GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION LAW 2023-35
HOUSE BILL 412
AN ACT to modify the terms of conveyance of a certain parcel of land to pender county to enable certain financing options needed in the construction of a jail facility.
The General Assembly of North Carolina enacts:
SECTION 1. Section 2 of S.L. 2019‑137 reads as rewritten:
"SECTION 2. The
conveyance pursuant to Section 1 of this act is subject to a reversionary
interest reserved by the State. The property shall be conveyed to the Pender
County Board of Commissioners for so long as it is utilized as a jail and law
enforcement center. Notwithstanding the foregoing, Pender County may grant
deed one or more deeds of trust or similar security instrument instruments
related to the property in connection with the financing or refinancing of
construction, acquisition, and equipping of the intended facility or the
financing or refinancing of improvements, additions, or repairs to the
property. The reversionary interest reserved by the State shall be
subordinate to any deeds of trust or similar security instruments granted by
Pender County for the purposes authorized under this section."
SECTION 2. The Department of Administration shall execute and provide any instruments of title, subordination agreements, or other documentation required by Pender County to facilitate or obtain financing in connection with the construction of a jail facility on the property described in Section 1 of S.L. 2019‑137.
SECTION 3. This act is effective when it becomes law.
In the General Assembly read three times and ratified this the 1st day of June, 2023.
s/ Phil Berger
President Pro Tempore of the Senate
s/ Tim Moore
Speaker of the House of Representatives
s/ Roy Cooper
Approved 5:42 p.m. this 9th day of June, 2023