NORTH CAROLINA GENERAL ASSEMBLY

1979 SESSION

CHAPTER 129

HOUSE BILL 187

AN ACT EXEMPTING FROM THE PROVISIONS OF ARTICLE 12, CHAPTER 160A OF THE GENERAL STATUTES OF NORTH CAROLINA, THE COUNTY OF PASQUOTANK AND THE CITY OF ELIZABETH CITY AS TO LEASES OR SALES OF REAL ESTATE OWNED OR HEREAFTER OWNED BY THEM FOR THE USE AND BENEFIT OF THEIR JOINT AGENCY, THE INDUSTRIAL DEVELOPMENT COMMISSION, OR BY SUCH COMMISSION ITSELF.

The General Assembly of North Carolina enacts:

Section 1.  The County of Pasquotank and the City of Elizabeth City are hereby exempt from all provisions, restrictions and limitations as to methods and procedures required to effectuate leases or sales of real estate provided for in Article 12, Chapter 160A of the General Statutes of North Carolina in connection with any lease or sale of real estate made by them for and on behalf of their joint agency, the Industrial Development Commission, both as to real estate now owned or hereafter owned by them for the use and benefit of said Commission or by said Commission itself.

Sec. 2. This act is effective with respect to a sale or lease only if such lease or sale is given prior approval by a Resolution of the Board of County Commissioners of the County of Pasquotank and by the City Council of the City of Elizabeth City authorizing said lease or sale. Such lease or sale may be for cash or with deferred payments secured by a purchase money deed of trust. It is the intent hereof that leases and sales may be negotiated and consummated without further formality other than the required Resolutions by the aforesaid respective Boards all on terms as negotiated.

Sec. 3. This act is effective upon ratification.

In the General Assembly read three times and ratified, this the 12th day of March, 1979.