GENERAL ASSEMBLY OF NORTH CAROLINA

1987 SESSION

 

 

CHAPTER 907

HOUSE BILL 2241

 

AN ACT TO PERMIT CERTAIN COMMUNITY COLLEGES TO GRANT SECURITY INTERESTS TO FEDERAL AGENCIES.

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 115D-58.1 reads as rewritten:

"§ 115D-58.1. Federal contracts and grants.-The board of trustees of any institution may apply for and accept grants from the federal government or any agency thereof, in order to carry out the institution's mission.  In exercising this authority, the board of trustees may enter into and carry out contracts with the federal government or any agency thereof, may agree to and comply with any lawful and reasonable condition attached to such a grant including, in the case of a grant from the Economic Development Administration, the granting of a security interest to the Economic Development Administration in any real property or equipment purchased with the grant, limiting the sale or use of the real property or equipment as prescribed by regulations of the Economic Development Administration, and may make expenditures from any funds so granted. The State Board of Community Colleges shall adopt rules and regulations governing the application for and the acceptance of grants under this  section."

Sec. 2.  This act applies only to Haywood Community College and Roanoke-Chowan Community College.

Sec. 3.  This act is effective upon ratification.

In the General Assembly read three times and ratified this the 23rd day of June, 1988.