Bill Summary for H 412 (2023-2024)
Mar 16 2023
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AN ACT TO MODIFY THE TERMS OF CONVEYANCE OF A CERTAIN PARCEL OF LAND TO PENDER COUNTY TO ENABLE CERTAIN FINANCING OPTIONS NEEDED IN THE CONSTRUCTION OF A JAIL FACILITY.Intro. by Carson Smith.
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Amends Section of SL 2019-137 (pertaining to the conveyance of certain property to Pender County by the State so long as the property is used as a jail and law enforcement center) as follows. Adds the stipulation that if, Pender County grants a deed of trust or similar security instrument related to the property conveyed by the State, the State’s reversionary interest in the property will be subordinate to the interest conveyed in the security instrument. Requires the Department of Administration to execute and provide any instruments of title or other documentation required by Pender County to facilitate or obtain financing agreements in connection with the construction of a jail facility on the subject property.