Bill Summary for H 158 (2017-2018)
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AN ACT AUTHORIZING CITIES AND COUNTIES TO PROVIDE FOR THE PAYMENT OF ALL OR A PORTION OF THE COST OF CRITICAL INFRASTRUCTURE PROJECTS BY USING FUNDS FROM PRIVATE PARTIES AND REPAYING THE FUNDS BY MAKING SPECIAL ASSESSMENTS ON BENEFITED PROPERTY AND CLARIFYING THE RECIPIENT OF THE PROCEEDS FROM A PERFORMANCE GUARANTEE.Intro. by Saine, Williams, Strickland, Reives.
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Senate amendment #1 amends the 3rd edition by adding a new section amending GS 160A-372(g), concerning performance guarantees. Establishes that no person can claim any rights under or to any performance guarantee provided pursuant to subsection (g) or in the proceeds of any such performance guarantee other than the following three entities or persons: (1) the local government to whom the performance guarantee is provided, (2) the developer at whose request or for whose benefit the performance guarantee is given, and (3) the person or entity issuing or providing the performance guarantee at the request of or for the benefit of the developer. Clarifies that this new section of the act is intended to clarify existing law as it pertains to performance guarantees issued under GS 160A-372 and GS 153A-331 (sets out the content and requirements of subdivision control ordinances adopted by cities and counties). Makes conforming changes to the act's title.