§ 143B-437.72. Agreements required; disbursement of funds.
§ 143B‑437.72. Agreements required; disbursement of funds.
(a) AgreementsRequired. Funds may be disbursed from the One North Carolina Fund only inaccordance with agreements entered into between the State and one or more localgovernments and between the local government and a grantee business.
(b) Company PerformanceAgreements. An agreement between a local government and a grantee businessmust contain the following provisions:
(1) A commitment tocreate or retain a specified number of jobs within a specified salary range ata specific location and commitments regarding the time period in which the jobswill be created or retained and the minimum time period for which the jobs mustbe maintained.
(2) A commitment toprovide proof satisfactory to the local government and the State of new jobscreated or existing jobs retained and the salary level of those jobs.
(3) A provision thatfunds received under the agreement may be used only for a purpose specified inG.S. 143B‑437.71(b).
(4) A provision allowingthe State or the local government to inspect all records of the business thatmay be used to confirm compliance with the agreement or with the requirementsof this Part.
(5) A provisionestablishing the method for determining compliance with the agreement.
(6) A provisionestablishing a schedule for disbursement of funds under the agreement thatallows disbursement of funds only in proportion to the amount of performancecompleted under the agreement.
(7) A provisionrequiring recapture of grant funds if a business subsequently fails to complywith the terms of the agreement.
(8) Any other provisionthe State or the local government finds necessary to ensure the proper use ofState or local funds.
(c) Local GovernmentGrant Agreement. An agreement between the State and one or more localgovernments shall contain the following provisions:
(1) A commitment on thepart of the local government to match the funds allocated by the State. A localmatch may include cash, fee waivers, in‑kind services, the donation ofassets, the provision of infrastructure, or a combination of these.
(2) A provisionrequiring the local government to recapture any funds to which the localgovernment is entitled under the company performance agreement.
(3) A provisionrequiring the local government to reimburse the State for any funds improperlydisbursed or funds recaptured by the local government.
(4) A provision allowingthe State access to all records possessed by the local government necessary toensure compliance with the company performance agreement and with therequirements of this Part.
(5) A provisionestablishing a schedule for the disbursement of funds from the One NorthCarolina Fund to the local government that reflects the disbursement scheduleestablished in the company performance agreement.
(6) Any other provisionthe State finds necessary to ensure the proper use of State funds.
(d) Disbursement ofFunds. Funds may be disbursed from the One North Carolina Fund to the localgovernment only after the local government has demonstrated that the businesshas complied with the terms of the company performance agreement. The Stateshall disburse funds allocated under the One North Carolina Fund to a localgovernment in accordance with the disbursement schedule established in thelocal government grant agreement. (2004‑88, s. 1(d).)