North Carolina § 115C-474 Taxes levied and collected for bonds assumed to be paid into school debt service fund of county; discharge of sinking fund custodian

North Carolina Statutes

§ 115C-474 — Taxes levied and collected for bonds assumed to be paid into school debt service fund of county; discharge of sinking fund custodian

North Carolina § 115C-474

Ch. 115CElementary and Secondary Education

Art. 33Assumption of School District Indebtedness by Counties

Subch. VIIFISCAL AFFAIRS

This text of North Carolina § 115C-474 (Taxes levied and collected for bonds assumed to be paid into school debt service fund of county; discharge of sinking fund custodian) is published on Counsel Stack Legal Research, covering North Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.C. Gen. Stat. § 115C-474 (2026).

Text

In any county where the bonds of a local district have been assumed under the provisions of this Article, all taxes levied and collected for the purpose of paying the principal of and interest on said bonds, or for creating a sinking fund for the retirement of said bonds, shall be deposited in the school debt service fund of the county. The custodian of all moneys and other assets of a sinking fund created for the retirement of said bonds is hereby authorized to turn over such moneys and assets to the county treasurer, the county sinking fund commissioner or other county officer charged with the custodianship of sinking funds, and such custodian shall thereby be discharged from further responsibility for administration of and accounting for such sinking fund. (1955, c. 1372, art. 12, s. 2;

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In any county where the bonds of a local district have been assumed under the provisions of this Article, all taxes levied and collected for the purpose of paying the principal of and interest on said bonds, or for creating a sinking fund for the retirement of said bonds, shall be deposited in the school debt service fund of the county. The custodian of all moneys and other assets of a sinking fund created for the retirement of said bonds is hereby authorized to turn over such moneys and assets to the county treasurer, the county sinking fund commissioner or other county officer charged with the custodianship of sinking funds, and such custodian shall thereby be discharged from further responsibility for administration of and accounting for such sinking fund. (1955, c. 1372, art. 12, s. 2; 1981, c. 423, s. 1.)