State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_143B > GS_143B-437_71

§ 143B‑437.71.  OneNorth Carolina Fund established as a special revenue fund.

(a)        Establishment. – TheOne North Carolina Fund is established as a special revenue fund in theDepartment of Commerce.

(b)        Purposes. – Moneysin the One North Carolina Fund may only be allocated pursuant to thissubsection. Moneys may be allocated to local governments for use in connectionwith securing commitments for the recruitment, expansion, or retention of newand existing businesses and to the One North Carolina Small Business Accountcreated pursuant to subsection (c) of this section in an amount not to exceedthree million dollars ($3,000,000). Moneys in the One North Carolina Fundallocated to local governments shall be used for the following purposes only:

(1)        Installation orpurchase of equipment.

(2)        Structural repairs,improvements, or renovations to existing buildings to be used for expansion.

(3)        Construction of orimprovements to new or existing water, sewer, gas, or electric utilitydistribution lines or equipment for existing buildings.

(4)        Construction of orimprovements to new or existing water, sewer, gas, or electric utilitydistribution lines or equipment for new or proposed buildings to be used formanufacturing and industrial operations.

(5)        Any other purposesspecifically provided by an act of the General Assembly.

(c)        There is created inthe One North Carolina Fund a special account, the One North Carolina SmallBusiness Account, to be used for the North Carolina SBIR/STTR Incentive Programand the North Carolina SBIR/STTR Matching Funds Program, as specified in Part2I of Article 10 of Chapter 143B of the General Statutes. (2004‑88, s. 1(d); 2005‑276,s. 13.14(a); 2006‑162, s. 19.)