North Carolina Statutes
§ 115C-449 — Proceeds of insurance claims
North Carolina·Ch. 115C Elementary and Secondary Education·Art. 31 The School Budget and Fiscal Control Act·Subch. VII FISCAL AFFAIRS
Moneys paid to a local school administrative unit pursuant to contracts of insurance against loss of capital assets through fire or casualty shall be used to repair or replace the damaged asset, or if the asset is not repaired or replaced, placed to the credit of the capital outlay fund for appropriation at some future time. (1975, c. 437, s. 1; 1981, c. 423, s. 1.)
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Reserved for future codification purposes