North Carolina Administrative Code
Title 04 - COMMERCE
Chapter 01 - DEPARTMENTAL RULES
Subchapter I - INDUSTRIAL DEVELOPMENT FUND
Section .0500 - RESERVATION OF FUNDS
Section 01I .0503 - REVERSION OF FUNDS

Universal Citation: 04 NC Admin Code 01I .0503
Current through Register Vol. 39, No. 6, September 16, 2024

An approval for "reservation" of funds for projects shall not predicate approval or funding of a project. When a formal and complete application for approval of a project has not been filed by the applicant that requested the reservation of funds, before the expiration date of the "reservation of funds", the Department may revert those funds back to the program without any obligation to the unit of government. The unit of government shall keep track of when the reservation of funds expires.

Authority G.S. 143B-437.01;
Temporary Rule Eff. November 16, 1987 For a Period of 180 Days to Expire on May 15, 1988;
Eff. May 1, 1988;
Temporary Amendment Eff. January 11, 1999;
Codifier determined that agency findings did not meet criteria for temporary rule;
Temporary Amendment Eff. October 6, 1999;
Amended Eff. August 1, 2000;
Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. September 6, 2016.

Disclaimer: These regulations may not be the most recent version. North Carolina may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.