize the Zone Region pursuant to this
Article. Each resolution shall include articles of incorporation for the Zone
whichRegion that shall set forth the following:
(1) The name of the Zone,Region,
which shall be the 'Global TransPark Development Zone'.' North
Carolina's Eastern Region.'
(2) A statement that the Zone
Region is organized under this Article.
(3) The names of the organizing counties known to the county adopting the resolution.
(b) Public Hearing. -
Each resolution may be adopted only after a public hearing on the question,
notice of which hearing has been given by publication at least once after July
25, 1993, and not less than 10 days before the date set for the hearing, in a
newspaper having a general circulation in the county. The notice shall contain
a brief statement of the substance of the proposed resolution, set forth the
proposed articles of incorporation of the ZoneRegion, and state
the time and place of the public hearing to be held on the resolution. No other
publication or notice of the resolution is required.
(c) Incorporation of Zone.Region.
- Each county that adopts a resolution as provided in this section shall file a
certified copy of the resolution with the Secretary of State on or before
October 15, 1993, together with proof of publication of notice of the hearing
on the resolution. Each resolution must contain the county clerk's attestation
that it was adopted by the board of commissioners. If the Secretary of State
finds that the resolutions, including the articles of incorporation, conform to
the provisions of this Article and that notices of the hearings were properly
published, the Secretary of State shall file the resolutions and proofs of
publication and shall issue a certificate of incorporation for the Zone Region
under the seal of the State. The Secretary of State shall record the
certificate of incorporation in an appropriate book of record in the Secretary
of State's office.
(d) Effect of
Incorporation. - The issuance of the certificate of incorporation by the
Secretary of State shall constitute the Global TransPark Development ZoneNorth
Carolina's Eastern Region a public body and body politic and corporate of
the State. The certificate of incorporation shall be conclusive evidence that
the Zone Region has been duly created and established under this
Article.
"§ 158-33.1.
Addition of counties to Zone.Region.
(a) Authority. - The Zone
Region shall allow an eligible county to participate in the Zone Region
as provided in this section. A county is eligible to participate in the Zone
Region under this section if G.S. 158-31 authorizes the county
to create the Zone,Region, but the county failed to adopt a
resolution stating its intent to create the Zone Region by the
October 1, 1993, deadline set in G.S. 158-33(b).
(b) Application. - The
governing body of an eligible county may apply to participate in the Zone Region
under this section by adopting a resolution to participate in the Zone.Region.
The resolution must comply with all the requirements of G.S. 158-33(a) and
(b) except that it may be adopted at any time before October 1, 1994. After
adopting the resolution, the county shall file a certified copy of the
resolution with the Global TransPark Development Commission.
(c) Approval of
Application. - Within one month after receipt of an application to join the Zone
Region pursuant to this section, the Commission shall meet to
consider the application. At the meeting, the Commission shall approve the
application if all of the following conditions are met:
(1) The applicant is an eligible county and has adopted a resolution that complies with subsection (b) of this section.
(2) The applicant agrees
to pay a fee equal to the initiation fee paid by each of the counties that
originally created the Zone.Region.
(3) The applicant agrees to make monthly payments in lieu of taxes as provided in subsection (f) of this section.
(d) Commission
Resolution. - After the Commission votes to add a county to the Zone,Region,
the Commission shall adopt a resolution that states its intent to add the
county and includes amended articles of incorporation for the Zone Region
which set forth the name of the county to be added to the Zone.Region.
The Commission shall file certified copies of this resolution with the
Secretary of State.
(e) Effect of Amendment. -
If the Secretary of State finds that the resolution conforms to the
requirements of this Article, the Secretary of State shall file the resolution,
issue an amended certificate of incorporation for the Zone Region including
the additional county, and record the amended certificate of incorporation. The
amended certificate of incorporation for the Zone Region shall
become effective on the first day of the second month after it is issued. Upon
the effective date of the amended certificate of incorporation for the Zone,
Region, the new county becomes a fully participating member of the Zone.Region.
If the Commission has levied a tax in the Zone Region pursuant to
G.S. 158-42, that tax applies within the new county beginning on the date
the amended certificate of incorporation becomes effective.
(f) Payments in
Lieu of Taxes. - A county that participates in the Zone Region under
this section is required to make monthly payments in lieu of taxes to the Zone
Region after the expiration of the tax levied pursuant to
G.S. 158-42. Each payment shall be equal to the estimated net amount of
tax that would have been collected in the county under G.S. 158-42 for
that month if the tax were still in effect. Each payment is due within 15 days
after the end of the month in which it accrues. The county is required to make
monthly payments for a period equal to the number of months that the county was
not participating in the Zone Region while the tax was levied
under G.S. 158-42. The requirement that a county make payments in lieu of
taxes expires, however, on the effective date of a withdrawal from the Zone Region
by the county. For the purposes of this Article, payments in lieu of taxes
shall be considered proceeds of the tax levied in G.S. 158-42 collected in
the county making the payment.
"§ 158-34.
Territorial jurisdiction of Zone.Region.
The territorial jurisdiction of the Zone Region created
pursuant to this Article shall be coterminous with the boundaries of the
counties participating in the Zone.Region.
"§ 158-35. Commission membership, officers, compensation.
(a) Commission
Membership. - The governing body of the Zone Region is the Global
TransPark Development Commission. The members of the Commission must be
residents of the Zone Region and shall be appointed as follows:
(1) The board of
commissioners of each county participating in the Zone shallRegion
shall, in consultation with the county's local business community, appoint three
voting members, one of whom shall be a minority person as defined in
G.S. 143-128.2(g)(2) and one of whom may be a member of the board of
commissioners. one member.
(2) The
Commission may appoint up to seven voting members. By the appointment of these
members, the Commission shall ensure that the voting membership of the
Commission includes at least seven women and seven members of a racial minority
described in G.S. 143-128.2(g)(2). The Commission shall appoint the fewest
number of members necessary to achieve these minimums.
(3) Four
nonvoting members shall be appointed as follows:
a. One
appointed by the Chancellor of East Carolina University to represent the
University.
b. One
appointed by a majority vote of the presidents of the community colleges
located in the Zone, to represent the community colleges.
c. One
appointed by the chair of the State Ports Authority, to represent the sea ports
of the State.
d. One
member of the board of directors of the Global TransPark Foundation, Inc.,
appointed by that board.
(4) The General Assembly shall appoint two members to the Commission on the recommendation of the Speaker of the House of Representatives and two members on the recommendation of the President Pro Tempore of the Senate in accordance with G.S. 120-121. The Governor shall appoint two members to the Commission. No two members appointed under this subdivision may be residents of the same county. The President Pro Tempore of the Senate, Speaker of the House of Representatives, and the Governor shall consult to assist in geographic diversity in those six appointments. In order to be eligible for appointment under this subdivision, a person must be a resident of the region. No person appointed under this subdivision is eligible to be chairperson or vice-chairperson.
(b) Terms. - Members of
the Commission shall serve for staggered four-year terms. The members
appointed by the Chancellor of East Carolina University and by the chair of the
State Ports Authority shall serve an initial term of two years. The members
appointed by the community colleges located in the Zone and by the board of
directors of the Global TransPark Foundation, Inc., shall serve an initial term
of four years. Each board of commissioners shall designate one of its
appointees to serve an initial term of four years, one to serve an initial term
of two years, and one to serve an initial term to be determined at the first
meeting of the Commission. One-half of the appointees designated to serve an
undetermined initial term shall serve an initial term of two years, as
determined by lot at the first meeting of the Commission. The remainder of the
appointees designated to serve an undetermined initial term shall serve an
initial term of four years. Initial terms begin upon approval by the Secretary
of State of the articles of incorporation.Three of the members initially
appointed by the boards of county commissioners pursuant to subdivision (a)(1)
of this section shall serve an initial term of two years. The three members to
serve initial terms of two years shall be determined by lot at the
organizational meeting of the Commission. Each of the initial appointees by the
General Assembly and Governor pursuant to subdivision (a)(4) of this section
shall serve an initial term of two years.
(c) Removal; Vacancies. - A member of the Commission may be removed with or without cause by the appointing body. In addition, a majority of the Commission members may, by majority vote, remove a member of the Commission if that member does not attend at least three-quarters of the regularly scheduled meetings of the Commission during any consecutive 12-month period of service of that member on the Commission, except that absences excused by the Commission due to serious medical or family circumstances shall not be considered. If the Commission votes to remove a member under this subsection, the vacancy shall be filled in the same manner as the original appointment. Appointments to fill vacancies shall be made for the remainder of the unexpired term by the respective appointing authority. All members shall serve until their successors are appointed and qualified, unless removed from office.
(d) Dual Office Holding. - Service on the Commission may be in addition to any other office a person is entitled to hold.
(e) Officers. - The Commission shall annually elect from its membership a chairperson and a vice-chairperson, and shall annually elect a secretary and a treasurer. After the Commission has been duly organized and its officers elected as provided in this section, the secretary of the Commission shall certify to the Secretary of State the names and addresses of the officers as well as the address of the principal office of the Commission.
(f) Compensation. -
The members of the Commission shall receive no compensation other than travel,
subsistence, and reasonable per diem expenses determined by the Commission for
attendance at Commission meetings and other official Zone Region functions.
"§ 158-36. Voting.
A majority of the Commission members shall constituteconstitutes
a quorum for the transaction of business. Each voting member of the Commission
shall have one vote. The Except as otherwise provided in this
Article, the Commission may transact business only by majority vote of the voting
members present and voting.
"§ 158-37.
Powers of the Zone.Region.
(a) The general powers of
the Zone Region include the following:
(1) The powers of a corporate body, including the power to sue and be sued and to adopt and use a common seal.
(2) To adopt bylaws and
resolutions in accordance with this Article for its organization and internal management.management,
including the power to create and appoint an executive and other committees and
to vest authority in the executive and other committees, as the Commission
deems advisable.
(3) To employ persons as necessary and to fix their compensation within the limit of available funds.
(4) With the approval of the unit of local government's chief administrative official, to use officers, employees, agents, and facilities of a unit of local government for purposes and upon terms agreed upon with the unit of local government.
(5) To make contracts, deeds, leases with or without option to purchase, conveyances, and other instruments, including contracts with the United States, the State of North Carolina, and units of local government.
(6) To acquire, lease as lessee with or without option to purchase, hold, own, and use any franchise or property or any interest in a franchise or property, within the limit of available funds.
(7) To transfer, lease as lessor with or without option to purchase, exchange, or otherwise dispose of any franchise or property or any interest in a franchise or property, within the limit of available funds.
(8) To surrender to the
State of North Carolina any property no longer required by the Zone.Region.
(b) The economic
development powers of the Zone Region include the following, to
the extent appropriate to carry out its purposes as provided in this Article:
(1) To levy a temporary
annual motor vehicle registration tax on vehicles with a tax situs within the Zone,Region,
as provided in G.S. 158-42.
(2) To acquire, construct,
improve, maintain, repair, operate, or administer any component part of a
public infrastructure system or facility within the Zone,Region,
directly or by contract with a third party.
(3) Except as otherwise provided in this Article, to exercise the powers granted to a local government for development by G.S. 158-7.1, except the power to levy a property tax.
(4) To make grants and
loans to support economic development projects authorized by this Article
within the Zone.Region.
(5) Reserved.To
promote travel and tourism, and natural resource-based attractions, within the
Region.
(6) To contract with units
of local government within the Zone Region to administer the
issuance of permits and approvals required of businesses.
(7) To provide employee
training programs to prepare workers for employment in the Zone.Region.
(8) To gather and maintain
information of an economic, a business, or a commercial character that would be
useful to businesses within the Zone.Region.
(9) To prepare specific
site studies to assess the appropriateness of any area within the Zone Region
for use or development by a business and to provide opportunities for
businesses to examine sites.
(10) To exercise the powers of a
regional planning commission as provided in G.S. 153A-395 and the powers
of a regional economic development commission as provided in Article 2 of this
Chapter, but the Zone Region does not have the authority to
establish land-use zoning in any county.
(11) To carry out the purposes of a consolidation and governmental study commission as provided in Article 20 of Chapter 153A of the General Statutes.
(12) To enter in a reasonable manner
land, water, or premises within the Zone Region to make surveys,
soundings, drillings, or examinations. Such an entry shall not constitute
trespass, but the Zone Region shall be liable for actual damages
resulting from such an entry.
(13) To monitor and encourage the use
of utility corridors adjacent to intrastate and interstate highways within the Zone
Region that are four-lane, divided, limited-access highways.
(14) To plan for and assist in the
extension of natural gas within the Zone.Region.
(15) To assist in the placement of an
information highway within the Zone.Region.
(16) To do all other things necessary or appropriate to carry out its purposes as provided in this Article.
"§ 158-38. Fiscal accountability.
The Zone Region is a public authority subject
to the provisions of Chapter 159 of the General Statutes.
"§ 158-39. Funds.
The establishment and operation of the Zone Region are
governmental functions and constitute a public purpose. The State of North
Carolina and any unit of local government may appropriate or otherwise provide
funds to support the establishment and operation of the Zone.Region.
The State of North Carolina and any unit of local government may also dedicate,
sell, convey, donate, or lease any of their interests in property to the Zone.Region.
The Zone Region may apply for grants from the State of North
Carolina, the United States, or any department, agency, or instrumentality of
the State or the United States. Any department of State government may allocate
to the Zone Region any funds the use of which is not restricted
by law.
"§ 158-40. Tax exemption.
Property owned by the Zone Region is exempt
from taxation. This tax exemption does not apply to the lease, or other
arrangement that amounts to a leasehold interest, of Zone Region property
to a private party, or to the income of the lessee, unless the property is
leased solely for the purpose of the Zone,Region, in which case
the activities of the lessee are considered the activities of the Zone.Region.
"§ 158-41. Withdrawal; termination.
(a) Withdrawal. - A
county participating in the Zone Region may, by resolution,
withdraw from the Zone.Region. A resolution withdrawing from the Zone
Region may not become effective before the end of the fiscal year in
which it is adopted. Upon adoption of a resolution withdrawing from the Zone,Region,
the board of commissioners of the county shall provide a copy of the resolution
to the Secretary of State, the Commission, the Authority, and every other
county participating in the Zone.Region. Withdrawal does not
entitle a county to early distribution of its beneficial interest in Zone Region
assets, but a county that has withdrawn retains its right to any
distributions that may be made to participating counties pursuant to subsection
(b) of this section on the same basis as if it had not withdrawn. For all other
purposes, a county that has withdrawn from the Zone Region no
longer participates in the Zone.Region.
(b) Termination. - The
Commission may dissolve the Zone Region and terminate its existence
at any time. If the Zone Region is dissolved and terminated or is
otherwise unable to expend the tax proceeds received pursuant to G.S. 158-42,
the Commission shall liquidate the assets of the Zone Region to
the extent possible and distribute all Zone Region assets to the
counties of the Zone Region in proportion to the amount of tax
collected in each county. The assets of the Zone Region that
exceed the amount of tax collected by the counties and are attributable to an
appropriation made to the Zone Region by the General Assembly
shall revert to the General Fund and may not be distributed to the counties. A
county may use funds distributed to it pursuant to this subsection only for
economic development projects and infrastructure construction projects. In
calculating the amount to be refunded to each county, the Zone Region
shall first allocate amounts loaned and not yet repaid as follows:
(1) Amounts loaned for a project in a county will be allocated to that county to the extent of its beneficial ownership of the principal of the trust account created under G.S. 158-42 and the county will become the owner of the right to repayment of the amount loaned to the extent of its beneficial ownership of the principal of the trust account created under G.S. 158-42.
(2) Amounts not allocated pursuant to subdivision (1) shall be allocated among the remaining counties in proportion to the amount of tax collected in each county under G.S. 158-42, and the remaining counties shall become the owners of the right to repayment of the amounts loaned in proportion to the amount of tax collected in each county under G.S. 158-42.
Notes and other instruments representing the right to
repayment shall, upon dissolution of the Zone,Region, be held and
collected by the State Treasurer, who shall disburse the collections to the
counties as provided in this subsection.
The Commission shall distribute those assets that it is
unable to liquidate among the Zone Region counties insofar as
practical on an equitable basis, as determined by the Commission. Upon
termination, the State of North Carolina shall succeed to any remaining rights,
obligations, and liabilities of the Zone Region not assigned to
the Zone Region counties.
"§ 158-42.
Temporary Zone Region vehicle registration tax.
(a) Levy. - The
Commission may, by resolution, after not less than 10 days' public notice and a
public hearing, levy an annual registration tax of five dollars ($5.00) on
motor vehicles with a tax situs within the Zone.Region. A tax
levied under this section is in addition to any other motor vehicle license or
registration tax.
The tax applies to vehicles required to pay a tax under G.S. 20-88, except trailers, and G.S. 20-87(1), (2), (4), (5), (6), and (7). The tax situs of a motor vehicle for the purpose of this section is its ad valorem tax situs. If the vehicle is not subject to ad valorem tax, its tax situs for the purpose of this section is the ad valorem tax situs it would have if it were subject to ad valorem tax.
(b) Effective Date; Expiration. - The effective date of a tax levied under this section shall be no earlier than July 1, 1994. The effective date of a tax levied under this section must be the first day of a calendar month set by the Commission in the resolution levying the tax, and shall be no earlier than the first day of the third calendar month after the adoption of the resolution.
The authority of the Zone Region to levy a tax
under this section expires five years after the effective date of the first tax
levied under this section. A tax levied under this section expires when the Zone's
Region's authority to levy the tax expires. The expiration of the
tax does not affect the rights or liabilities of the Zone,Region,
a taxpayer, or another person arising under this section before the expiration
of the tax; nor does it affect the right to any refund or credit of a tax that
would otherwise have been available under this section before the expiration of
the tax.
(c) Repeal of Tax. - The
Commission may, by resolution, repeal a tax levied under this section. The
effective date of the repeal must be the first day of a calendar month set by
the Commission in the resolution repealing the tax, and shall be no earlier
than the first day of the third calendar month after the adoption of the
resolution. Repeal of the tax does not affect the date the Zone's Region's
authority to levy the tax expires under subsection (b) of this section.
Repeal of the tax does not affect the rights or liabilities of the Zone,Region,
a taxpayer, or another person arising under this section before the effective
date of the repeal; nor does it affect the right to any refund or credit of a
tax that would otherwise have been available under this section before the
effective date of the repeal.
(d) Administration. - The
Division of Motor Vehicles of the Department of Transportation shall collect
and administer a tax levied under this section. Immediately after adopting a
resolution levying or repealing a tax under this section, the Commission shall deliver
a certified copy of the resolution to the Division of Motor Vehicles. If the
Secretary of State issues an amended certificate of incorporation adding a
county to the Zone Region pursuant to G.S. 158-33.1, the
Commission shall deliver a certified copy of the amended certificate
immediately to the Division of Motor Vehicles. If the Commission receives a
resolution from a county withdrawing from the Zone Region pursuant
to G.S. 158-41, the Commission shall deliver a certified copy of the
resolution immediately to the Division of Motor Vehicles.
A tax levied under this section is due at the same time and subject to the same restrictions as the tax levied in G.S. 20-87 and G.S. 20-88. The tax shall be prorated in accordance with G.S. 20-95. The Commissioner of Motor Vehicles may adopt rules necessary to administer the tax.
(e) Distribution of Tax
Proceeds. - The Commissioner of Motor Vehicles shall credit the proceeds of the
tax levied under this section to a special account and distribute the net proceeds
on a quarterly basis to the Zone.Region. Interest on the special
account shall be credited quarterly to the Highway Fund to reimburse the
Division of Motor Vehicles for the cost of collecting and administering the
tax. The Commissioner of Motor Vehicles shall provide the Zone Region
with an accounting of the percentage of proceeds collected in each county
of the Zone Region in each quarter.
(f) Use of Tax
Proceeds. - The Zone Region may use the proceeds of the tax
levied under this section only for economic development projects and
infrastructure construction projects that are within the territorial
jurisdiction of the Zone Region but not within the Global
TransPark Complex. The Zone Region shall use the tax proceeds
only for public purposes authorized by this Article.
The Zone Region shall place fifteen percent
(15%) of the tax proceeds distributed to it under this section in a general
funds account and the remaining eighty-five percent (85%) in an interest-bearing
trust account. Each county shall be the beneficial owner of a share of the
principal of the trust account in proportion to the amount of tax proceeds
collected in that county.
The Zone Region may not disburse the principal
of the trust account except pursuant to a contract that provides that, within a
reasonable time not to exceed 20 years, the Zone Region will
recover or be repaid the amount disbursed. The Zone Region may,
in its discretion, set reasonable terms and conditions for the repayment of the
principal disbursed, including provisions for securing the debt and the payment
of interest."
SECTION 2. G.S. 143B-437.21(6) reads as rewritten:
"§ 143B-437.21. Definitions.
The following definitions apply in this Part:
…
(6) Regional partnership. - Any of the following:
a. The Western North Carolina Regional Economic Development Commission created in G.S. 158-8.1.
b. The Northeastern North Carolina Regional Economic Development Commission created in G.S. 158-8.2.
c. The Southeastern North Carolina Regional Economic Development Commission created in G.S. 158-8.3.
d. The Global
TransPark North Carolina's Eastern Region Development Commission
created in G.S. 158-33.
e. The Carolinas Partnership, Inc.
f. The Research Triangle Regional Partnership.
g. The Piedmont Triad Partnership."
SECTION 3. G.S. 158-12.1 reads as rewritten:
"§ 158-12.1. Commission funds secured.
The Western North Carolina Regional Economic Development
Commission, Research Triangle Regional Commission, Southeastern North Carolina
Regional Economic Development Commission, Piedmont Triad Partnership,
Northeastern North Carolina Regional Economic Development Commission, Global
TransPark North Carolina's Eastern Region Development Commission,
and Carolinas Partnership, Inc., may deposit money at interest in any bank,
savings and loan association, or trust company in this State in the form of
savings accounts, certificates of deposit, or such other forms of time deposits
as may be approved for county governments. Investment deposits and money
deposited in an official depository or deposited at interest shall be secured
in the manner prescribed in G.S. 159-31(b). When deposits are secured in
accordance with this section, no public officer or employee may be held liable
for any losses sustained by an institution because of the default or insolvency
of the depository. This section applies to the regional economic development
commissions listed in this section only for as long as the commissions are
receiving State funds."
SECTION 4. Any costs associated with the change of the name of the Global TransPark Development Zone to North Carolina's Eastern Region by this act shall be borne by North Carolina's Eastern Region Development Commission.
SECTION 4.1. The terms of office of the existing members of the Global TransPark Development Commission terminate September 30, 2005. New members of North Carolina's Eastern Region Development Commission shall be appointed for terms beginning October 1, 2005, and ending June 30, 2007, for those receiving two-year initial terms, and ending June 30, 2009, for those receiving four-year initial terms. The terms of the initial officers appointed under G.S. 158-35(e) shall expire June 30, 2006.
SECTION 5. This act becomes effective October 1, 2005.
In the General Assembly read three times and ratified this the 24th day of August, 2005.
s/ Beverly E. Perdue
President of the Senate
s/ James B. Black
Speaker of the House of Representatives
s/ Michael F. Easley
Governor
Approved 1:27 p.m. this 8th day of September, 2005