N.C. Gen. Stat. § 153A-412
Expired pursuant to Session Laws 2021-3, s. 2.19(a), effective January 1, 2022
Redline — June 1, 2021 → current.View current text →
Current — April 1, 2022
As of June 1, 2021
(1) Authority. - A tourism development authority may enter into a PPP loan. A tourism development authority shall comply with all the requirements and limitations of the PPP loan program and shall apply for forgiveness of the loan in a timely manner.
(1) Authority. — A tourism development authority may enter into a PPP loan. A tourism development authority shall comply with all the requirements and limitations of the PPP loan program and shall apply for forgiveness of the loan in a timely manner.
(2) No Power to Obligate State or County. - A tourism development authority may not obligate the State or the county that established the authority to repay a PPP loan and has no power to pledge the credit of the State or the county that established the authority.
(2) No Power to Obligate State or County. — A tourism development authority may not obligate the State or the county that established the authority to repay a PPP loan and has no power to pledge the credit of the State or the county that established the authority.
(3) Notice. - A tourism development authority shall provide written notice to the board of commissioners within 30 days of its acceptance of a PPP loan. The notice shall include the loan amount, the covered period, and the date by which the authority must apply for forgiveness.
(3) Notice. — A tourism development authority shall provide written notice to the board of commissioners within 30 days of its acceptance of a PPP loan. The notice shall include the loan amount, the covered period, and the date by which the authority must apply for forgiveness.
(4) Repayment. - Notwithstanding any limitation on the use or distribution of occupancy tax proceeds in a local act, a tourism development authority for which a PPP loan is not forgiven, in whole or in part, shall repay the loan, including interest, from occupancy tax proceeds remitted to the authority on or after receipt of the PPP loan proceeds.
(4) Repayment. — Notwithstanding any limitation on the use or distribution of occupancy tax proceeds in a local act, a tourism development authority for which a PPP loan is not forgiven, in whole or in part, shall repay the loan, including interest, from occupancy tax proceeds remitted to the authority on or after receipt of the PPP loan proceeds.
(5) Sunset. - This Article is repealed effective January 1, 2022.
(5) Sunset. — This Article is repealed effective January 1, 2022.
History
(2021-3, s. 2.19(a).)
Article has a Delayed Repeal Date. - For repeal of this Article, see G.S. 153A-412(e).
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.