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14 <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 1013 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 /> b. An Employee Stock Ownership Plan company in which at least <br /> fifty-one percent (51%) of the plan <br /> participants are minority persons or socially and economically <br /> disadvantaged individuals. <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 /> Page 8 Session Law 2024-44 Senate Bill 802 <br />