North Carolina Statutes
§ 156-127 — Special fund set up; distribution of collections
North Carolina·Ch. 156 Drainage·Art. 9 Adjustment of Delinquent Assessments·Subch. III DRAINAGE DISTRICTS
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 prepared