NORTH CAROLINA GENERAL ASSEMBLY

1963 SESSION

 

 

CHAPTER 1172

SENATE BILL 554

 

 

AN ACT AMENDING SECTIONS 153-111 and 160-398 OF THE GENERAL STATUTES RELATING TO DESTRUCTION OF PAID BONDS AND COUPONS OF COUNTIES AND MUNICIPALITIES.

 

The General Assembly of North Carolina do enact:

 

Section 1.  Section 153-111, as amended, is hereby amended by rewriting that portion of said Section designated as "Method 2" to read as follows:

"Method 2. The board of county commissioners may contract with any bank or trust company for the destruction, as hereinafter provided, of bonds and interest coupons which are paid and canceled. The contract shall substantially provide, among such other stipulations and provisions as maybe agreed upon, that such bank or trust company shall furnish the county, periodically or from time to time, with a written certificate of destruction containing a description of bonds and coupons destroyed, including with respect to bonds, (i) designation or purpose of issue, (ii) date of issue,(iii) bond numbers, (iv) denomination, (v) maturity dates and (vi) total principal amount and, with respect to coupons, designation or purpose of issue and date of bonds to which such coupons appertain, the maturity dates of such coupons and, as to each such maturity date, the denomination, quantity and total amount, and certifying that such paid and canceled bonds and coupons have been destroyed either by burning or by shredding. No paid and canceled bonds or coupons shall be destroyed within one (1) year after their respective maturities or, in the case of bonds paid prior to their maturities, within one (1) year from such payment. Each such certificate shall be filed by the county accountant among the permanent records of his office."

Sec. 2.  Section 160-398 of the General Statutes, as amended, is hereby amended by rewriting that portion of said Section designated as "Method 2" to read as follows:

"Method 2. The governing body may contract with any bank or trust company for the destruction, as hereinafter provided, of bonds and interest coupons which are paid and canceled. The contract shall substantially provide, among such other stipulations and provisions as may be agreed upon, that such bank or trust company shall furnish the municipality, periodically or from time to time, with a written certificate of destruction containing a description of bonds and coupons destroyed, including, with respect to bonds, (i) designation or purpose of issue, (ii) date of issue, (iii) bond numbers, (iv) denomination, (v) maturity date and (vi) total principal amount and, with respect to coupons, designation or purpose of issue and date of bonds to which such coupons appertain, the maturity date of such coupons and, as to each such maturity date, the denomination, quantity and total amount, and certifying that such paid and canceled bonds and coupons have been destroyed either by burning or by shredding. No paid and canceled bonds or coupons shall be destroyed within one (1) year after their respective maturities or, in the case of bonds paid prior to their maturities, within one (1) year from such payment. Each such certificate shall be filed by the treasurer of the municipality among the permanent records of his office."

Sec. 3.  All laws and clauses of laws in conflict with the provisions of this Act are hereby repealed.

Sec. 4.  This Act shall be in full force and effect from and after its ratification.

In the General Assembly read three times and ratified, this the 25th day of June, 1963.