Amends GS 143-215.73F, concerning the Shallow Draft Navigation Channel Dredging and Lake Maintenance Fund (Fund) as follows. Adds that interest and other investment income earned by the Fund accrues to it, and that the Fund also consists of monies contributed by a non-state entity designated for a particular dredging project or group of projects, in addition to the fees credited to it under specified statutes. Makes conforming changes. Provides that for any project funded by the Fund from fees that must be cost-shared with non-state dollars on a one-to-one basis, the non-state cost share may also be provided by monies contributed to the Fund by a non-state entity. Allows the Secretary of Environment and Natural Resources to waive or modify the non-state cost share requirement for dredging projects that alleviate a navigational emergency or represent an opportunity to supplement or leverage United States Army Corps of Engineers (Corps) funding. Allows non‑state entities that contribute to the Fund for a particular project or group of projects to make a written request to the Secretary that the contribution be returned if the contribution has not been spent or encumbered within two years of the Fund's receipt of the contribution. Requires the Secretary to return the funds, if the written request is made before the funds are spent or encumbered, within 30 days after the later of receiving the request or the expiration of the two‑year period. Requires the Secretary to report any waivers or modifications of the cost‑share requirement within 30 days of issuance to the Joint Legislative Commission on Governmental Operations and the Fiscal Research Division. Requires the report to include an explanation of the factors that are the basis for the waiver or modification decision. Adds terms to the definitions section, including costs associated with a dredging project and navigational emergency.

Amends Chapter 449 of the 1985 Session Laws, as amended, to allow the Dare County Board of Commissioners to, by resolution, designate the use of some or all of the proceeds from the occupancy taxes authorized in the act for contributions to the Shallow Draft Navigation Channel Dredging and Lake Maintenance Fund, to be used for the non-state share of costs associated with dredging shallow draft navigation channels.

Enacts new Part 8C in Article 21 of GS Chapter 143. Enacts new GS 143-215.73G establishing the Deep Draft Navigation Channel Dredging and Maintenance Fund (Deep Draft Fund) as a special revenue fund, with interest and other investment income earned by the Deep Draft Fund accruing to it. Provides that the Deep Draft Fund is made up of General Fund appropriations; gifts or grants, including monies contributed by a non‑State entity for a particular dredging project or group of projects; and any other revenues specifically allocated by an act of the General Assembly. Limits use of the Deep Draft Fund to costs associated with projects providing safe and efficient navigational access to a state port, related surveys or studies, and the costs of disposal of dredged material. Requires state funds credited to the Deep Draft Fund to be cost-shared on a one‑to‑one basis with funds provided by the State Ports Authority. Allows funds contributed by a non‑state entity to be used to provide the required cost share. Allows the Secretary to waive or modify the cost-share requirement for any project that supplements Corps funding for a study authorized by the Corps related to navigational access to a state port, based on availability of alternate funding sources. Also allows the Secretary to waive or modify the non‑state cost-share requirement for dredging projects or federally authorized studies of deep draft access to state ports that represent an opportunity to supplement or leverage Corps funding that would be lost if a cost‑share was required, or alleviate shoaling or other navigational hazards that pose a negative impact on safety or commerce within a state port. Requires the Secretary to return the funds, if the written request is made before the funds are spent or encumbered, within 30 days after the later of receiving the request or the expiration of the two‑year period. Requires the Secretary to report any waivers or modifications of the cost‑share requirement within 30 days of issuance to the Joint Legislative Commission on Governmental Operations and the Fiscal Research Division. Requires the report to include an explanation of the factors that are the basis for the waiver or modification decision. Defines terms used in the Part.

Amends Section 6.1 of SL 2013-360, as amended, to require that, of the funds appropriated to the Contingency and Emergency Fund for the 2014-15 fiscal year, $1.7 million must be transferred to the Shallow Draft Navigation Channel Dredging and Lake Maintenance Fund, and $800,000 must be transferred to the Deep Draft Navigation Channel Dredging and Maintenance Fund. Requires any funds remaining in the Contingency and Emergency Fund at the end of the 2013-15 biennium to be transferred to the Deep Draft Navigation Channel Dredging and Maintenance Fund. Makes a conforming change to GS 143C-4-4.

Requires the State Ports Authority to negotiate with the Corps a memorandum of agreement allowing for nonfederal funding of dredging and related studies or maintenance at the state ports in Wilmington and Morehead City for as long a term as possible.

Requires the Division of Water Resources of the Department of Environment and Natural Resources to negotiate a memorandum of agreement with the Corps allowing for nonfederal funding of dredging of Oregon Inlet, for as long a term as possible.

Requires the Department of Administration to initiate negotiations with the appropriate federal agency for an agreement to acquire the federally owned property necessary for managing deep draft navigation channels providing access to state port facilities at Morehead City from the federal government in exchange for state‑owned real property. Gives the Secretary of the Department of Administration authority to negotiate the terms of the acquisition agreement. Sets out required terms of the agreement. Requires the Attorney General, within 30 days of the acquisition becoming effective, to execute any documents or deeds necessary to effectuate the acquisition. Requires the Secretary of the Department of Administration to report, within 30 days after an agreement is entered into, to the Joint Legislative Commission on Governmental Operations on the terms of the agreement.