reglab/statecodes huggingface dataset:
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter E - INDUSTRIAL AND POLLUTION CONTROL REVENUE BONDS › Section .0300 - REVIEW CRITERIA › Section 01E .0301 - GENERAL

Current through Register Vol. 39, No. 2, July 15, 2024
In order for the secretary to approve a project he must
					 make certain findings as specified in
					 G.S.
					 159C-7(1) or (2) and (3). It
					 is the purpose of this Section to specify the standards and criteria the
					 secretary will use in making his findings.
Authority
					 G.S.
					 159C-7;
Eff. August 2,
					 1976;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter E - INDUSTRIAL AND POLLUTION CONTROL REVENUE BONDS › Section .0300 - REVIEW CRITERIA › Section 01E .0302 - JURISDICTIONAL FINDINGS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Before the
				  department can begin to make technical findings specified in
				  G.S.
				  159C-7(1) to (3), a finding
				  must be made that the project is either:
(1)
				  an industrial project for industry,
(2) a pollution control project for industry,
				  or
(3) a pollution control project
				  for public utility, as defined in
				  G.S.
				  159C-3, and as defined in Article V, Section
				  9 of the constitution of North Carolina.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter E - INDUSTRIAL AND POLLUTION CONTROL REVENUE BONDS › Section .0300 - REVIEW CRITERIA › Section 01E .0303 - REPEALED - MANUFACTURING WAGE TEST

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 159C-7;
Eff. August 2,
					 1976;
Temporary Amendment Eff. January 7, 1983 for a period of 120
					 days to expire May 7, 1983;
Amended Eff. March 1, 1985; November 1,
					 1984;
Temporary Amendment Eff. September 15, 1988 for a period of
					 180 days to expire March 14, 1989;
Amended Eff. April 1, 1999; July
					 1, 1989; March 1, 1989;
Repealed Eff. March 1,
					 2005.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter E - INDUSTRIAL AND POLLUTION CONTROL REVENUE BONDS › Section .0300 - REVIEW CRITERIA › Section 01E .0304-0305

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 159C-7;
					 159C-8;
Eff. August
					 2, 1976;
Amended Eff. March 1, 1983; February 11, 1980; November
					 21, 1978; June 1, 1977;
Repealed Eff. March 1,
					 1985.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter E - INDUSTRIAL AND POLLUTION CONTROL REVENUE BONDS › Section .0300 - REVIEW CRITERIA › Section 01E .0306 - JOBS SAVED OR GENERATED TEST

Current through Register Vol. 39, No. 2, July 15, 2024
(a)
										G.S.
				  159C-7 specifies that in the case of either
				  "... an industrial or a pollution project, except a pollution control project
				  for a public utility, (a), that the jobs to be generated or saved, directly or
				  indirectly by the proposed project will be large enough in number to have a
				  measurable impact on the area immediately surrounding the proposed project and
				  will be commensurate with the size and cost of the proposed project."
(b) The department shall use as a guideline,
				  a standard of requiring one job saved or generated for each two hundred fifty
				  thousand dollars ($250,000) of bond financing. This ratio may be lower and
				  still acceptable depending upon other critical factors, including but not
				  limited to:
(1) the wage scale of the
				  facility;
(2) the present economic
				  situation in the county;
(3) the
				  effect of the facility on the tax base of the county;
(4) the expected effect that the industrial
				  facility will have on the development of new industry and services as well as
				  any other factors which the applicant feels pertinent to the issue.
(5) the machinery and equipment financed is
				  "state of the art" in technology increasing efficiency with moderate effect on
				  employment.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter E - INDUSTRIAL AND POLLUTION CONTROL REVENUE BONDS › Section .0300 - REVIEW CRITERIA › Section 01E .0307 - CAPABILITY TEST

Current through Register Vol. 39, No. 2, July 15, 2024
(a)
										G.S.
				  159C-7 specifies that in the case of either
				  "...an industrial or a pollution control project, except for a public utility,
				  that the proposed operator of the proposed project has demonstrated or can
				  demonstrate the capability to operate such a project...."
(b) The applicant has the burden of showing
				  that capability exists in the operator to operate and maintain the facility
				  efficiently and effectively. Financial strength and prior related experience by
				  the operator will be given great weight. Where little or no prior experience
				  can be demonstrated, the qualifications of management, including production or
				  engineering staff, as applicable, will be of great significance.
Authority
					 G.S.
					 159C-7;
					 159C-8;
Eff. August
					 2, 1976;
Amended Eff. November 21, 1978;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter E - INDUSTRIAL AND POLLUTION CONTROL REVENUE BONDS › Section .0300 - REVIEW CRITERIA › Section 01E .0308 - ABANDONMENT TEST

Current through Register Vol. 39, No. 2, July 15, 2024
(a)
										G.S.
				  159C-7 specifies that in the case of either
				  "an industrial or a pollution project, except a pollution project for a public
				  utility, that the financing of such project by the authority will not cause or
				  result in abandonment of an existing industrial or manufacturing facility of
				  the proposed operator or an affiliate elsewhere within the state unless the
				  facility is to be abandoned because of obsolescence, lack of available labor,
				  or site limitations."
(b) The
				  department shall consider an abandonment statement as prima facie proof of lack
				  of abandonment.
Authority
					 G.S.
					 159C-7;
Eff. August 2,
					 1976;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter E - INDUSTRIAL AND POLLUTION CONTROL REVENUE BONDS › Section .0300 - REVIEW CRITERIA › Section 01E .0309 - THE SECRETARY'S FINDINGS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Unless the
				  applicant has met his various burdens of proof, the secretary shall not make
				  his required findings.
(b) All
				  findings shall be in writing and where adverse findings are made, they shall
				  specifically indicate in detail which elements of proof were weak, the required
				  conclusions which could not be made, and any suggestions for amending the
				  application.
Authority
					 G.S.
					 159C-7;
					 159C-8;
Eff. August
					 2, 1976;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter F - GUARANTY AGAINST LOSS RESERVES AND LOANS FOR BASIC INDUSTRIAL BUILDINGS › Section .0100 - PURPOSE AND DEFINITIONS › Section 01F .0101-.0102 - EXPIRED

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 143B-428;
					 143B-429;
					 143B-430;
					 143B-432;
					 143B-434(a);
					 143B-434(c);
Eff. February 11, 1980;
Expired Eff. October 1, 2016 pursuant to
					 G.S.
					 150B-21.3A.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter F - GUARANTY AGAINST LOSS RESERVES AND LOANS FOR BASIC INDUSTRIAL BUILDINGS › Section .0200 - DEFINITIONS › Section 01F .0201-.0209 - EXPIRED

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 143B-429;
					 143B-430;
					 143B-434(a);
					 143B-434(c);
Eff. February 11, 1980;
Amended Eff. March 1, 1983;
Expired Eff. October 1, 2016 pursuant to
					 G.S.
					 150B-21.3A.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter F - GUARANTY AGAINST LOSS RESERVES AND LOANS FOR BASIC INDUSTRIAL BUILDINGS › Section .0300 - APPLICATION PROCEDURES › Section 01F .0301-.0309 - EXPIRED

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 143B-429;
					 143B-430;
Eff.
					 February 11, 1980;
Amended Eff. March 1, 1983; March 25,
					 1980;
Temporary Rule Eff. February 27, 1987 for a Period of 120
					 Days to Expire on
June 27, 1987;
Expired Eff. October
					 1, 2016 pursuant to
					 G.S.
					 150B-21.3A.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter F - GUARANTY AGAINST LOSS RESERVES AND LOANS FOR BASIC INDUSTRIAL BUILDINGS › Section .0400 - REVIEW CRITERIA AND STANDARDS › Section 01F .0401-.0413 - EXPIRED

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 143B-429;
					 143B-430;
					 143B-432;
					 143B-434(a);
					 143B-434(c);
Eff. February 11, 1980;
Amended Eff. March 1, 1983;
Expired Eff. October 1, 2016 pursuant to
					 G.S.
					 150B-21.3A.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter G - LOW-INCOME HOUSING TAX CREDIT PROGRAM › Section .0100 - GENERAL DESCRIPTION › Section 01G .0101-.0103 - EXPIRED

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 143B-429;
					 143B-430; Rev. Code Sec. 42; Fed
					 Reg 26 CFR
					 1.42-1 T;
Eff. November 1,
					 1987;
Temporary Rule Eff. October 16, 1987, for a Period of 120
					 Days to Expire on
February 13, 1988;
Temporary Rule
					 Eff. April 27, 1987, for a Period of 120 Days to Expire on
August
					 24, 1987;
Expired Eff. October 1, 2016 pursuant to
					 G.S.
					 150B-21.3A.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter G - LOW-INCOME HOUSING TAX CREDIT PROGRAM › Section .0200 - REQUIREMENTS › Section 01G .0201-.0203 - EXPIRED

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 143B-429;
					 143B-430; Rev. Code Sec. 42; Fed
					 Reg 26 CFR
					 1.42-1 T;
Temporary Rule Eff.
					 October 16, 1987, for a Period of 120 Days to Expire on
February
					 13, 1988;
Temporary Rule Eff. April 27, 1987, for a Period of 120
					 Days to Expire on
August 24, 1987;
Eff. November 1,
					 1987;
Expired Eff. October 1, 2016 pursuant to
					 G.S.
					 150B-21.3A.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter G - LOW-INCOME HOUSING TAX CREDIT PROGRAM › Section .0300 - SELECTION PROCESS › Section 01G .0301-.0302 - EXPIRED

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 143B-429;
					 143B-430; Rev Code Sec. 42; Fed
					 Reg 26 CFR
					 1.42-1 T;
Temporary Rule Eff.
					 October 16, 1987, for a Period of 120 Days to Expire on
February
					 13, 1988;
Temporary Rule Eff. April 27, 1987, for a Period of 120
					 Days to Expire on
August 24, 1987;
Eff. November 1,
					 1987;
Expired Eff. October 1, 2016 pursuant to
					 G.S.
					 150B-21.3A.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter H - PRIVATE ACTIVITY BOND VOLUME CAPACITY PROGRAM › Section .0100 - GENERAL DESCRIPTION › Section 01H .0101 - BACKGROUND

Current through Register Vol. 39, No. 2, July 15, 2024
The rules of this Subchapter apply to the administration of
					 the Private Activity Bond Volume Capacity Program. Made necessary by Federal
					 legislation, this program will relate to a type of financing now defined and
					 controlled as "private activity" bonds. Executive Order No. 37, issued by
					 Governor James G. Martin on March 17, 1987 is a response to federal mandates.
					 It is hereby referenced and incorporated herein as if fully set out in this
					 Paragraph.
Authority
					 G.S.
					 143B-429;
					 143B-430; Ch. 588 (1987 Session
					 Law);
Eff. December 1, 1987;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter H - PRIVATE ACTIVITY BOND VOLUME CAPACITY PROGRAM › Section .0100 - GENERAL DESCRIPTION › Section 01H .0102 - OBJECTIVES

Current through Register Vol. 39, No. 2, July 15, 2024
The purpose of this Subchapter is to set out the procedures
					 and criteria by and under which the North Carolina Federal Tax Reform
					 Allocation Committee will carry out the duties set out in Executive Order No.
					 37 and Chapter 588 of the 1987 General Assembly Session of North
					 Carolina.
Authority
					 G.S.
					 143B-429;
					 143B-430; Ch. 588 (1987 Session
					 Law);
Eff. December 1, 1987;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter H - PRIVATE ACTIVITY BOND VOLUME CAPACITY PROGRAM › Section .0100 - GENERAL DESCRIPTION › Section 01H .0103 - DEFINITIONS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Act - shall
				  mean the Tax Reform Act of 1986, as amended.
(b) Committee - shall mean the North Carolina
				  Federal Tax Reform Allocation Committee created by Executive Order No.
				  37.
(c) Department - shall mean the
				  North Carolina Department of Commerce.
(d) Issuer - shall mean the entity authorized
				  to issue Private Activity Bonds, except that in the case of Private Activity
				  Bonds issued pursuant to Article 22 of Chapter 160A of the General Statutes of
				  North Carolina, or issued solely pursuant to regulations, rules, procedures or
				  rulings of the Internal Revenue Service of the United States, "Issuer" shall
				  mean the municipal corporation which created the issuing commission or the
				  municipal corporation which approved the issuance of the bonds pursuant to such
				  regulations, rules, procedures or rulings.
(e) "Private Activity Bond" - will mean any
				  instrument of debt defined by federal law and regulation as a Private Activity
				  Bond, thusly requiring an allocation of Private Activity Bond Volume
				  capacity.
(f) "Private Activity
				  Bond Volume Capacity" - will constitute a statewide resource which is measured
				  by a formula contained in the Federal Tax Reform Act of 1986, as amended. The
				  resource will constitute a total volume limitation of such bonds that can be
				  issued by North Carolina issuers.
(g) "Uniform Volume Limitations" - shall mean
				  the total volume capacity for North Carolina allowed by the formula contained
				  in federal legislation pertaining to private activity bonds.
(h) "Election as Carryforward Purpose" -
				  shall mean a designation made by the committee under the definitions continued
				  in federal legislation. Generally, it allows an allocation made from the
				  present year volume capacity to be used in a named subsequent year.
Authority
					 G.S.
					 143B-429;
					 143B-430; Ch. 588 (1987 Session
					 Law);
Eff. December 1, 1987;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter H - PRIVATE ACTIVITY BOND VOLUME CAPACITY PROGRAM › Section .0200 - APPLICATIONS AND PROCEDURES › Section 01H .0201 - GENERAL

Current through Register Vol. 39, No. 2, July 15, 2024
This Section provides the application procedures which
					 shall be followed, including data and information submissions, before the
					 committee will make the final decision relating to allocations of capacity for
					 private activity bonds.
Authority
					 G.S.
					 143B-429;
					 143B-430; Ch. 588 (1987 Session
					 Law);
Eff. December 1, 1987;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter H - PRIVATE ACTIVITY BOND VOLUME CAPACITY PROGRAM › Section .0200 - APPLICATIONS AND PROCEDURES › Section 01H .0202 - INFORMATION AND APPLICATIONS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Issuers
				  and interested parties may obtain general information pertinent to this program
				  at:
(1) The North Carolina Department of
				  Commerce, Commerce Finance Center, 4318 Mail Service Center, Raleigh, NC 27699,
				  (919) 814-4613.
(2) Department of
				  State Treasurer, 3200 Atlantic Avenue, Raleigh, NC 27604, (919)
				  814-4300.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter H - PRIVATE ACTIVITY BOND VOLUME CAPACITY PROGRAM › Section .0200 - APPLICATIONS AND PROCEDURES › Section 01H .0203 - FORMAL PROCEDURES: APPROVAL

Current through Register Vol. 39, No. 2, July 15, 2024
When the committee can approve the Allocation of Capacity,
					 the chairman, or his designee, will indicate in writing and describe any terms
					 or conditions of the allocation, including the expiration date of the
					 allocation. Any unused portion of the allocation will revert back to the
					 statewide pool of volume resource. The use of any allocation is predicated on
					 the Issuer of the bonds, within ten business days after such issue, advising in
					 writing, that the allocation has been used, and stating the amount of unused
					 allocation. All allocations will be issued with a stated time of expiration. If
					 the Issuer becomes aware that the bond closing cannot be effected within the
					 time scheduled, he may apply for an extension. In the case of a time extension,
					 the Issuer will provide written confirmation from all parties to the
					 transaction that they have seen and agreed to all terms and conditions for the
					 financing.
Authority
					 G.S.
					 143B-429;
					 143B-430; Ch. 588 (1987 Session
					 Law);
Eff. December 1, 1987;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter H - PRIVATE ACTIVITY BOND VOLUME CAPACITY PROGRAM › Section .0200 - APPLICATIONS AND PROCEDURES › Section 01H .0204 - FORMAL PROCEDURES: DENIAL

Current through Register Vol. 39, No. 2, July 15, 2024
When the committee is unable to approve the application,
					 the chairman, or his designee, will so indicate in writing, including with
					 specificity, the reasons for such denial.
Authority
					 G.S.
					 143B-429;
					 143B-430; Ch. 588 (1987 Session
					 Law);
Eff. December 1, 1987;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter H - PRIVATE ACTIVITY BOND VOLUME CAPACITY PROGRAM › Section .0300 - REVIEW CRITERIA › Section 01H .0301 - GENERAL

Current through Register Vol. 39, No. 2, July 15, 2024
It is the purpose of this Section to specify the standards
					 and the criteria the committee will use in making decisions.
Authority
					 G.S.
					 143B-429;
					 143B-430; Ch. 588 (1987 Session
					 Law);
Eff. December 1, 1987;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter H - PRIVATE ACTIVITY BOND VOLUME CAPACITY PROGRAM › Section .0300 - REVIEW CRITERIA › Section 01H .0302 - ESTABLISHMENT OF AVAILABILITY CAPACITY

Current through Register Vol. 39, No. 2, July 15, 2024
The committee will determine the amount of the Uniform Bond
					 Limitations for Private Activity Bonds available in North Carolina for the
					 pertinent years. These formulas are contained in federal
					 legislation.
Authority
					 G.S.
					 143B-429;
					 143B-320; Ch. 588 (1987 Session
					 Law);
Eff. December 1, 1987;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter H - PRIVATE ACTIVITY BOND VOLUME CAPACITY PROGRAM › Section .0300 - REVIEW CRITERIA › Section 01H .0303 - CONSIDERATIONS OF THE CAPACITY RESOURCE USAGE AND DEMAND

Current through Register Vol. 39, No. 2, July 15, 2024
The committee will consult with informed authorities, with
					 Issuers, and with legislative lenders. When it appears that the demand for the
					 resource will be so large that the needs of all issuers might not be met, the
					 committee will make allocations on a first-come, first-serve basis. When
					 demand, or potential demand, becomes so large that the resource will prove to
					 be inadequate, the committee would consider, but not limit their consideration
					 of approvals to the following:
(1) the
				  overall good of the state and the people of North Carolina;
(2) relative economic need and benefit to the
				  Issuer and the area to be impacted by the following;
(a) whether or not alternative structure or
				  mechanisms for the project agreements and the financing documents might resolve
				  or reduce the need for a "private activity bond" capacity allocation;
(b) whether or not the Issuer is in
				  competition with another out of state Issuer for the project benefits such as
				  jobs and tax base;
(c) whether or
				  not the availability of the allocation is a crucial part of keeping an existing
				  industrial plant open, whereas the alternatives would be for that plant to
				  close.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter H - PRIVATE ACTIVITY BOND VOLUME CAPACITY PROGRAM › Section .0400 - RECOVERY ZONE BONDS › Section 01H .0401-.0404 - EXPIRED

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 143-433.6(c);
					 143-433.8;
					 143-433.9(a);
					 150B-21.1B; S.L. 2009-140; S.L.
					 2009-475;
Emergency Adoption Eff. October 30, 2009;
Temporary Adoption Eff. December 23, 2009;
Temporary Rule Expired
					 June 30, 2012.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter H - PRIVATE ACTIVITY BOND VOLUME CAPACITY PROGRAM › Section .0500 - QUALIFIED ENERGY CONSERVATION BONDS › Section 01H .0501 - PROCEDURES AND CRITERIA FOR ALLOCATION OF QUALIFIED ENERGY CONSERVATION BONDS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) The North Carolina Tax Reform Allocation
				  Committee (the "Committee") shall allocate Qualified Energy Conservation Bond
				  ("QECB") capacity to entities eligible to issue the bonds under 26 U.S.C.S. 54D
				  as follows:
(1) To "large local governments,"
				  as the term is used in 26 U.S.C.S. 54D(e)(2) in the amounts and manner as
				  directed by the United States Internal Revenue Service ("IRS") in 26 U.S.C.S.
				  54D and all relevant implementing notices provided by the IRS (including IRS
				  Notice 2009-29), as modified, amended or supplemented (as listed at
				  http://www.irs.gov/irb/2009-16irb/ar10.html.For purposes of calculating the
				  populations of local governments to determine which constitutes a "large local
				  government," the Committee shall use population estimates as of July 1, 2007,
				  as directed by the IRS (as listed at
				  http://www.census.gov/popest/data/counties/totals/2009/CO-EST2009-01.htmland
				  http://www.census.gov/popest/data/cities/totals/2009/SUB-EST2009-4.html.
(2) To "Indian tribal governments," as the
				  term is used in 26 U.S.C.S. 54D(h) in the amounts as directed by the IRS in 26
				  U.S.C.S. 54D and relevant implementing notices provided by the IRS (including
				  IRS Notice 2009-29), as modified, amended or supplemented (as listed at
				  http://www.irs.gov/irb/2009-16irb/ar10.html.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter I - INDUSTRIAL DEVELOPMENT FUND › Section .0200 - GENERAL REQUIREMENTS › Section 01I .0201 - DATE OF RECEIPT OF APPLICATIONS

Current through Register Vol. 39, No. 2, July 15, 2024
The Department shall receive applications after November
					 15, 1987 on a first-come, first-serve basis. An application shall be assigned a
					 processing number when it is received and is judged sufficiently complete for
					 consideration. When possible, applications shall be processed in the order of
					 the processing numbers assigned.
Authority
					 G.S.
					 143B-437.01;
Temporary Rule Eff.
					 November 16, 1987 for a Period of 180 Days to Expire on May 15,
					 1988;
Eff. May 1, 1988;
Temporary Amendment Eff.
					 January 11, 1999;
Codifier determined that agency findings did not
					 meet criteria for temporary rule;
Temporary Amendment Eff. October
					 6, 1999;
Amended Eff. August 1, 2000;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter I - INDUSTRIAL DEVELOPMENT FUND › Section .0200 - GENERAL REQUIREMENTS › Section 01I .0202 - APPLICATION CATEGORIES AND REQUIREMENTS

Current through Register Vol. 39, No. 2, July 15, 2024
(a)
				  Applicants may apply for funding under the following categories:
(1) Basic IDF;
(2) Emergency Economic Development
				  Assistance;
(3) The Utility
				  Account; and
(4) Clean Water Bonds
				  Proceeds.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter I - INDUSTRIAL DEVELOPMENT FUND › Section .0300 - SELECTION PROCESS › Section 01I .0301 - REVIEW OF APPLICATIONS AND FUNDING

Current through Register Vol. 39, No. 2, July 15, 2024
(a) When an
				  application is deemed complete, it shall be assigned a processing
				  number.
(b) Applications may be
				  submitted directly to the Secretary of the Department. They may also be
				  submitted to the Department's Commerce Finance Center, 301 North Wilmington
				  Street, 4318 Mail Service Center, Raleigh, North Carolina 27699-4318.
				  Applications shall be approved or denied by the last day of the calendar month
				  following assignment of a processing number. When possible, applications shall
				  be processed in the order that processing numbers are assigned.
Authority Chapter 754,
					 1989 S.L.;
Temporary Rule Eff. November 16, 1987 For a Period of
					 180 Days to Expire on May 15, 1988;
Eff. May 1, 1998;
Amended Eff. September 1, 1990;
Temporary Amendment Eff. January
					 11, 1999;
Codifier determined that agency findings did not meet
					 criteria for temporary rule;
Temporary Amendment Eff. October 6,
					 1999;
Amended Eff. August 1, 2000;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter I - INDUSTRIAL DEVELOPMENT FUND › Section .0300 - SELECTION PROCESS › Section 01I .0302 - ELIGIBILITY REQUIREMENTS

Current through Register Vol. 39, No. 2, July 15, 2024
Applications shall show that:
(1) This funding is a vital part of the
				  proposal to create the jobs set out and that the jobs shall not be created if
				  the project goes unfunded;
(2) For
				  Emergency Economic Development Assistance Projects, the project is completely
				  funded or financed, except for the particular funds sought in the
				  application;
(3) The involvement of
				  the local unit of government is authorized by its elected board under specific
				  resolution and by specific State Statute;
(4) The participating private entity has
				  provided a statement of commitment relating to the project. That commitment
				  shall state that the project is to be carried out as described in the
				  application, with specificity as to time schedules and to the parties
				  involved;
(5) The expenditure of
				  private money on the project has not begun;
(6) The project has not yet begun, i.e. money
				  spent on the project, or public announcements made that the benefiting firm
				  plans to do the project before the Department has been requested to participate
				  with IDF;
(7) For Emergency
				  Economic Development Assistance Projects, there exists an emergency in the
				  economy large enough to be considered an economic dislocation as set out in
				  G.S.
				  143B-437.01(a)(1a);
				  and
(8) The project for which
				  funding is sought might help to alleviate the economic emergency described in
				  Item (7) of this Rule.
Authority
					 G.S.
					 143B-437.01;
Temporary Rule Eff.
					 November 16, 1987 For a Period of 180 Days to Expire on May 15,
					 1988;
Eff. May 1, 1988;
Temporary Amendment Eff.
					 January 11, 1999;
Codifier determined that agency findings did not
					 meet criteria for temporary rule;
Temporary Amendment Eff. October
					 6, 1999;
Amended Eff. August 1, 2000;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter I - INDUSTRIAL DEVELOPMENT FUND › Section .0300 - SELECTION PROCESS › Section 01I .0303 - REPEALED - REVIEW: APP/FUNDING/EMGCY ASST PROJ DEFINED/RULE .0102(H)

Current through Register Vol. 39, No. 2, July 15, 2024
Authority S.L. 1989,
					 c. 754;
Eff. September 1, 1990;
Temporary Repealed Eff.
					 January 11, 1999;
Codifier determined that agency findings did not
					 meet criteria for temporary rule;
Temporary Repealed Eff. October
					 6, 1999;
Repealed Eff. August 1,
					 2000.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter I - INDUSTRIAL DEVELOPMENT FUND › Section .0300 - SELECTION PROCESS › Section 01I .0304 - REPEALED - ELIGIBILITY REQ/EMGY ASST PROJ DEFINED/RULE .0102(H)

Current through Register Vol. 39, No. 2, July 15, 2024
Authority S.L. 1989,
					 c. 754;
Eff. September 1, 1990;
Temporary Repeal Eff.
					 January 11, 1999;
Codifier determined that agency findings did not
					 meet criteria for temporary rule;
Temporary Repeal Eff. October 6,
					 1999;
Repealed Eff. August 1,
					 2000.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter I - INDUSTRIAL DEVELOPMENT FUND › Section .0400 - APPROVAL CRITERIA › Section 01I .0401 - REPEALED - GENERAL

Current through Register Vol. 39, No. 2, July 15, 2024
Filed as a Temporary
					 Amendment Eff. January 11, 1990 for a Period of 180 Days to Expire on July 9,
					 1990;
Filed as a Temporary Rule Eff. November 16, 1987 For a Period
					 of 180 Days to Expire on May 15, 1988;
Authority S.L. 1987, c. 830,
					 s. 111 of Part XXII, S.L. 1989, c. 754, s. IX;
Eff. May 1,
					 1988;
Amended Eff. September 1, 1990;
Temporary Repeal
					 Eff. January 11, 1999;
Codifier determined that agency findings did
					 not meet criteria for temporary rule;
Temporary Repeal Eff. October
					 6, 1999;
Repealed Eff. August 1,
					 2000.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter I - INDUSTRIAL DEVELOPMENT FUND › Section .0400 - APPROVAL CRITERIA › Section 01I .0402 - REQUIRED FINDINGS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Before the
				  Department shall approve a project, a finding must be made that the project:
(1) shall assist a unit of Government in one
				  of eligible tier areas of the State; and
(2) the funds shall be used for renovation of
				  buildings or infrastructure or equipment by firms that have industry
				  classifications currently eligible for tax incentives under
				  G.S.
				  105-129.4.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter I - INDUSTRIAL DEVELOPMENT FUND › Section .0400 - APPROVAL CRITERIA › Section 01I .0403 - FORMAL APPLICATIONS PROCEDURES: DENIAL

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Unless the
				  applicant has met its various burdens of proof, the Department shall not make
				  the required findings.
(b) Where
				  adverse findings are made, they shall specifically indicate in detail which
				  elements of proof were weak, the required conclusions which could not be made,
				  and any suggestions for amending the application.
Authority
					 G.S.
					 143B-437.01;
Temporary Rule Eff.
					 November 16, 1987 For a Period of 180 Days to Expire on May 15,
					 1988;
Eff. May 1, 1988;
Temporary Amendment Eff.
					 January 11, 1999;
Codifier determined that agency findings did not
					 meet criteria for temporary rule;
Temporary Amendment Eff. October
					 6, 1999;
Amended Eff. August 1, 2000;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter I - INDUSTRIAL DEVELOPMENT FUND › Section .0400 - APPROVAL CRITERIA › Section 01I .0404 - FORMAL APPLICATION PROCEDURES: APPROVAL

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Where
				  the Department makes all the findings necessary, it shall do so in writing to
				  the applicant at the earliest possible date after following the procedures as
				  set forth in this Subchapter.
(b)
				  The Department shall prepare a letter of approval and cause this letter to be
				  mailed to the applicant.
Authority
					 G.S.
					 143B-437.01;
Temporary Rule Eff.
					 November 16, 1987 For a Period of 180 Days to Expire on May 15,
					 1988;
Eff. May 1, 1988;
Temporary Amendment Eff.
					 January 11, 1999;
Codifier determined that agency findings did not
					 meet criteria for temporary rule;
Temporary Amendment Eff. October
					 6, 1999;
Amended Eff. August 1, 2000;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter I - INDUSTRIAL DEVELOPMENT FUND › Section .0400 - APPROVAL CRITERIA › Section 01I .0405 - REPEALED - FINDINGS REQ/APPROVAL/EMGCY PROJ DEFINED/RULE .0102(H)

Current through Register Vol. 39, No. 2, July 15, 2024
Authority S.L. 1989,
					 c. 754, s. IX;
Eff. September 1, 1990;
Temporary Repeal
					 Eff. January 11, 1999;
Codifier determined that agency findings did
					 not meet criteria for temporary rule;
Temporary Repeal Eff. October
					 6, 1999;
Repealed Eff. August 1,
					 2000.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter I - INDUSTRIAL DEVELOPMENT FUND › Section .0500 - RESERVATION OF FUNDS › Section 01I .0501 - GENERAL

Current through Register Vol. 39, No. 2, July 15, 2024
Units of government may apply for a "45 day reservation" of
					 funds, relating to a particular IDF project to induce prospective private
					 sector employers to locate or expand and create new jobs. The Department may
					 accept and approve the requests where local units of government can document
					 that:
(1) they have the potential for
				  a project of strong merit;
(2) a
				  particular employer is interested in a proposed industrial building;
(3) strong offers have been made to a client
				  by other states or by communities located in the tier areas not currently
				  eligible for IDF funding. A request shall be prepared along the lines of the
				  application for approval described in Rule .0302 of this Subchapter, except
				  that the data normally obtained from the client or potential employees would
				  not necessarily be prepared by the client and would not be required in such
				  detail.
Authority
					 G.S.
					 143B-437.01;
Temporary Rule Eff.
					 November 16, 1987 For a Period of 180 Days to Expire on May 15,
					 1988;
Eff. May 1, 1988;
Temporary Amendment Eff.
					 January 11, 1999;
Codifier determined that agency findings did not
					 meet criteria for temporary rule;
Temporary Amendment Eff. October
					 6, 1999;
Amended Eff. August 1, 2000;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter I - INDUSTRIAL DEVELOPMENT FUND › Section .0500 - RESERVATION OF FUNDS › Section 01I .0502 - LIMITATIONS

Current through Register Vol. 39, No. 2, July 15, 2024
A request for a reservation of funds may be approved for a
					 project if the funds required do not exceed one-half of the total of program
					 funds available and not previously committed. The total of programs funds not
					 previously committed shall include appropriated funds, those funds received in
					 repayment from recipients, interest earned, and funds not used and reverted
					 from either approved projects or from "reserved" funds.
Authority
					 G.S.
					 143B-437.01;
Temporary Rule Eff.
					 November 16, 1987 For a Period of 180 Days to Expire on May 15,
					 1988;
Eff. May 1, 1988;
Temporary Amendment Eff.
					 January 11, 1999;
Codifier determined that agency findings did not
					 meet criteria for temporary rule;
Temporary Amendment Eff. October
					 6, 1999;
Amended Eff. August 1, 2000;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter I - INDUSTRIAL DEVELOPMENT FUND › Section .0500 - RESERVATION OF FUNDS › Section 01I .0503 - REVERSION OF FUNDS

Current through Register Vol. 39, No. 2, July 15, 2024
An approval for "reservation" of funds for projects shall
					 not predicate approval or funding of a project. When a formal and complete
					 application for approval of a project has not been filed by the applicant that
					 requested the reservation of funds, before the expiration date of the
					 "reservation of funds", the Department may revert those funds back to the
					 program without any obligation to the unit of government. The unit of
					 government shall keep track of when the reservation of funds
					 expires.
Authority
					 G.S.
					 143B-437.01;
Temporary Rule Eff.
					 November 16, 1987 For a Period of 180 Days to Expire on May 15,
					 1988;
Eff. May 1, 1988;
Temporary Amendment Eff.
					 January 11, 1999;
Codifier determined that agency findings did not
					 meet criteria for temporary rule;
Temporary Amendment Eff. October
					 6, 1999;
Amended Eff. August 1, 2000;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter I - INDUSTRIAL DEVELOPMENT FUND › Section .0600 - REPORTING REQUIREMENTS › Section 01I .0601 - REPEALED - REPORTING REQUIREMENTS

Current through Register Vol. 39, No. 2, July 15, 2024
Filed as a Temporary
					 Rule Eff. November 16, 1987 For a Period of 180 Days to Expire on May
					 15,
1988;
Authority S.L. 1987, c. 830, s. 111, Part
					 4II;
Eff. May 1, 1988;
Temporary Repeal Eff. January
					 11, 1999;
Codifier determined that agency findings did not meet
					 criteria for temporary rule;
Temporary Repeal Eff. October 6,
					 1999;
Repealed Eff. August 1,
					 2000.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter I - INDUSTRIAL DEVELOPMENT FUND › Section .0700 - DESIGNATION OF ELIGIBLE TIERS AND QUALIFIED COUNTIES › Section 01I .0701 - REPEALED - ANNUAL DESIGNATION

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 105-129.3,
					 143B-437.01;
Eff.
					 September 1, 1990;
Temporary Amendment Eff. January 11,
					 1999;
Codifier determined that agency findings did not meet
					 criteria for temporary rule;
Temporary Amendment Eff. October 6,
					 1999;
Repealed Eff. August 1,
					 2000.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter I - INDUSTRIAL DEVELOPMENT FUND › Section .0800 - ENVIRONMENTAL COMPLIANCE › Section 01I .0801 - COMPLIANCE WITH NORTH CAROLINA ENVIRONMENTAL RULES

Current through Register Vol. 39, No. 2, July 15, 2024
Any local unit of government or grantee receiving
					 Industrial Development Funds (IDF), including Basic IDF, Utility Account funds,
					 Emergency Economic Assistance funds or Clean Water Bonds proceeds shall comply
					 with North Carolina Environmental Policy Rules as cited in the North Carolina
					 Administrative Code unless the project activity is a non-major activity, as
					 cited in 15A NCAC 01C
					 .0504.
Authority
					 G.S.
					 143B-437.01;
Temporary Adoption
					 Eff. January 11, 1999;
Codifier determined that agency findings did
					 not meet criteria for temporary rule;
Temporary Amendment Eff.
					 October 6, 1999;
Eff. August 1, 2000;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter J - NORTH CAROLINA JOBS TAX CREDIT › Section .0100 - PURPOSE AND DEFINITIONS › Section 01J .0101-.0102

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 105-130.40(a),(b),(c), and
					 (d);
					 105-151.17(a),(b),(c), and
					 (d);Chapter 568, 1987 S.L.; Chapter 111 and
					 753, 1989 S.L.;
Temporary Rule Eff. November 16, 1987 For a Period
					 of 180 Days to Expire on May 15, 1988;
Eff. May 1,
					 1988;
Amended Eff. December 1, 1989;
Repealed Eff. July
					 1, 2012.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter J - NORTH CAROLINA JOBS TAX CREDIT › Section .0200 - DESIGNATION OF SEVERELY DISTRESSED COUNTIES › Section 01J .0201 - REPEALED - DESIGNATION OF SEVERLY DISTRESSED COUNTIES

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 105-130.40(c) and (d);
					 105-151.17(c) and
					 (d); Chapter 568, 1987 S.L.; Chapter 111,
					 1989 S.L.;
Temporary Rule Eff. November 16, 1987 For a Period of
					 180 Days to Expire on May 15, 1988;
Eff. May 1, 1988;
Amended Eff. March 1, 1991; December 1, 1989;
Repealed Eff. July 1,
					 2012.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter J - NORTH CAROLINA JOBS TAX CREDIT › Section .0300 - LETTER OF COMMITMENT › Section 01J .0301 - REPEALED - LETTER OF COMMITMENT

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 105-130.40(c) and (d);
					 105-151.17(c) and
					 (d); Chapter 568, 1987 S.L.;
Temporary Rule Eff. November 16, 1987 For a Period of 180 Days to Expire on May
					 15, 1988;
Eff. May 1, 1988;
Amended Eff. December 1,
					 1989;
Repealed Eff. July 1, 2012.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter J - NORTH CAROLINA JOBS TAX CREDIT › Section .0400 - SUBSTANTIATION OF CREDIT CLAIMED › Section 01J .0401 - REPEALED - SUBSTANTIATION OF CREDIT CLAIMED

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 105-130.40(f);
					 105-151.17(f);
					 Chapter 111, 1989 S.L.;
Eff. December 1, 1989;
Repealed
					 Eff. July 1, 2012.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter J - NORTH CAROLINA JOBS TAX CREDIT › Section .0500 - DETERMINATION OF ELIGIBILITY › Section 01J .0501 - REPEALED - DETERMINATION OF ELIGIBILITY

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 105-130.40(b1);
					 105-151.17(b1);
					 Chapter 753, 1989 S.L.;
Eff. March 1, 1991;
Repealed
					 Eff. July 1, 2012.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 01 - DEPARTMENTAL RULES › Subchapter K - ECONOMIC DEVELOPMENT ACTIVITY OF THE COMMUNITY DEVELOPMENT BLOCK GRANT PROGRAM › Section .0100 - GENERAL PROVISIONS › Section 01K .0101 - PROGRAM PURPOSE AND OBJECTIVE

Current through Register Vol. 39, No. 2, July 15, 2024
The purposes and objectives of the North Carolina Community
					 Development Block Grant program are set out in full in the North Carolina
					 Administrative Codes Title 4, Subchapter l9L, as promulgated by the Division of
					 Community Assistance of the Department of Commerce. While the Division of
					 Community Assistance is the lead agency for the Community Development Block
					 Grant Program, the Commerce Finance Center is responsible for the
					 administration of activities conducted under the Economic Development section
					 of that program. Economic Development projects and grant activities consist of
					 projects which directly support the creation or retention of jobs, principally
					 for persons of low and moderate family income (LMI) status. Sixty percent of
					 jobs created shall be filled by persons with LMI status prior to being hired by
					 the Employer, or who are documented as having LMI status at the time of project
					 application in the case of retained jobs. If at any time during the grant
					 period the percentage of jobs held by persons who qualified as LMI when hired
					 drops below 51% of the jobs retained or created, the beneficiary or
					 beneficiaries and the grantee shall be directly liable for repayment of the
					 grant. All CDBG expenditures which directly assist participating private
					 businesses must be provided as loan funds, and be repaid under terms
					 established at the time the program funds are awarded to the local government
					 grantee. Other program income, or a portion of other program income, such as
					 connection fees, acreage development fees, or consideration received for the
					 sale of public utilities to private concerns or regulated utilities shall be
					 returned to the CDBG Economic Development Program and used to finance other
					 such Economic Development projects.
Authority
					 G.S.
					 143B-431;
					 24 C.F.R.
					 570.489;
					 24 C.F.R. 570.494;
					 42 U.S.C.A.
					 5301;
Temporary Rule Eff. July
					 20, 1992 for a period of 180 days or until the permanent rule becomes
					 effective, whichever is sooner;
Eff. December 1, 1992;
Amended Eff. April 1, 1999;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. September 6,
					 2016.