Bill Summary for H 596 (2011-2012)

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Summary date: 

May 19 2011

Bill Information:

View NCGA Bill Details2011-2012 Session
House Bill 596 (Public) Filed Monday, April 4, 2011
TO FACILITATE THE IDENTIFICATION OF SURPLUS STATE OWNED REAL PROPERTY; TO REQUIRE THAT THE OWNERSHIP OF THAT PROPERTY BE TRANSFERRED TO THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM; TO REQUIRE THE STATE TREASURER TO MANAGE THAT PROPERTY FOR THE BENEFIT OF THE STATE RETIREMENT SYSTEM; AND TO MAKE CONFORMING CHANGES TO THE GENERAL STATUTES.
Intro. by Hastings, Stam, Crawford.

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Bill summary

House committee substitute makes the following changes to 1st edition.
Deletes all provisions of 1st edition and replaces with AN ACT TO REQUIRE THAT THE PROCEEDS OF CERTAIN DISPOSITIONS OF STATE-OWNED REAL PROPERTY BE USED IN PART TO SUPPORT THE GENERAL FUND, IN PART TO SUPPORT THE TEACHERS’ AND STATE EMPLOYEES’ RETIREMENT SYSTEM OF NORTH CAROLINA, AND IN PART TO SUPPORT THE AGENCIES TO WHICH THE PROPERTY WAS ALLOCATED; AND TO APPROPRIATE FUNDS FOR THESE PURPOSES. Amends GS 146-30(a), providing that specified net proceeds will be applied first in accordance with the provisions of certain trusts or title instruments, then applied according to an act of the General Assembly, and third, applied as follows: (1) deposit with the State Treasurer to support the General Fund if the appraised value of land exceeds $6 million; (2) deposited according to specified percentages if the value of the land does not exceed $6 million. Enacts new subsection (a1) to GS 146-30, stating that the statute does not prohibit the disposition of state lands by exchange for other lands; however, if the appraised value in fee simple of any property involved in the exchange is at least $25,000, then the exchange may not be made without consulting the Joint Legislative Commission on Governmental Operations. Effective July 1, 2011, and expires January 1, 2016.