NORTH CAROLINA GENERAL ASSEMBLY

1971 SESSION

 

 

CHAPTER 849

HOUSE BILL 1380

 

 

AN ACT REMOVING THE INTEREST RATE LIMITATION ON SANITARY DISTRICT BONDS.

 

The General Assembly of North Carolina enacts:

 

Section 1.  The first sentence of G.S. 130-138, as the same appears in the 1969 Cumulative Supplement to Volume 3B of the General Statutes, is rewritten to read as follows: "The sanitary district board shall, subject to the provisions of this article, and under competent legal and financial advice, prescribe by resolution the form of the bonds, including any interest coupons to be attached thereto, and shall fix the date, the maturities, the denomination or denominations, the place or places of payment of principal and interest which may be within or without the State of North Carolina, and the rate or rates of interest which may be made payable semi-annually or otherwise."

Sec. 2.  The second sentence of G.S. 130-138, as the same appears in the 1969 Cumulative Supplement to Volume 3B of the General Statutes, is rewritten to read as follows: "The bonds shall not be sold at less than par and accrued interest."

Sec. 3.  This act shall become effective upon its ratification.

In the General Assembly read three times and ratified, this the 13th day of July, 1971.