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<br />Page 8 Session Law 2024-44 Senate Bill 802 <br />the benefit of all taxing units that have an interest in the property as defined in this subsection <br />(b). All net income from real property so acquired and the proceeds thereof, when resold, shall <br />be first used to reimburse the purchasing unit for disbursements actually made by it in connection <br />with the foreclosure action and the purchase of the property, and any balance remaining shall be <br />distributed to the taxing units having an interest therein in proportion to their interests. The total <br />interest of each taxing unit, including the purchasing unit, shall be determined by adding: <br />(1) The taxes of the unit, with penalties, interest, and costs (other than costs <br />already reimbursed to the purchasing unit) to satisfy which the property was <br />ordered sold; <br />(2) Other taxes of the unit, with penalties, interest, and costs which would have <br />been paid in full from the purchase price had the purchase price been paid in <br />full; <br />(3) Taxes of the unit, with penalties, interest, and costs to which the foreclosure <br />sale was made subject; and <br />(4) The principal amount of all taxes which became liens on the property after <br />purchase at the foreclosure sale or which would have become liens thereon <br />but for the purchase, but no amount shall be included for taxes for years in <br />which (on the day as of which property was to be listed for taxation) the <br />property was being used by the purchasing unit for a public purpose. <br />If the amount of net income and proceeds of resale distributable exceeds the total interests of all <br />taxing units defined in this subsection (b), the remainder shall be applied to any special benefit <br />assessments to satisfy which the sale was ordered or to which the sale was made subject, and any <br />balance remaining shall accrue to the purchasing unit. <br />When any real property that has been purchased as provided in this section is permanently <br />dedicated to use for a public purpose, the purchasing unit shall make settlement with other taxing <br />units having an interest in the property (as defined in this subsection) in such manner and in such <br />amount as may be agreed upon by the governing bodies; and if no agreement can be reached, the <br />amount to be paid shall be determined by a resident judge of the superior court in the district in <br />which the property is situated. <br />Nothing in this section shall be construed as requiring the purchasing unit to secure the <br />approval of other interested taxing units before reselling the property or as requiring the <br />purchasing unit to pay other interested taxing units in full if the net income and resale price are <br />insufficient to make such payments. <br />Any taxing unit purchasing property at a foreclosure sale may, in the discretion of its <br />governing body, instead of following the foregoing provisions of this section, make full payment <br />of the purchase price, and thereafter it shall hold the property as sole owner in the same manner <br />as it holds other real property, subject only to taxes and special assessments, with penalties, <br />interest, and costs, and liens arising from C-PACE assessments under Article 10B of Chapter <br />160A of the General Statutes, to which the sale was made subject." <br />SECTION 4. G.S. 143-128.2(g) reads as rewritten: <br />"(g) As used in this section: <br />(1) The term "minority business" means either of the following: <br />… <br />b. An Employee Stock Ownership Plan company in which at least <br />fifty-one percent (51%) of the stock is owned by one or more plan <br />participants are minority persons or socially and economically <br />disadvantaged individuals. <br />…." <br />SECTION 5. G.S. 143-128.4(a) reads as rewritten: <br />"(a) As used in this Chapter, the term "historically underutilized business" means either of <br />the following: <br />12