NORTH CAROLINA GENERAL ASSEMBLY

1969 SESSION

CHAPTER 1092

HOUSE BILL 1192

AN ACT TO AMEND G.S. 160-383(a)(2)f, BEING A PART OF THE MUNICIPAL FINANCE ACT, 1921, RELATING TO THE DEDUCTION IN CERTAIN INSTANCES OF THE AMOUNT OF BONDED DEBT INCLUDED IN THE GROSS DEBT AND INCURRED OR TO BE INCURRED FOR SANITARY SEWER SYSTEM PURPOSES.

The General Assembly of North Carolina do enact:

Section 1.  Section 160-383(a)(2)f of Article 28 of Chapter 160 of the General Statutes, the same being a part of The Municipal Finance Act, 1921, is hereby amended to read as follows:

"The amount of bonded debt included in the gross debt and incurred or to be incurred for sanitary sewer system purposes if the Local Government Commission determines that (a) the revenues of the sanitary sewer system and the water system or (b), in the event the sanitary sewer system is operated with the water system as a consolidated system, the revenues of such consolidated system or (c), in the event the sanitary sewer system and the water system are consolidated during but not for the entire five (5) year period hereinafter mentioned, the revenues of such sanitary sewer and water systems and such consolidated system during such period, including any surplus from prior years, were, in each of the five (5) complete fiscal years immediately preceding the filing of this statement, sufficient to pay the operating expenses of such systems or such consolidated system or such combination there- of and the principal of and the interest on all bonds issued therefor as the same became due and payable."

Sec. 2.  All laws and clauses of laws in conflict with the provisions of this Act are hereby repealed.

Sec. 3.  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 30th day of June, 1969.