1 establishment and operation of a non-profit organization that will incur 



2 the liquidity obligations and purchase the claims. 



3 (3) Cost-efficiency may be improved if the non-profit organization 



4 operates in one or more states in addition to the State. 



5 (b) The Department, acting by and through the Secretary, is hereby authorized to 



6 enter into discussions with the incorporator of a non-profit corporation to be formed to 



7 provide liquidity for owners, operators and landowners with claims against the 



8 Commercial Fund and the Noncommercial Fund and against similar funds in one or 



9 more other states and with officials of appropriate agencies or political subdivisions of 



10 such other states. If the Secretary makes a written determination that he reasonably 



11 expects that claimholders participating in the liquidity program will benefit fi-om the 



12 State's participation in the liquidity program, the Department is authorized to enter into 



13 agreements with the non-profit corporation and other agencies or political subdivisions 



14 to establish a liquidity program. 



15 (c) The State may be represented on the governing body of the non-profit 



16 corporation by one or more directors, as provided in the organizational documents of the 



17 non-profit corporation, each of whom shall be appointed by and serve at the pleasure of 



18 the Governor. The Office of Budget and Management may provide advice and 



19 guidance to any director appointed under this subsection on any financial matters 



20 relating to the non-profit corporation and its operation of the liquidity program. 



21 including its annual budget and financial statements. 



22 (d) The Department may make payments with respect to any claim made by an 



23 owner, operator or landowner under G.S. 143-215.94E directly to the non-profit 



24 corporation, provided that the owner, operator or landowner shall have delivered to the 



25 Department a copy of an assignment showing the non-profit corporation as assignee of 



26 such claim. The Department shall develop and approve the claim assignment form. 



27 Je} If the Secretary is unable to make the finding described in subsection (b) of 



28 this section with respect to the non-profit corporation, the Department is authorized to 



29 arrange for and incur liquidity obligations and use the proceeds thereof to provide 



30 liquidity either directly or through one or more non-profit organizations to owners. 



31 operators or landowners holding claims against the Commercial and Noncommercial 



32 Fund. 



33 {f} Under no circumstances will the Department be authorized in any agreement 



34 relating to the liquidity program entered into with the non-profit corporation, any 



35 agency or political subdivision of any other state, any other for-profit or non-profit 



36 organization or provider of liquidity obligations to commit in any way to make 



37 payments in excess of the aggregate face amount of approved claims against the 



38 Commercial and Noncommercial Fund purchased under tlie liquidity program. No 



39 liquidity obligation shall constitute an obligation of the State, the Department or any 



40 other agency, department or political subdivision of the State, payable fi-om other than 



41 the approved claims against the Commercial or Noncommercial Fun purchased with the 



42 proceeds thereof, and nothing in this section shall be deemed to amend G.S. 143- 



43 215.94J or otherwise change the limitation of the State's liability contained in that 



44 section. 



60 



