North Carolina Statutes
§ 156-127 — Special fund set up; distribution of collections
North Carolina § 156-127
JurisdictionNorth Carolina
Ch. 156Drainage
Art. 9Adjustment of Delinquent Assessments
Subch. IIIDRAINAGE DISTRICTS
This text of North Carolina § 156-127 (Special fund set up; distribution of collections) 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. § 156-127 (2026).
Text
The collection of assessments adjusted under this Article and of interest accrued under G.S. 156-126 shall be set aside in a fund and shall be applied as follows: One third of such collections may be used solely for operating and administrative expenses of the district, but the remaining two thirds thereof shall be reserved as additional security for the payment of the refunding bonds, or for the purchase and retirement of such refunding bonds, at prices not exceeding par and accrued interest. (1935, c. 469, s. 3.)
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Nearby Sections
15
§ 156-1
Supplemental proceeding§ 156-10
Right to drain into canal§ 156-100
Sale of bonds§ 156-100.1
Sale of assessment anticipation notes§ 156-100.3
Sinking fund§ 156-101
Refunding bonds issued§ 156-102
Drainage bonds received as deposits§ 156-103
Assessment rolls prepared§ 156-104
Application of amendatory provisions of certain sections; amendment or reformation of proceedings§ 156-108
Receipt books preparedCite This Page — Counsel Stack
Bluebook (online)
North Carolina § 156-127, Counsel Stack Legal Research, https://law.counselstack.com/statute/nc/156/156-127.