NORTH CAROLINA GENERAL ASSEMBLY

1969 SESSION

CHAPTER 254

SENATE BILL 191

AN ACT ENABLING MUNICIPALITIES TO FINANCE REDEVELOPMENT PROGRAMS ON AN ANNUAL BASIS.

The General Assembly of North Carolina do enact:

Section 1.  Section 160-462 of the General Statutes is hereby amended by adding the following new Subsection (18) at the end thereof:

"(18)    To perform redevelopment project undertakings and activities in one or more contiguous or non-contiguous redevelopment areas which are planned and carried out on the basis of annual increments."

Sec. 2.  Subsection (d)(7) of Section 160-463 of the General Statutes is amended to read as follows:

"(7)      A statement of the estimated cost and method of financing redevelopment under the plan; provided, that where redevelopment activities are performed on the basis of annual increments, such statement to be sufficient shall set forth a schedule of the activities proposed to be undertaken during the incremental period, together with a statement of the estimated cost and method of financing such scheduled activities only."

Sec. 3.  All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 4.  This Act shall become effective upon its ratification.

In the General Assembly read three times and ratified, this the 18th day of April, 1969.