H412: Modify Property Transfer to Pender County. Latest Version
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 a deed of trust or similar security instrument 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. In the event Pender County grants a deed of trust or similar security instrument related to the property, the reversionary interest imposed under this section shall be subordinate to the interest conveyed in the security instrument.
SECTION 2. The Department of Administration shall execute and provide any instruments of title or other documentation required by Pender County to facilitate or obtain financing agreements in connection with the construction of a jail facility on the subject property.
SECTION 3. This act is effective when it becomes law.