Bill Summary for S 314 (2021-2022)

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Summary date: 

Mar 17 2021

Bill Information:

View NCGA Bill Details2021
Senate Bill 314 (Public) Filed Wednesday, March 17, 2021
AN ACT TO PROVIDE ADDITIONAL TOOLS FOR THE LOCAL GOVERNMENT COMMISSION TO ASSIST LOCAL GOVERNMENT UNITS AVOID AND CORRECT FISCAL DISTRESS THAT REQUIRES THAT THE IMPACT OF CHANGES TO SALES TAX DISTRIBUTION FORMULAS BE DELAYED UNTIL THE FISCAL YEAR FOLLOWING THE INITIAL DECISION; TO MANDATE THAT A STATEMENT FROM THE LOCAL GOVERNMENT COMMISSION BE INCLUDED IN THE PETITION TO THE GENERAL ASSEMBLY WHEN A NEW MUNICIPALITY IS PROPOSED; TO ADD OPTIONAL SOURCES FOR TRAINING FOR FINANCE OFFICERS; TO ALLOW THE LOCAL GOVERNMENT COMMISSION TO MANDATE SPECIALIZED TRAINING FOR CITY AND COUNTY MANAGERS WHEN A UNIT IS EXHIBITING FISCAL DISTRESS; TO ESTABLISH A PROCESS FOR A MUNICIPALITY TO INITIATE A TRANSITION TO RECOVER FROM FINANCIAL DISTRESS; AND TO ESTABLISH A PROCESS FOR THE LOCAL GOVERNMENT COMMISSION TO TRANSFER THE ASSETS, LIABILITIES, AND OTHER OBLIGATIONS AND DISSOLVE MUNICIPALITIES DETERMINED TO BE IN FINANCIAL DISTRESS.
Intro. by McInnis, Johnson, Davis.

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Bill summary

Amends GS 116B-65 to allow the State Treasurer (Treasurer) to sell abandoned property five years (was, three years) after receiving it.

Amends GS 116B-67, to allow a person to file a claim for property paid or delivered to the Treasurer if the amount claimed exceeds $500 (was, $250).

Effective March 31, 2021.