Bill Summary for S 409 (2011-2012)

Summary date: 

Jun 14 2011

Bill Information:

View NCGA Bill Details2011-2012 Session
Senate Bill 409 (Public) Filed Wednesday, March 23, 2011
TO PROVIDE THAT THE PROGRAM EVALUATION DIVISION OF THE NORTH CAROLINA GENERAL ASSEMBLY SHALL CONDUCT A COMPREHENSIVE PROGRAM AND FINANCIAL REVIEW OF THE NORTH CAROLINA GLOBAL TRANSPARK AUTHORITY.
Intro. by Hartsell, Clary, Clodfelter.

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Bill summary

House committee substitute makes the following changes to 3rd edition.
Deletes provision reducing the appropriation for the UNC Need-Based Financial Aid Program by $17.5 million. Also deletes provision directing the State Treasurer to make a quarterly transfer to the Escheat Fund of $1.25 million to be credited towards the outstanding loan from the Escheat Fund to the Authority.
Adds a section providing that, if House Bill 200 (Appropriations Act of 2011) becomes law, then Section 2.1 of House Bill 200 is rewritten to decrease the appropriation to Related Educational Programs and add a $17.5 million appropriation to the Escheat Fund. Makes conforming changes.
Requires that any monies received from a grant made on or after July 1, 2011, by the Golden Leaf, Inc., to the Authority be first applied to the payment of any outstanding loan from the Escheat Fund to the Authority authorized under GS 63A-4(a)(22) and GS 147-69.2(b)(11).
Changes the final maturity date with respect to assets of the Escheat Fund, obligations of the Authority authorized by GS 63A-4(a)(22), to October 1, 2012 (was, October 1, 2018).

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