Agenda Package - 10-12-09 Jt. Meeting

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unused bond authorization so that we may optimize our ability to use this financing instrument before it expires in 15 months. The tentative plan is as follows: a. Local governments which received an allocation will be asked to indicate whether they intend to use their bond allocation and to provide information about the projects to be financed to the N.C. Commerce Department. To enhance allocation and utilization, the request will be to do this as soon as possible, but not later than December 15, 2009. A form for this declaration will be provided and made available at NCRecovery.gov, as well as the wehsites for the N_C. League of Municipalities, N.C. Association of County Commissioners, and the N.C. Commerce Department. b. To use their allocations, Local Governments will be required to have issued RZ bonds by April 15, 2010 or have been placed on the Local Government Commission Agenda for its May, 2010 meeting. c. If a local government is unable to meet these time schedules, the bond allocation will be deemed waived to the state for reallocation to projects which can be undertaken within the ARRA time limitations, d. Pursuant to legislation passed by the General Assembly, NC Session Law 2009-140, die N.C. Tax Reform Allocation Committee (also known as the Volume Cap Committee) may undertake the reallocation of the bond authorizations. This is an existing statutory Committee under NCGS 143-433.6. The N.C. Commerce Department is the Administrative agency for this Committee. e. To guide this process, an administrative procedures document is being prepared. The Commerce Department will serve as the primary point of contact for this initiative. This document will be available in mid October for your review and comment. To assist local governments better understand RZ Bond uses, RZ designations, and the reallocation process, a Recovery Zone webinar is scheduled for October 22, 2009 at 11:OOAM. Information about registering for the welamar will follow, but please hold this date and time. As noted, the primary objective of this effort is to enhance the use of these financing resources for North Carolina within the next 15 months. In addition, this reallocation process can be used to facilitate regional projects by combining several local government authorizations which may otherwise not be feasible. This is an unusual initiative, made necessary by the ARRA time schedule requirements. Please let me know if you have questions. My telephone number is (919) 733-1433. My email is demusev.bemmn0 nc.¢ov. cc: Don Hobart, Governor's Office David Thompson, N.C. Assoc. of County Commissioners Ellis Hankins, N.C. League of Municipalities Dale Carroll, N.C. Dept. of Commerce John Peterson, N.C. Economic Developers Association