NORTH CAROLINA GENERAL ASSEMBLY

1963 SESSION

 

 

CHAPTER 192

SENATE BILL 219

 

 

AN ACT TO AMEND SECTION 153-87 OF THE GENERAL STATUTES, BEING A PART OF THE COUNTY FINANCE ACT, AS AMENDED, WITH REFERENCE TO THE ISSUANCE OF SCHOOL BONDS.

 

The General Assembly of North Carolina do enact:

Section 1. Section 153-87 of Article 9, Chapter 153 of the General Statutes of North Carolina, the same being a part of the County Finance Act, as amended, is hereby amended by striking out the words "provided, however, that no order for the issuance of school bonds shall be passed unless it appears from said sworn statements that the net school indebtedness does not exceed five per cent (5%) of said assessed valuation, unless the bonds to be issued are funding or refunding bonds;" and inserting in lieu thereof the words "provided, however, that no order for the issuance of school bonds shall be passed unless it appears from said sworn statements that the net school indebtedness does not exceed eight per cent (8¢) of said assessed valuation, unless the bonds to be issued are funding or refunding bonds;".

Sec. 2. This Act shall be applicable only to Person 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 All laws and clauses of laws in conflict with the provisions of this Act are hereby repealed.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 10th day of April, 1963.