House committee substitute makes the following changes to the 2nd edition.

Changes the short and long title.

Establishes that Buncombe County or Buncombe County and one or more municipalities located  within that county can create a Culture and Recreation Authority (Authority) (previously, only Buncombe County and the City of Asheville were authorized, by agreement, to create the Authority). Sets out the procedures for establishing the Authority, membership of the Authority, and related provisions depending on who is party to the Authority.

Amends the "Purpose of the Authority" provision, making conforming changes.

Amends the "General Powers of the Authority" provision, making conforming changes and establishing that the Authority has the power to appoint a full-time director to serve at its pleasure and sets out the duties and responsibilities of the director. Establishes that while the Authority has the power to prepare and submit an annual budget to the participating units, it is only subject to adoption by the county.

Amends the "Funds" provision, making conforming changes and establishing that, pursuant to GS 153A-149, Buncombe County can separately levy and collect an ad valorem tax in the county, not to exceed 7¢ on each $100 valuation of property. The funds raised by the tax will be maintained as a separate and special fund, used only for cultural or recreational purposes under the jurisdiction of the Authority. Also authorizes the County to issue general obligation bonds, as authorized by the Local Government Bond Act of the NC General Statutes.

Amends the "Fiscal Accountability" provision, making conforming changes.

Amends the "Termination" provision, making clarifying and conforming changes.