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<br /> §160A-456 1996 CUMULATIVE SUPPLEMENT §160A-456
<br /> tion by borrowing CDBG funds and lending all or a portion of those
<br /> funds to a third party in accordance with applicable laws governing
<br /> the CDBG program.
<br /> Any city that has pledged current or future CDBG funds for use as
<br /> loan guarantees prior to the enactment of this subsection is autho-
<br /> rized to have taken such action. A pledge of future CDBG funds
<br /> under this subsection is not a debt or liability of the State or any
<br /> political subdivision of the State or a pledge of the faith and credit
<br /> of the State or any political subdivision of the State.The pledging of
<br /> future CDBG funds under this subsection does not directly, indi-
<br /> rectly,or contingently obligate the State or any political subdivision
<br /> of the State to levy or to pledge any taxes.
<br /> (e) Repealed by Session Laws 1985, c. 665, s. 5. j
<br /> (el) All program income from Economic Development Grants
<br /> from the Small Cities Community Development Block Grant Pro- • i
<br /> gram may be retained by recipient cities in"economically distressed
<br /> counties",as defined in G.S. 143B-437A,for the purposes of creating
<br /> local economic development revolving loan funds. Such program
<br /> income derived through the use by cities of Small Cities Community
<br /> Development Block Grant money includes but is not limited to: (i)
<br /> payment of principal and interest on loans made by the county using
<br /> Community Development Block Grant Funds;(ii)proceeds from the
<br /> lease or disposition of real property acquired with Community
<br /> Development Block Grant Funds; and (iii) any late fees associated
<br /> with loan or lease payments in(i)and(ii)above.The local economic
<br /> development revolving loan fund set up by the city shall fund only
<br /> those activities eligible under Title I of the federal Housing and
<br /> Community Development Act of 1974,as amended(P.L.93-383),and {
<br /> shall meet at least one of the three national objectives of the
<br /> Housing and Community Development Act.Any expiration of G.S.
<br /> i
<br /> 0
<br /> 143B-437A or G.S. 105-129.3 shall not affect this subsection as to
<br /> designations of economically distressed counties made prior to its
<br /> expiration. (1975,c. 435, s. 1; c. 689, s. 1;c. 879, s. 46; 1983,c. 908,
<br /> s. 4; 1985, c. 665, s. 5; 1987,c.464,s. 10; 1987(Reg. Sess., 1988),c.
<br /> 992, s. 2; 1995, c. 310, s. 3; 1995 (Reg. Sess., 1996), c. 13, s. 3.9; c.
<br /> 575, s. 3.) i
<br /> Editor's Note.-Session Laws 1996, amendment, effective July '1, 1995,
<br /> Second Extra Session, c. 13, s. 1, pro. added subsection(dl).
<br /> vides that this act shall be known as the Session Laws 1995(Reg.Seas.,1996),
<br /> William S. Lee Quality Jobs and Busi- c. 575, s. 3, effective October 1, 1996,
<br /> ness Expansion Act added the last sentence of the first pare-
<br /> Session Laws 1996,Second Extra Sea- graph of subsection(dl).- •
<br /> sion, c. la, a. 10.1, provides: 'This act Session Laws 1996,Second Extra Sea-
<br /> does not affect the rights or liabilities of lion, c. 13, a. 3.9, effective August 1;
<br /> the State,a taxpayer,or another person 1996, in subsection (el), substituted'
<br /> arising under a statute amended or re- "'economically distressed counties', as
<br /> --pealed-by this act before its amendment defined in G.S.143B-437A'for"severely
<br /> or repeal;nor does it affect the right to distressed counties',as designated under
<br /> any refund or credit of a tax that would G.S. 105-130.40(cr in the first sentence,
<br /> otherwise have been available under the and substituted"G.S.143B-437A or G.S.
<br /> amended or repealed statute before its 105-129.3' for "G.S. 105-130.40(er and
<br /> amendment or repeal.' substituted"economically"for"severely"
<br /> Effect of Amendments. -The 1995 in the last sentence.
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