Bill Summary for S 409 (2011-2012)

Bill Information:

View NCGA Bill Details2011-2012 Session
Senate Bill 409 (Public) Filed Wednesday, March 23, 2011
Intro. by Hartsell, Clary, Clodfelter.

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Bill summary

Senate committee substitute, reported in on 6/7/11, makes the following changes to the 1st edition. Deletes all provisions of previous edition and replaces them with AN ACT TO REFORM THE GOVERNANCE OF THE NORTH CAROLINA GLOBAL TRANSPARK AND TO REPAY THE LOAN FROM THE ESCHEATS FUND TO THE GLOBAL TRANSPARK. Amends GS 63A-3(a) to clarify that The North Carolina Global TransPark Authority (Authority) is located within the Department of Transportation and is subject to the direction and supervision of the Secretary. Rewrites GS 63A-3(b) to provide that six members of the Authority’s Board of Directors (Board) are to be appointed by the Governor (previously 7), as specified. Adds the Secretary of the Department of Commerce as a member. Provides other details concerning membership appointment to the Board, and terms of the members of the Board. Rewrites GS 63A-24(3) to provide that the Secretary of Transportation may designate employees of the Authority as subject to GS Chapter 146, concerning state lands. Repeals GS 63A-3(c).
Transfer $17.5 million from the General Fund to the Escheats Fund as a payment on the outstanding loan from the Escheats Fund to the Authority. Provides that, if House Bill 200 of the 2011 Regular Session becomes law, then Section 9.8.(a) of House Bill 200 is rewritten to provide that there is appropriated from the Escheat Fund income to the UNC Board of Governors $49,622,242 (was, $32,122,242) for the 2011-12 fiscal year, and $32,122,242 for the 2012-13 fiscal year for use in the UNC Need-Based Financial Aid Program. Reduces the appropriation from the General Fund for the UNC Need-Based Financial Aid Program by $17.5 million, nonrecurring, in fiscal year 2011-12.
Enacts new GS 63A-9.5 to direct the State Treasurer, starting on July 1, 2013, to transfer on a quarterly basis from the General Fund to the Escheat Fund $1.25 million and to credit the payment toward the outstanding loan from the Escheat Fund to the Authority. Provides that if House Bill 200 of the 2011 Regular Session becomes law, then Section 6.10, concerning Authority debt, is repealed. Rewrites GS 147-69.2(b)(11), as amended, to allow the State Treasurer, in performing his or her duty to invest the cash of certain funds in excess of the amount required to meet the current needs and demands of such funds, to select from the Escheat Fund, obligations of the Authority, not to exceed $25 million, that have a final maturity date of not later than October 1, 2018 (previously October 1, 2011). Makes conforming changes to the bill title.
Effective July 1, 2011.

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