NORTH CAROLINA GENERAL ASSEMBLY

1967 SESSION

 

 

CHAPTER 1189

HOUSE BILL 1201

 

 

AN ACT TO REWRITE ARTICLE 10A, CHAPTER 153 OF THE GENERAL STATUTES OF NORTH CAROLINA, KNOWN AS THE COUNTY CAPITAL RESERVE ACT.

 

The General Assembly of North Carolina do enact:

 

Section 1.  Article 10A, Chapter 153 of the General Statutes of North Carolina, is hereby rewritten to read as follows:

"ARTICLE 10A

"Capital Reserve Funds

"§ 153-142.1.  Short Title. This Article shall be known and may be cited as 'The County Capital Reserve Act'.

"§ 153-142.2.  Powers Conferred. In addition to all other funds now authorized by law, a county is hereby authorized and empowered to establish and maintain a capital reserve fund in the manner hereinafter provided.

"§ 153-142.3.  Establishment of Fund. When the governing body of a county elects to establish a capital reserve fund, it shall adopt a resolution creating the fund. In such resolution, the governing body shall state (1) the purposes for which the fund is created, which may be for any purposes for which counties may issue bonds, (2) the approximate periods of time during which moneys are to be accumulated for each purpose, (3) the approximate amounts to be accumulated for each purpose, and (4) the sources from which moneys for each purpose will be derived. Such resolution shall become effective 10 days after it is filed with the Director of Local Government, the date to be evidenced by the Director's receipt.

"§ 153-142.4.  Amendments. The resolution may be amended from time to time in the same manner in which it was adopted and made effective. Such amendments may, among other provisions, authorize the use of moneys accumulated or to be accumulated in the fund for any purposes for which the county may issue bonds, whether or not the moneys were originally accumulated for the newly authorized purposes.

"§ 153-142.5.  Capital Reserve Accounts. In lieu of establishment of a separate capital reserve fund, the board of commissioners may establish a capital reserve account or group of accounts in one or more existing funds, and the provisions of this Article shall apply to each such account or group of accounts.

"§ 153-142.6. Funding.  The capital reserve fund may be funded by transfer of moneys or investment securities from a capital reserve appropriation in the general fund, by the transfer of moneys or investment securities from special purpose tax funds or funds for which taxes for non-necessary expenses approved by the voters have been levied. When moneys or investment securities, the use of which is restricted by law, come into the capital reserve fund, the identity of such moneys or investment securities shall be maintained by appropriate accounting entries.

"§ 153-142.7.  Investment. The cash balances, in whole or in part, of the capital reserve fund may be deposited at interest or invested as provided by G.S. 159-28.1, as the same may be amended from time to time.

"§ 153.142.8.  Withdrawals. Withdrawals from a capital reserve fund established pursuant to this Article may be authorized by resolution of the board of county commissioners, which shall become effective 10 days after it is filed with the Director of Local Government, the date of such filing to be evidenced by the Director's receipt. No withdrawal shall be authorized for any purpose other than that specified in the resolution establishing the fund or in a resolution amending same. The withdrawal resolution may authorize the disbursement of moneys from the capital reserve fund under the provisions of the County Fiscal Control Act or the resolution may authorize the transfer of moneys or investment securities to other funds through which the purposes of the capital reserve fund may be accomplished. No withdrawal may be made which would require the expenditure or transfer of moneys or investment securities for purposes for which an adequate balance of eligible moneys or investment securities is not then available in the capital revenue fund.

"§ 153-142.9.  Authority Supplemental. The authority granted hereinabove is supplemental and additional to any other authority granted by law relating to capital reserve funds, whether general or special. Nothing contained in this Article is intended, nor shall be construed, to apply to capital reserve funds established under Article 10B, Chapter 153, or Sections 115-80.1 through 115-80.5 of the General Statutes."

Sec. 2.  Except as provided above, all laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 3.  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 6th day of July, 1967.