| 12 | 13 | | A BILL TO BE ENTITLED 1 |
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| 13 | 14 | | AN ACT CREATING THE CAPITAL FOR COMMUNITIES SPECIAL FUND . 2 |
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| 14 | 15 | | The General Assembly of North Carolina enacts: 3 |
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| 15 | 16 | | SECTION 1. Article 9 of Chapter 143C of the General Statutes is amended by adding 4 |
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| 16 | 17 | | a new section to read: 5 |
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| 17 | 18 | | "§ 143C-9-11. Capital for Communities Special Fund. 6 |
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| 18 | 19 | | (a) Creation. – The Capital for Communities Special Fund is established as a 7 |
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| 19 | 20 | | nonreverting special fund in the General Fund to be administered by the Office of State Budget 8 |
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| 20 | 21 | | and Management to carry out the provisions of this section. Appropriations from the Fund may 9 |
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| 21 | 22 | | be administered by other State agencies as deemed necessary by the Office of State Budget and 10 |
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| 22 | 23 | | Management. Interest and investment earnings received on monies in the Fund shall be credited 11 |
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| 23 | 24 | | to the Fund. 12 |
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| 24 | 25 | | (b) Source of Funds. – Transfers shall be made to the Capital for Communities Special 13 |
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| 25 | 26 | | Fund in accordance with G.S. 147-69.4A. 14 |
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| 26 | 27 | | (c) Use of Funds. – Funds in the Capital for Communities Special Fund shall be utilized 15 |
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| 27 | 28 | | solely for the purpose of economic development projects occurring within the State, including 16 |
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| 28 | 29 | | the awarding of grants for a project, that fall into one or more of the following categories: 17 |
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| 29 | 30 | | (1) Creation of affordable housing. 18 |
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| 30 | 31 | | (2) Creation of child care centers or schools. 19 |
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| 31 | 32 | | (3) Creation of specialized ambulatory care facilities designed specifically to 20 |
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| 32 | 33 | | reduce a healthcare disparity or shortage, such as a birth center. 21 |
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| 33 | 34 | | (4) Support and furtherance of groundbreaking medical research. 22 |
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| 34 | 35 | | (5) Workforce development. 23 |
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| 35 | 36 | | (6) Creation of jobs that offer a living wage no less than the median salary of a 24 |
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| 36 | 37 | | teacher in this State. 25 |
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| 37 | 38 | | (7) Building a nonprofit education facility." 26 |
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| 38 | 39 | | SECTION 2. Article 6 of Chapter 147 of the General Statutes is amended by adding 27 |
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| 39 | 40 | | a new section to read: 28 |
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| 40 | 41 | | "§ 147-69.4A. Transfers to the Capital for Communities Special Fund. 29 |
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| 41 | 42 | | (a) Funding for Capital for Communities Special Fund. – Notwithstanding any provision 30 |
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| 42 | 43 | | of law to the contrary, and to the extent permitted under federal law, the State Treasurer shall 31 |
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| 43 | 44 | | transfer a portion of the funds specified in this section to the Capital for Communities Special 32 |
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| 44 | 45 | | Fund, as provided for under G.S. 143C-9-11. Transfers shall be made on a quarterly basis. 33 |
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| 45 | 46 | | (b) Funds Subject to this Section. – All of the following shall be subject to transfer under 34 |
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| 46 | 47 | | this section in any given quarter, provided that for the previous quarter the fund or investment 35 |
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| 49 | 54 | | (1) All funds held by the State Treasurer. 1 |
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| 50 | 55 | | (2) All investments of special funds under G.S. 147-69.1, 147-69.2, and 2 |
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| 51 | 56 | | 147-69.2A. 3 |
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| 52 | 57 | | (c) Portion of Funds Subject to Transfer. – For each quarter of the State fiscal year, three 4 |
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| 53 | 58 | | and one-half percent (3.5%) of the total of each of the funds subject to this section shall be 5 |
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| 54 | 59 | | transferred to the Capital for Communities Special Fund." 6 |
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| 55 | 60 | | SECTION 3. This act is effective when it becomes law and applies to the next State 7 |
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| 56 | 61 | | fiscal quarter on or after that date. 8 |
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