NORTH CAROLINA GENERAL ASSEMBLY
1963 SESSION

CHAPTER 476
HOUSE BILL 699

AN ACT REPEALING ANY AND ALL LIMITATIONS ON SCHOOL INDEBTEDNESS OF DAVIDSON COUNTY IN CHAPTER 413 OF THE SESSION LAWS OF 1949 AND IN CHAPTER 712 OF THE SESSION LAWS OF 1955, AND FIXING A LIMITATION ON SCHOOL INDEBTEDNESS FOR BONDS OF SAID COUNTY.

The General Assembly of North Carolina do enact:

Section 1. Any and all limitations in Chapter 413 of the Session Laws of 1949 and in Chapter 712 of the Session Laws of 1955 on the issuance by the Board of Commissioners for the County of Davidson, North Carolina, of bonds of said county for school purposes are hereby repealed.
Sec. 2. The Board of Commissioners for said County of Davidson 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) and notwithstanding any limitation contained in Section 153‑87 of the County Finance Act, 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, unless the bonds to be issued are funding or refunding bonds in which event such limitation shall not apply.
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 All laws and clauses of laws in conflict with the provisions of this Act are hereby repealed.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 21st day of May, 1963.