Title: S.L. 1961-601
Category: Introduced Bill
Keywords: Bill ?

NORTH CAROLINA GENERAL ASSEMBLY
1961 SESSION

CHAPTER 601
HOUSE BILL 233

AN ACT TO DECREASE THE AMOUNT OF ANNUAL INSTALLMENTS OF PRINCIPAL THAT SHALL BECOME DUE UPON ASSESSMENT ANTICIPATION NOTES IN ORDER TO ENCOURAGE A LARGER PARTICIPATION IN THE PRESERVATION OF SOIL AND LAND BY DRAINAGE DISTRICTS.

The General Assembly of North Carolina do enact:

Section 1.  G.S. 156‑97, as the same appears in the Supplement to the General Statutes of North Carolina of 1959, is hereby amended by striking out all of said Section except the first sentence thereof and by rewriting the balance of said Section to read as follows:
"Bonds issued by the Board of Drainage Commissioners shall comply with the following provisions: (1) the bonds shall be serial bonds; (2) the denomination of the bonds shall be not less than one hundred dollars ($100.00) nor more than one thousand dollars ($1,000.00); (3) the interest upon said bonds shall not be more than six per cent per annum, from the date of issue and payable semianually; (4) the first annual installment of principal shall fall due not less than three years nor more than six years after the date of the bonds; (5) each annual installment of principal shall be not less than two per cent nor more than ten per cent of the total bonds authorized; (6) if the total amount of bonds to be issued does not exceed ten per cent of the total amount of the assessment, the board of commissioners may, in their discretion, not issue any bonds and in lieu thereof issue assessment anticipation bonds which shall mature over a period of not less than four nor more than ten years and shall be payable in equal annual installments. The interest rate on said assessment anticipation bonds shall not be more than six per cent per annum; (7) the board of commissioners may issue bond anticipation note or notes to be redeemed and paid upon the sale and delivery of bonds herein provided for. If such bond anticipation note or notes are issued, at the discretion of the commissioners, such may be done after the bonds have been sold and prior to the printing and delivery of said bonds and must be paid from the proceeds of said bonds when delivered."
Sec. 2.  Amend G.S. 156‑98 by adding after the word "bonds" and before the word "authorized" in the first line of said Section the following: "and notes".
Sec. 3.  Amend G.S. 156‑97.1, as the same appears in the Supplement to the General Statutes of North Carolina of 1959, by striking out the word "ten" following the word "than" and preceding the word "per" in the fifth line from the bottom of said Section, and by inserting in lieu thereof the word "two".
Sec. 4.  All laws and clauses of laws in conflict with this Act are hereby repealed.
Sec. 5.  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 2nd day of June, 1961.