NORTH CAROLINA GENERAL ASSEMBLY
1965 SESSION

CHAPTER 894
HOUSE BILL 1020

AN ACT FIXING A LIMITATION ON SCHOOL INDEBTEDNESS FOR BONDS OF CUMBERLAND COUNTY AND VALIDATING ALL BONDS OF SAID COUNTY FOR SCHOOL PURPOSES HERETOFORE ISSUED.

WHEREAS, counties which have assumed all outstanding indebtedness for school purposes of every city, town, school district, school taxing district, township or other political subdivision therein are authorized under and pursuant to the provisions of The County Finance Act (Article 9, Chapter 153, of the General Statutes of North Carolina) to pass a bond order or orders if the net indebtedness for school purposes does not exceed eight per cent (8%) of the assessed valuation of said county; and
WHEREAS, the County of Cumberland has heretofore assumed or purported to assume all outstanding indebtedness for school purposes of every city, town, school district, school taxing district, township or other political subdivision therein: Now, therefore,

The General Assembly of North Carolina do enact:
Section 1. The Board of Commissioners for the County of Cumberland is hereby authorized and empowered to pass a bond order or orders authorizing the issuance of bonds of said county for school purposes pursuant to the provisions of The County Finance Act (Article 9 of Chapter 153 of the General Statutes of North Carolina) if it appears from the sworn statements filed pursuant to Section 153‑83 of The County Finance Act that the net school indebtedness does not exceed eight per cent (8%) of the assessed valuation of said county.
Sec. 2. All bonds heretofore issued by the County of Cumberland for school purposes are hereby validated and declared to be valid and binding general obligations of said county.
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 All laws and clauses of laws in conflict with the provisions of this Act are hereby repealed.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 9th day of June, 1965.